Foreclosed homes come in all shapes, sizes and price points. Some folks assume that buying a foreclosure will mean they get a great deal, but that’s not always the case.
When considering any home, foreclosed or otherwise, it’s always a good idea to find out everything you can about the property. When the Seller, usually a financial institution in the case of a foreclosure, did not live in the home and has little or no knowledge of its history and condition, this presents a challenge. Did the previous owners give up the house for financial reasons or did they discover a problem they didn’t want to, or couldn’t fix?
Additionally, the state of Alabama has a Right of Redemption period that may give the former owners, any lien holders and others, certain rights to the home, even after it’s been sold to a new owner. It’s vital to know all the facts before you buy, and the steps you need to protect yourself and your investment.
My intention isn’t to deter anyone from looking at, or buying a foreclosure, only to suggest they are considered as part of the overall pool of available homes rather than exclusively. To know whether a foreclosed home, with all the added risks associated with a foreclosure, is really such a great deal, you need to be knowledgeable about the local market. A local REALTOR and an attorney can be your best resource.
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Posted by Karen Rice, REALTOR, Certified Residential Specialist, e-PRO – 256-348-1527
All information deemed reliable but not guaranteed.