Huntsville Home Buyers Rethink Buying Foreclosures
Most Huntsville home buyers consider buying a foreclosed property to be a good deal. But buying a foreclosure is not for the faint of heart. The dream of homeownership can often become a nightmare and more and more Huntsville home buyers are becoming leary of foreclosed properties.
Prices on foreclosed homes can be as low as 25% below market value and who doesn’t want to save that kind of money? However, be sure to look carefully at the condition of the property and calculate the cost of repairs into your budget.
Foreclosure homes are sold “as is” which means that the 25 percent you just saved on the purchase price can easily be eaten up by unforeseen expenses such as repairs not immediately apparent in an exterior inspection. Often when you buy a home in foreclosure, you may not be able to look inside let alone have an inspector detect structural problems that you’ll need to fix before moving in.
Something else to think about – people who lost their home in foreclosure very likely couldn’t afford to maintain their property.
So be prepared to pay for any problems such as electrical or plumbing repairs, leaky roofs, or even vandalism by angry homeowners who break things or punch holes in walls and doors, an unacceptable but not that uncommon way that some homeowners deal with the angst of losing their home to foreclosure.
Last spring, 54% of Dallas home buyers said they would consider buying a foreclosed property, according to a study conducted by Trulia.com and RealtyTrac. In the fall, this number dropped to 47% with 80 percent of those surveyed citing hidden repair costs, a tricky buying process, and the possibility that the neighborhood will lose more value and drag the property down with it.
To compensate for these risks, 75 percent say they expect at least a 25 percent discount and 30 percent say they would only buy if there is a 50 percent discount compared with a comparable home that isn’t in foreclosure.
Other findings:
* 56 percent of single/never married adults were at least somewhat likely to consider purchasing a foreclosed home, down from 60 percent in April.
* 43 percent of married adults were at least somewhat likely to consider purchasing a foreclosed home, down from 50 percent in April.
* 42 percent of divorced/separated/widowed adults were at least some
Thinking about buying a foreclosed property? Visit MoveToHuntsville.com for more info. Or give me a call a call, I am glad to help you through the process.
Funds for the VBC hall renovation come from a $3 million dollar gift donated by the family of the late Mark Smith, founder of Huntsville telecommunications company Adtran Inc.
The concert hall’s 2,100 seats will be replaced with modern ones and a center aisle will be created. Work will also include luxury suites in the balcony, new restrooms, elevator access to all levels for patrons with disabilities, additional reception space, new lighting and sound equipment, and a window-dominated facade.
Linda Smith made the donation on behalf of her late husband. Mark Smith came from a musical family and often touted the VBC and the city’s arts and music community when recruiting professionals for his business.
Smith founded Universal Data Systems. After selling that company to Motorola, he founded Adtran, which anchors Cummings Research Park.
The hall will be renamed the Mark C. Smith Concert Hall.
The concert hall isn’t the only part of the VBC that will get a major facelift. Shortly after the Smith donation this fall, Huntsville businessman William Propst announced a $5 million donation for a major renovation of the VBC arena.
Combined with $10 million in city money, the donation will help add 1,000 seats, create a larger lobby with a glass front overlooking Big Spring International Park, add VIP suites with private boxes, add restrooms and improve the concourse.
That project could also get under way by spring, with construction spanning 14 to 18 months. The arena will be named the Propst Arena.
Propst arrived in Huntsville in 1946 and built a fortune in steel, drugstores, manufacturing and real estate.
The multimillion-dollar donations for both projects were solicited by then-Mayor Loretta Spencer.
Visiting Huntsville Botanical Gardens Galaxy of Lights is a wonderful family outing for this time of year. Pack the kids in the car, turn the radio to holiday music and enjoy na fun filled evening together. Below are the dretails as found on the Botanical Garden’s website:
Don’t miss North Alabama’s favorite holiday tradition! Galaxy of Lights is a holiday light extravaganza featuring larger-than-life animated light displays. See Santa soaring over a delightful winter village. Nursery rhyme characters dance and frolic among traditional scenes of the season. And, best of all, experience the magic of the twinkling icicle forest. Galaxy of Lights is the perfect holiday treat for the young and young-at-heart.
