Foreclosures Real Estate
While foreclosures are no longer as common as they were during the 08’ housing crisis, they do occasionally hit the Tuscaloosa market. Buying a foreclosure presents both advantages and challenges. The upside is the opportunity to buy a home for a bargain price. Realtor.com reports that, on average, foreclosures sell at 15% below the home’s actual value. Banks are usually trying to unload these properties quickly. Pick the right home in the right area, update the property, and you could see big financial gains on your investment.
The downside? Foreclosures are often sold as is. It’s also important to remember that Alabama foreclosure law gives the previous owner a redemption period after the foreclosure sale. Lastly, foreclosures attract a lot of interest making for steep competition. In addition to other home buyers shopping for a primary residence, you might be up against investors ready to make cash offers.
The process of buying a bank owned property can be long and frustrating, but we can help! We are knowledgeable on housing laws, financing options, and foreclosure paperwork and red tape. Click the red button to view Tuscaloosa foreclosures currently on the market.