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<\/p>\nBuying a foreclosure in Huntsville, Alabama is easy! \u00a0I’m going to get a steal! \u00a0I’m buying a home FAR below the Huntsville real estate market value!<\/p>\n
These are thoughts we often hear at @Homes Realty Group when speaking with potential Huntsville home buyers.<\/p>\n
While\u00a0buying a foreclosure home in Huntsville, Al<\/b> may seem like a deal, (and many times can be), it\u2019s best to do your homework first<\/i>. \u00a0Here are 3 very important things to remember:<\/p>\n
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1. Alabama has a \u201cFirst Right of Redemption\u201d law (\/\/www.sasserlawfirm.com\/2013\/12\/the-right-of-redemption-in-alabama\/<\/a>)for all previous homeowners that suffered the unfortunate loss of their home.\u00a0 This means: The previous owners have 12 months from the date of foreclosure to redeem their rights.\u00a0 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.<\/p>\n 2. Over the years, I\u201dve seen homes that were a good deal for the buyer, (purchased a few myself!) but I\u2019ve also seen many that seemed too good to be true. In fact, they were too good to be true.<\/p>\n I previewed a foreclosure in an upscale Madison AL neighborhood<\/b><\/a> .\u00a0From the listing photos, it appeared to be a fair deal.\u00a0 Upon further inspection, not so much. I found \u201cfunk\u201d growing on the walls, rotted hardwoods from water damage, windows that needed replacement, appliances that needed replacement, and much much more.\u00a0 The home was priced a \u201cbit\u201d below market.\u00a0 Add up all of the known costs and factor in unforeseen<\/a> costs and you may just price yourself OUT of the market. \u00a0You need to consider risk\/reward at all times.<\/p>\n 3. Keep in mind that your lender may require a home that is move in ready, depending upon your loan type.\u00a0 For example, FHA, VA and Rural Housing have purchasing guidelines that MUST me met.\u00a0 The majority of bank owned homes are sold AS-IS.\u00a0 Just because your lender requires repairs be made before closing, does not mean the seller will cooperate. \u00a0\u00a0All properties in consideration with financing must submit to an appraisal, which compares properties against a list of\u00a0Minimum Property Requirements<\/a>(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:<\/p>\n Remember:\u00a0Foreclosure properties and even most short sales are frequently sold \u201cas is\u201d with zero tolerance for repairs!<\/p>\n If you are considering buying a <\/b>Huntsville Al Foreclosure<\/b><\/a>, do your homework! \u00a0Hire a Huntsville Al Realtor<\/a>\u00a0<\/b>that has experience dealing with foreclosures and have them do MORE homework. \u00a0 Make sure you fully understand your risks.\u00a0 Foreclosure homes are sold as-is.\u00a0 Get a good home inspector and plan for surprises after closing.<\/p>\n![\"buying-a-foreclosure-in-huntsville-alabama-with-at-homes-realty-group-20153\"](\"\/\/athomeshuntsville.com\/realestate\/wp-content\/uploads\/2015\/03\/buying-a-foreclosure-in-huntsville-alabama-with-at-homes-realty-group-20153.jpg\")
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