Galaxy of Lights was named a Southeast Tourism Top 20 event for 2007. New displays covering almost a mile and a half make for more lights, more displays, more holiday fun!
Members-Only Walk-Through Nights, November 13-16, 5-7:30 p.m.
By invitation.
Public Walk-Through Nights, November 21-23, 5-7:30 p.m. (NO DRIVE THROUGH).
A fun family atmosphere with Santa, crafts, refreshments and entertainment.
Children $3, Adults $6 (no fee for children 2 and under).
Drive-Through Nights, Thanksgiving through New Year’s Eve, 5:30-9 p.m.
Passenger Car - $15 per car (up to 10 people)
Vans - $15 for 10 people and $3 for each additional person
Tour buses - $15 for 10 people and $3 for each additional person (tour bus driver is free).
We will be accepting your donations of toys, canned goods, paper products, dog/cat food and warm coats for our local charities; $1 off the price of admission with a donation.
Discounted drive-through tickets are available for members in Gazebo Gifts. They must be purchased in advance.
Extended Hours, December 15 through 24, 5:30 - 10:00 p.m.
We’re staying open later to shorten your wait! We encourage young families to come early, and those of us with later bedtimes to come a little later. Good things come to those who wait, but by spreading out the traffic over a longer time on peak nights we hope to improve the Galaxy experience for everyone.
Group Tours welcome. Call (256)430-3572 ext. 223 for group rates.
Huntsville Veterans now have expanded homeownership opportunities, thanks to the Veterans’ Benefits Improvement Act of 2008.
Three provisions in the legislation are critical to help Huntsville veterans during the current housing turmoil. The law will make it easier for veterans who have fallen victim to risky subprime loans to refinance their loans into a safer, more affordable loans backed by the U.S Department of Veterans Affairs. The legislation also extends the VA loan limit increases through 2011, which will help veterans living in high-cost areas. In addition, the VA can now offer adjustable-rate mortgages to veterans. That would make Huntsville homeownership more attainable for military families and personnel who often have to move more frequently than their civilian counterparts.
If you are a Veteran thinking about buying a Huntsville home, please get in touch and we can give you some information on how you can take advantage of the great home purchase opportunities that exist right now.
Channel 19, WHNT-TV if offering half off deals with local businesses.
They’ve worked out deals with some of our area’s best restaurants and businesses to give you 1/2 off gift certificates - That’s right, 50% off food and more!
Each week they will feature a business of the week. At 8:30 AM each Friday, they’ll open up the ONLINE store for that week’s business. But you have to be fast - there are only a limited number of gift certificates per week.
Have fun and Happy shopping! And keep checking back for more half-off certificates from Real Deals!
I can’t offer you half off your next home Huntsville pruchase, but I can promise to get you the best deal possible.
Huntsville Real Estate & Homes For Sale 4405 Hampton Ridge Drive, Owens Crossroads AL 35763
Spread out southern style in this spectacular custom home in The Hampton Cove Area. The inviting upper and lower level covered porches offer gorgeousviews of the mountains. The comfortable and convenient floor plan has a gracious living room and distinctive dining room with wood floors,custom crown molding and wainscoting for formal entertaining. The spacious family room with gas fireplace for ambiance is perfect for large family gatherings. Serve up your sweeties at the breakfast bar in the gourmet kitchen! The work island, custom glazed cabinets, stainless appliances, granite countertops and tile floors are sure to please the chef in your family. Stay organized with the large laundry that offers an abundance of cabinets and a folding station. Slip away and have some fun in the recreation room. Retreat to the master suite with trey ceilings, hardwood floors, separate shower, vanity, dual sinks, and a whirlpool tub for relaxing nights. The oversized garage has a storm shelter built in. All brick exterior, professional landscaping and sprinkler system provide low maintenance for you to enjoy all this grand southern home has to offer your family.
