Foreclosure listings in Alabama can be tougher to find than in other states, but your time investment may be well worth it. On average, Alabama foreclosure listings and those around the nation cost about 22% less than other homes.
Finding foreclosed homes in Alabama may be slightly harder than some other states because Alabama has a lower than average foreclosure rate. However, homeowners in Alabama also have less time than most states to get their mortgages current, which means there are many homeowners who are behind and might be interested in selling. On average, the foreclosure process in Alabama takes about 2 to 3 months compared to about 6 months in the rest of the nation. There are several times during the process to buy foreclosed homes in Alabama:
1. Buy the home directly from the owner during the pre-foreclosure period granted by the state. Buying foreclosed homes in Alabama this way may be tougher because the amount of time for homeowners to get their loan on track is unusually quick--only a couple of months.
2. Buy the home at an auction at the end of the pre-foreclosure period. In Alabama, this is usually the best time to find a steal but watch out because the property is sold as-is and may have some unknown problems.
3. Buy bank-owned homes in Alabama. These are available when either the bank won the auction or no one made a bid. In Alabama, these are often more expensive than at the auction, but you have the ability to have a full inspection done before purchasing.
Action Steps
The best contacts and resources to help you get it done
Know the laws and procedures of foreclosed homes in Alabama
Laws about foreclosed homes in Alabama vary widely from other states. For example, most foreclosures in Alabama are handled by trustees and not by courts. Find out the steps to Alabama foreclosure property listings so you will know the best time during the process to purchase the home.
I recommend: RealtyTrac lists the basic steps to foreclosure in Alabama and allows you to compare and contrast Alabama to other states.
Foreclosure University gives an in-depth look into Alabama law.
Foreclosure.com provides several webinars to teach potential buyers about the ins and outs of buying foreclosed properties.
Discover Alabama foreclosure property listings before anyone else
You'll get a better deal on foreclosure property listings in Alabama if you discover them before anyone else. The best way is to buy the homes before they become bank foreclosures in Alabama. This is done during the pre-foreclosure process or at an auction.
I recommend: FindMeDistressedHomes.com and
Preforeclosure.com are services that specialize in findings homes in pre-foreclosure. According to Alabama law, foreclosure auctions must be publicized beforehand so check out the legal section of your local
Alabama newspaper to find upcoming sales.
Seek out Alabama foreclosure listings through lenders
They may cost a little more than at auction, but buying Alabama foreclosed homes are still a deal even when offered by a lender. These can be found at several places.
I recommend: Contact the local chapter of the
Alabama Association of Realtors (AAR) to find a realtor; they know their markets better than anyone else. Review daily foreclosure listings in Alabama including bank-owned homes and government foreclosures at
ForeclosureDeals.com.
Tips & Tactics
Helpful advice for making the most of this Guide
- Homes foreclosed in Alabama can be a steal but may cost a lot to fix up afterwards. Whenever possible, inspect the property beforehand or hire a home inspector. If the repairs will cost too much, the house might not be worth its bargain price.
- Don't expect to re-sell the home quickly. Right now the market is saturated with foreclosure property listings in Alabama. If you truly want to make money from the deal, be prepared to sit on the property or rent it out until the market rebounds.
The official source of Alabama Foreclosure Listings is
the Alabama Foreclosure Listings page at Business.com
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