Looking for Foreclosures, and Afraid

Today is the DAY for BUYING FORECLOSURES! Being apprehensive is natural when scoping out dark, dirty homes, wondering if they will ever be inhabitable again.

Albeit, a sad day when a homeowner faces foreclosure, it is often a chance for many to own a home who otherwise could not afford to do so.  There are different types of foreclosures, HUD forclosures, Bank foreclosures are a few.

A Hud foreclosure is usually starts as owner occupant,  before it is open to an investor.   You may ask "What is the Right of Redemtion",  that is the time frame that the home can be (but usually never is) bought back by the owner.  Keeping in mind the owner has to pay what the property foreclosed at, and an additional 12%.  Thousands of these are sold every year... the key is making sure that during the ROR (less than a year), you keep your expense low, such as paint and carpet...and that you do not add on a garage, swimming pool, etc. 

Yes, although there are many foreclosures that are trashed and destroyed, there are still an incredible amount that had respectful owners who, for some reason out of their control, they just couldn't make the payment anymore.  These can be marked down anywhere from $10,000 to $50,000 or more!  (I recently had a friend who bought a home for 200K, and with a little paint and carpet, now has a gorgeous $285K home! 

For instance, a brick home with vaulted ceilings and double vanities in great neighborhood for only $103K, and one listed this week that Sold for 110,000 in 2004, is now foreclosed at 104,000.  Here's a sweet deal,  a home for $35,000 in Harvest -- a bit of a fixer upper, however a perfect opportunity!  Worth to mention, a Harvest Mansion for under 300K!

Foreclosures galore in Huntsville, north to south, east to west,  Not to mention Madison City is not immune, and has it's fair share weekly. 

Hopefully, this info has been helpful.  So much to write, and so little time.  Feel free to contact me with any questions or concerns you may have!   Have a blessed day!

Angie Avans Remax 256-503-6711