Buying a foreclosure in Huntsville, Alabama is easy!  I’m going to get a steal!  I’m buying a home FAR below the Huntsville real estate market value!

These are thoughts we often hear at @Homes Realty Group when speaking with potential Huntsville home buyers.

While buying a foreclosure home in Huntsville, Al may seem like a deal, (and many times can be), it’s best to do your homework first.  Here are 3 very important things to remember:


1. Alabama has a “First Right of Redemption” law ( all previous homeowners that suffered the unfortunate loss of their home.  This means: The previous owners have 12 months from the date of foreclosure to redeem their rights.  The owners can reclaim that property by making payment in full of the sum of the unpaid loan plus costs within 12 months after the sale. A Deed in Lieu of Foreclosure does not provide a right of redemption nor does it permit a deficiency judgment.


2. Over the years, I”ve seen homes that were a good deal for the buyer, (purchased a few myself!) but I’ve also seen many that seemed too good to be true. In fact, they were too good to be true.

I previewed a foreclosure in an upscale Madison AL neighborhood . From the listing photos, it appeared to be a fair deal.  Upon further inspection, not so much. I found “funk” growing on the walls, rotted hardwoods from water damage, windows that needed replacement, appliances that needed replacement, and much much more.  The home was priced a “bit” below market.  Add up all of the known costs and factor in unforeseen costs and you may just price yourself OUT of the market.  You need to consider risk/reward at all times.


3. Keep in mind that your lender may require a home that is move in ready, depending upon your loan type.  For example, FHA, VA and Rural Housing have purchasing guidelines that MUST me met.  The majority of bank owned homes are sold AS-IS.  Just because your lender requires repairs be made before closing, does not mean the seller will cooperate.   All properties in consideration with financing must submit to an appraisal, which compares properties against a list of Minimum Property Requirements(MPRs). Homes that fail to meet the MPR will not be approved for financing. Homes with defective conditions are deemed unacceptable until the defects have been remedied, eliminating the probability of further damage. As such, homes must be move-in ready and free of safety hazards. Below are just a few of the requirements which include:

  • Roof: The home’s roof must be free of any major defects
  • Mechanical systems: All of the home’s major systems (heating, electrical, plumbing) must be in good working order and expected to remain that way into the foreseeable future
  • Windows: Broken windows must be replaced or repaired
  • No wood-destroying insects, fungus growth or dry rot. A termite inspection will be required in the Huntsville area. Properties with termite infestations must be treated, all fungus treated and damage repaired.

Remember: Foreclosure properties and even most short sales are frequently sold “as is” with zero tolerance for repairs!

If you are considering buying a Huntsville Al Foreclosure, do your homework!  Hire a Huntsville Al Realtor that has experience dealing with foreclosures and have them do MORE homework.   Make sure you fully understand your risks.  Foreclosure homes are sold as-is.  Get a good home inspector and plan for surprises after closing.

If you are still interested in buying a foreclosure you may search all Huntsville AL foreclosures here!


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The data relating to Huntsville AL Real Estate on this Web site derive in part from the Valley MLS IDX datashare program. Listings marked with the ValleyMls logo are provided courtesy of the Huntsville Alabama Real Estate Information Service, Inc. (ValleyMls) IDX Database. © 2013 Valley MLS, Inc. All information provided is deemed reliable but is not guaranteed and should be independently verified.

@Homes Realty Group
100 Providence Main Street
Suite B (above CVS)
Huntsville, AL 35806

Phone Numbers
Cell: (256) 425-1659
Office: (256) 585-6000
Fax: (256) 217-4073

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