The number of foreclosed properties offered at sheriff auctions in Louisiana increased during the first quarter of the current year compared with one year ago. This is in contrast with most U.S. states, where majority posted huge decreases in foreclosure actions during the first three months of 2011.

For those who are planning to buy foreclosures in New Orleans, the first quarter saw the New Orleans-Kenner-Metairie region posting 2,471 foreclosures for the period January-March 2011. This represents a jump of 11.6% from the October-December 2010 quarter and also represents a surge of 32.4% when compared with January-March 2010. The area was ranked 78th nationwide for the quarter in terms of metropolitan markets with the highest number of foreclosures.

It also gave the New Orleans market a foreclosure rate of one household for every 207 residential units. Meanwhile, those who wish to buy HUD foreclosures in Louisiana and other distressed properties are also likely to find more choices this year as statewide foreclosure numbers jumped to 5,275 units during the 2011 first quarter. The total includes properties that received notices of default, homes repossessed by banks and those scheduled for foreclosure auctions. For dwellings that have already been taken back by banks, the total for the quarter was 1,380.

The rise in the number of foreclosures at the state's sheriff auctions gave Louisiana a foreclosure ratio of one household for every 372 residential units. It also meant that foreclosure actions in the region have jumped by 10.8% when compared with the 2010 fourth quarter. Compared with the first quarter of last year, statewide foreclosed property numbers were up by 34.4%.

The state was ranked 30th for the initial quarter of 2011 among the 50 U.S. states in terms of number of foreclosure-related actions. A lot of opportunities are currently available in the state for those who are planning to buy foreclosed homes, realtors have revealed. The latest foreclosure figure is also likely to increase again in the coming months, local property agents stated, as more than 2,900 homeowners were facing risks of foreclosures as of the end of March.

Louisiana realtors further revealed that these 2,900 properties are already scheduled for foreclosure sales and sheriff auctions, but of course not all of them will get sold since some might be able to secure a loan modification or find another way to save their homes. However, a lot are likely to end up getting auctioned off, realtors have claimed.

If you are meaning to buy auctioned property, the Sheriff’s office is one of the places that you can start checking. Sheriff’s auctions are usually carried after a court order judgment has been made and a public notice given. The Sheriff seizes the property of individuals who have defaulted on their property mortgage payments. With some auctions literally taking place on the steps of court houses.

Sheriff sales can be a very profitable venture. The advantage of going to buy foreclosures in these auctions is that sometimes you can get new properties from the builder or owner which has just been newly built. Bidding at the auctions usually starts at two thirds of the appraised value of the property. That means that you can be able to get property below the existing market price.

It can be tricky to locate when and where auctions will be carried out. But you can check websites of different counties. Some counties provide listings showing where and when the properties will be auctioned. Just keep in mind that whatever you buy at these auctions is sold “as is.” That means that you purchase the property as it is. If the home is broken down, you need to check well in advance because you will not be paid by the previous owner. Hence, you should check the property first before you start bidding on it. If you are patient enough, you will eventually find some good deals on offer.

One of the advantages of buying property at the auctions is that the payment period can be extended. One is normally required to pay 10% of the price and the remaining payment is to be made within ten days interest free. If you cannot pay within ten days, you can ask for a 30 day extension, but then you will be charged interest. If you are unable to make the payment within 30 days, a longer payment period can be negotiated, but you will be charged a higher interest rate.

In addition, buying property at the auctions means that you do not have to worry about feeling guilty for having to evict the poor homeowners who are going to lose their home. The sheriff’s department takes care of this before the Sheriff auctions are carried out.