Buying a Foreclosed Duplex

[Connor McGinnis]

Hello,

I am looking to buy my first Duplex in the New Orleans market. My strategy is going to be house hacking the property. I have analyzed 300+ listings and crunched numbers on many of them. I have toured 6 properties so far as I have just connected with a realtor.

I have found two listings that I like so far. One in particular I like the most. However, this property is a foreclosed duplex and the bank owns it. It was built in 2018. 6 beds and 2800 SQF. Priced at $499k. Great location.

The property likely needs $10k worth of work.

I have heard that when writing an offer to a van owned property that the closing process can take a long time. My current apartment lease ends on April 20th and so I only have 3 months to close and move in.

My realtor also told me that banks can pull out from under contract late in the closing process if they receive a better offer which is scary to me.

Any advice on being able to write and offer and close this deal in a timely manner? Anything else that I should consider?

Thank you!