Real Estate Pro Articles

Buying cheap properties with the help of Foreclosure listings in Alabama

[Valid RSS feed]  Category Rss Feed -
By : John Smith    99 or more times read
Foreclosure listings in Alabama includes both judicial and power of sale foreclosed properties. Deed of trust is the major financial instrument of Alabama loan market. However, loans are also available without this deed. That is the reason why judicial intervention is required in some foreclosures while some do not need it. Time line of foreclosure varies between 30-60 days. However, right of redemption is legal in Alabama. It means, the homeowner can reclaim the property by paying the unpaid debt amount with interest and foreclosure cost within 12 months of auction sale. That is the reason why sale confirmation is little bit longer in Alabama.

Alabama foreclosed properties are ideal for homebuyers and people interested in real estate investing. These properties are sold in open auction where anyone can participate by depositing the security. There are several formalities done before the auction takes place. If the lender has the power of sale, he gives an interim time period to the borrower to repay the unpaid debt. Otherwise, he has to move to county court to initiate the process. When the borrower fails in repayment, notice for foreclosure sale appears at local newspaper. This notice is issued by public trustee. However, in case of judicial foreclosure, the notice appears at the court room and public places and not in newspapers.

Real estate websites are ideal for homebuyers and people looking for real estate investing to figure out the properties. Once you have figured out a property in your desired location and budget, you are advised to inspect it physically. This will help you in evaluating the current equity of the property and the required renovation cost. Taking the help of real estate agents in this regard is also advisable. It saves money and time and offers you a better deal.

Foreclosure listings in Alabama can be found without any cost from real estate websites. They update the list frequently. Limited financing options are available to purchase these properties. Hence, you should arrange the cash prior to the date of auction. You can use the property for residence, renting, second home or as a profit making investment. If you can add to the equity of the property by making renovations, you can sell them at a higher price. However, before buying, make sure that the property is free from legal litigations and tax dues.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles