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Foreclosures Galore, updated every few minutes...

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Welcome, please take some time to read and learn about these different types of sales. 

 Foreclosures in Alabama - Huntsville, Madison, Harvest, Hampton Cove

Click here to find your next bargain home.

Any time you have questions Contact Us to know more about the area or any property that interests you. When you're ready to take the next step toward purchasing a home or just have questions, we're here to help! 

The lure of a bargain is irresistible. That's why home buyers are attracted to distress sales. However, with many websites listing so many properties that are not for sale or have sold, it can be difficult to know what's really out there. Then, once you do find a home that's available, getting a deal done can be a huge challenge.  

Our property search is fed directly by the MLS, removing any chance for error or issue like you typically find on all the national search sites, and "special foreclosure" sites.

The first step to navigate distress sales is to understand the three types of home sales.

Foreclosures and Short Sales

Regular Sale:

The value of the property is more than the total sum of the loans using that property as collateral (mortgages), so the seller is able to negotiate a deal with a buyer, payoff the mortgages, and convey clear title to the new owner at settlement.

Short Sale:

The homeowner has title to the property, but the value of the home is less than the home mortgages. To deliver clear title at settlement/closing, the seller's bank(s) must agree to remove their liens and be paid 'short' of what's owed by the seller.  These deals can take quite some time, many conversations and negotiations with the lienholders (banks) must take place. 

Foreclosures:

In this case, the bank has taken the title from the homeowner through the foreclosure process. These are also called REOs (Real Estate Owned) and Bank Owned properties. To purchase a foreclosure, a home buyer negotiates directly with the bank, and the bank delivers clear title at settlement.

We've helped buyers and sellers with all types of sales. We would say we've seen everything, but every new deal seems to have its own “I can’t believe this is happening” moment. Here's our perspective on these types of sales.

Short Sales: No Fun for Anyone, but doable.

Nobody enjoys a short sale: not the buyer, not the seller, not the agent, not the negotiator - no one. Short sales are problematic because the servicer of the mortgage must review the seller's financial situation, evaluate the offered contract against the home's market value, and get investor approval to move forward. You would think banks would be super-efficient at processing a short sale by now, but they aren't usually. Documentation must be submitted, re-submitted again, and then again. They require special addenda from all parties, and then require it again. Banks will not accept electronic signatures often, so you're printing/signing/faxing/scanning over and over. The process can take months, and no one can tell you when a contract will be approved, rejected or countered. And after months of work, many contracts fall through.

With all that said, a buyer can get a great deal, so it's worth it, right? Sometimes, but not very often. Sellers don't make repairs, and banks often put the home's value at the top of the market, so they won't allow the home to be sold at a bargain price. A buyer should only consider a short sale if they have plenty of time and patience.

Foreclosures: No Fun Either, But Less Painful.

A foreclosure is the legal (and lengthy) process by which a lien-holder takes title from a homeowner(s). Once the bank takes title, they usually put the home on the market for sale. You (the buyer) submit an offer to the bank and negotiate directly with the bank, so it doesn't usually take months to receive a response. That's the good news….

What about the bad news?  Brokers (and their agents) who typically represent banks are paid very little. They often manage a lot of properties, so don't expect quick turnaround on anything. Once an offer is submitted, it can be difficult to get a written and timely response as they must then move through the corporate web of the banks. Finally, when the bank does respond, they will send a stack of disclaimers, and probably spend some more time to find more disclaimers to sign.

Through all this…. you can get a great deal, right? No, not always. Most deals are just OK. If the home needs work, any savings are quickly offset by repairs.  Every once in a while, you find a GEM of a property, and it’s a race to the offer table….where many buyers will show up…which typically will bring the final sales price back closer to market value.

Another frustration for buyers are foreclosure sites that list homes that are not available for purchase. If a homeowner is going through the foreclosure process, public notifications trigger entries on these sites. Consumers are led to believe these homes are available to purchase when they aren't. If a homeowner wants to sell, they will put it on the market as a short sale.

Regular Sales: The Best Deals?

