louisiana real estate – In Louisiana, can a bond for deed be executed on real estate that is already financed?
In Louisiana, can a bond for deed be executed on real estate that is already financed?
My husband and I are moving back to New Orleans. We have to sell our property on the Northshore in order to purchase another in Orleans Parish. We have buyers who are very interested but are concerned about their ability to secure financing. We still owe on the property (about $118k) but I'm wondering if we can do a bond for deed even though we owe on it.
Even though hurricane Katrina and other natural disaster have discouraged many investors from purchasing Louisiana real estate, there are several characteristics of the state that make it valuable and attractive to more and more buyers every year.
Price
One of the most attractive features of Louisiana property is affordability. For example, compared to real estate listings in other coastal states like California, New York, and New Jersey, real estate prices in Louisiana are usually half the price, or lower. And, whether you are looking for condos, townhomes, single family homes, commercial property, or an empty lot for building, there are a lot of listings to choose from.
Atmosphere
In addition to the attractive price tag on Louisiana real estate, Louisiana is an attractive place to invest because of the subtropical climate, lush scenery, fertile soil, and bountiful waterways that make the state both beautiful and productive. And, if you enjoy sampling the food and traditions of different cultures, Louisiana is a wise choice again because of the many different ethnic groups that settled the area and still have a strong presence in cities like New Orleans and Baton Rouge.
Increased Protection
If tropical storms and flooding from the Mississippi still have you worried as an investor though, you might want to look for real estate in the northwest section of the state since those areas tend to enjoy higher elevation. Or, you can take comfort in all the government levee systems that have been put into place to prevent similar disasters to the flooding that New Orleans experienced in 2005.
Because of the prices, security, and atmosphere throughout the state, Louisiana real estate truly can be one of the wisest investments that home owners and businesses can make in today’s economy. Just be sure to do a lot of research before you make an offer on Louisiana real estate to make sure that you are in the best area for your preferences and needs.
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