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3 Tips for Buying Huntsville AL Foreclosures

By: Huntsville Real Estate Expert Mike Manosky On December 6, 2011

Despite all the stories you hear on the news, buying Huntsville AL foreclosures doesn’t have to be a negative experience.  Here are 3 tips to make the process smoother and more profitable for you:

Tip #1:  Allow plenty of time for the whole process. 

Huntsville AL foreclosures take longer to get to closing than traditional homes.  What takes so long?  As you probably know, there are a lot of foreclosures happening now.  That means there is a large backlog of foreclosures lenders have to process before they get to yours.

Another common problem that extends the buying time for foreclosures is title issues. Before closing, the new mortgage lender needs to prove that you have a clean title so they feel safe lending the money.  Each step of a foreclosure increases the amount of time before you can close.  

If you can’t be patient, don’t drive yourself crazy by purchasing a foreclosure.  But if you can be patient, the wait can be well worth the savings.    

Tip #2:  Flash your cash. 

Because bad loans weaken the banks’ bottom line, they will usually accept a lower sales price with a cash offer over a higher sales price that requires financing.  So, the more cash you can flash, the better your chance of getting a great deal.

Pay close attention to the condition of Huntsville AL foreclosures. 

Foreclosures are offered “as-is.”  Do a walk-through of the property before making an offer to ensure it’s worth the price.  Include a final walk-through in the real estate contract to assure the home is in the same condition as it was when the offer was made.  By including an escape clause, if the current residents trash the place, you have the option to walk away.

If you’re in the market to buy a foreclosure, I can help.  Give me a call today at 256-508-0211 Direct or 800-803-0053 Toll Free or email me at mike@movetohuntsville.com.

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Having lived in the Huntsville AL area for most of his life, Mike Manosky understands exactly what makes this community special.  In fact, those who know him well will tell you he carries the same traditional values and focus on the future as Huntsville. 

Mike brings with him a keen eye for the details of buying or selling a Huntsville AL home and seemingly boundless determination and energy, which is why his clients benefit from his unique brand of real estate service. Rooted in Tradition, Focused on the Future – Mike Manosky will help make the most of your Huntsville AL real estate experience. Give him a call today, 256-508-0211 Direct or 800-803-0053 Toll Free, and discover the difference he can make during your family’s move.

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