Of all the types of property deals, the best deals we've helped buyers get are regular sales. A highly-motivated homeowner, who has significant equity in a home, is the best opportunity to get the best price on the best home…..bar-none. You negotiate with one party and quickly get a deal done. Homes are in much better condition, and sellers will often make repairs for health, safety, and structural issues.

So, when looking for a bargain, look at all homes on the market. You never know where you'll find the next great deal.

Here's a list of today's newest foreclosures available for purchase.

Newest Foreclosure Homes on the market

238 Pine Street, Steele image
238 Pine Street, Steele $71,250

Steele Alabama 3 Bedroom 2 Bath Home, Located at a Dead end. Private Setting. The Lot Size is 0.41+/- Acres & 1620 +/- Sq Ft. The home has a attached Carport. Great Po...

  • 3 Beds
  • 2 Baths
  • 1809029 MLS
  • 1,620 SqFt.
2599 County Road 26, Boaz image
2599 County Road 26, Boaz $342,000

3 BEDROOMS, 2 BATHS, LIVING ROOM WITH FIREPLACE, KITCHEN, MASTER BATH HAS WHIRLPOOL TUB, SEPARATE SHOWER DOUBLE VANITY, HERE IS JUST A FEW AMENTIES, WOOD AND TILE FLOORS,...

  • 3 Beds
  • 2 Baths
  • 1808377 MLS
  • 2,467 SqFt.
401 Main Street, Moulton image
401 Main Street, Moulton $124,900

4 bedroom 3 bath Victorian home in the heart of Moulton featuring hardwood, high ceilings, granite and more. You'll love sitting on the wrap around porch and the back de...

  • 4 Beds
  • 2.75 Baths
  • 1808276 MLS
  • 2,426 SqFt.
1568 County Road 194, Sylvania image
1568 County Road 194, Sylvania $229,000

Under Construction-More pictures coming soon!! New Construction in Sylvania on County Road 194. This One Level Ranch Home offers 3 bedroom 2 bath with split bedroom desi...

  • 3 Beds
  • 2 Baths
  • 1808069 MLS
  • 1,512 SqFt.
Horton Road, Hillsboro image
Horton Road, Hillsboro $8,500 ▼

One acre lot. Right of redemption will apply. All information TBV by purchaser prior to offer..

  • 1807124 MLS
4989 Mcville Rd, Albertville image
4989 Mcville Rd, Albertville $70,000

Large 4 bedroom mobile home with under pinning on a 1 acre lot with lots of large shade trees in a rural community. It has an open floor plan with an eat in kitchen. Th...

  • 4 Beds
  • 2 Baths
  • 1807031 MLS
  • 2,240 SqFt.
3101 Gurley Avenue, Gadsden image
3101 Gurley Avenue, Gadsden $89,900

GADSDEN- 3-bedroom 1 bath on level lot, in ground pool, & 2 car carport. Home features Kitchen, living room w/fireplace, & huge family room.

  • 3 Beds
  • 1 Baths
  • 1806840 MLS
  • 2,081 SqFt.
801 Cedar Springs Road, Weaver image
801 Cedar Springs Road, Weaver $120,000

Coming Soon-Weaver- Bungalow style home features 2 bedrooms, 2 baths, living room, possible den area, eat in kitchen, front deck and screened in porch.

  • 2 Beds
  • 2 Baths
  • 1806703 MLS
  • 900 SqFt.
3 Highland Forest Circle, Cloudland image
3 Highland Forest Circle, Cloudland $354,900 ▼

Check out this beautiful log home in North Georgia. This home is situated on almost 6 acres with tons of privacy. Home features an open-style floor plan with wood beam ex...

  • 3 Beds
  • 2 Baths
  • 1806704 MLS
  • 1,816 SqFt.
707 Parker Blvd, Weaver image
707 Parker Blvd, Weaver $52,000

Weaver- Bungalow style home with 3 bedrooms, 1 bath, eat in kitchen, large rear porch and detached garage!

  • 3 Beds
  • 1 Baths
  • 1805149 MLS
  • 1,061 SqFt.

Listing data is derived in whole or in part from NALMLS and is for consumers' personal, non-commercial use only. All data should be independently verified..

This information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but not guaranteed.

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