Alabama foreclosure listings offer you the cost effective way to own a residential or commercial property. These properties are foreclosed either by banks or by government due to inability of the homeowner to repay the home equity loans or property tax. They are sold through the process of auction. The basic aim of auction here is to recover the unpaid loan amount or tax with the cost of foreclosure. That is the reason why these properties are cheaper and considered as good real estate investments. In this article we will focus on the process of foreclosure in Alabama and the advantages of buying them.
Power of sale is an integral clause of loan against property approval in Alabama. This clause enables lender or the equal lien holder of the property to foreclose it in case of default and sell it through the process of auction. During the repayment tenure, the title of the property remains with the public trustee. The lender has to convince and give sufficient document to the trustee to prove that he has given time and chance to the borrower for repayment. If satisfied, the trustee issues foreclosure sale notice in all local dailies. All details related to the auction sale are given in the sale notice. The auction takes place in all working days of a week in the presence of Sheriff.
The foreclosure process in Alabama generally takes 60-90 days. The time period depends upon the redemption of the loan amount. However there are several stages where the process of auction can be interrupted. The borrower can repay the default amount and foreclosure cost before the date auction to stop it. In Alabama, post foreclosure redemption right is also legal. It enables the property owner to reclaim the property with in 12 months of auction by repaying the whole amount. These things need to be taken care of while you are making real estate investments in foreclosed properties.
However, there are several advantages of buying properties from Alabama foreclosure listings. They cost around $189,539 which is 15% lower compared to market price of fresh properties. With little investment on renovation you can add equity in it and sell it at a higher price. You can also use these properties for renting and second homes. All information related to these properties can be available from real estate websites.
Author Resource:-> Original Post: Alabama foreclosure listings making your homeowners dream true on BuyForeclosuresSale.com.
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