For more information on 4405 Hampton Ridge Drive or other Huntsville real estate visit MoveToHuntsville.com or 256-508-0211.
Private investigator Al Schweitzer was in Huntsville last week to talk with the Madison County Real Estate Investors Association concerning identity theft.
Al has been featured on “The Oprah Winfrey Show,” “Nightline” and “20/20,” and has worked behind-the-scenes as an investigator for major news agencies on such stories as Iran-Contra, the Jon Bonet Ramsey murder and the Timothy McVeigh trial.
He has also been an expert witness for Congress, the Federal Trade Commission, the Treasury Department and other government agencies.
With his background Al is a wealth of information on identity theft. Here is what he had to say, while in Huntsville, about safe guarding your private information:
Often, scam artists will already have some of their prey’s info, which can throw a victim off guard, Schweitzer said. If you get a call from someone saying they are with your bank or a credit card company, don’t ask for a number to call them back.
“I tell them I’m going to hang up and call information,” Schweitzer said, “even if they say, ‘You won’t be able to find me.’
“You need to be aware of your own activities,” he said. “Check your credit report every three to four months.”
He noted that consumers can get a free copy of their report once a year at annualcreditreport.com.
If you get credit cards in the mail that you didn’t apply for, chances are you’re a victim of ID theft, Schweitzer said.
Despite concerns about online scams, the most common methods that identity thieves use to get personal information is stealing from mailboxes, going through the trash and stealing information from applications at auto dealerships, he said. Still, consumers should be on guard for phishing scams, particularly with all the bank mergers taking place.
“This is a fabulous time to be a hacker,” he said. “Any time you have confusion, hackers can exploit that.”
Huntsville Homes For Sale:
110 Fred Atkinson Road, Huntsville AL 35806
Make a home for your family in this stunning 2-story brick home in the Bishop Hills neighborhood of Monrovia. There’s room for everyone with 4 bedrooms & 2.5 baths. Don’t need 4 bedrooms? The 4th bedroom makes a wonderful game room, office, exercise room or teen get away. The dramatic formal living room is perfect for your formal entertaining. The living room also works well as a study! The dining room is elegance personified! The impressive 2-story family room is large enough for the entire family to gather and unwind. The kitchen with its breakfast area is perfect for informal family dinners. The master bedroom suite features dual vanities, separate shower and jetted tub…perfect at the end of a long day. The extra-large deck overlooks a spacious & fenced backyard. The new roof means you won’t have this expense. This is a home you will want to make your own.
For more information on 110 Fred Atkinson Road or other Huntsville homes for sale, visit MoveToHuntsville.com or give me a call for more personal service, 256-508-0211.
As a long-term investment, Huntsville homeownership is still one of the best investments for individual households.
Everywhere you look, headlines say the housing market is in a free-fall, foreclosures are rising at an alarming rate, and mortgage money is so tight that buyers can’t get a home loan at any price.
In today’s economy, is buying a home and investing in Huntsville real estate a good idea? As a long-term investment, homeownership is still one of the best investments you can make. And the operative word here is “long-term.”
Why is Huntsville real estate a good investment, you ask. The housing market, like all markets, is cyclical and will inevitably have ups and downs. But, homeownership has a track record that is virtually unmatched by any other investment of stocks, bonds or mutual funds.
Despite the current unrest in the mortgage industry, if you have good credit, a job and steady income, you will find there is still plenty of mortgage money to be had at decent interest rates. For well-qualified buyers, rates close to historical lows and the new Housing Recovery Act is offering first-time home buyers a $7,500 tax credit.
With the housing market in a decline, and foreclosures on the rise, many people have the idea that buying a foreclosure could be the deal of a lifetime.While it’s possible to find a house in foreclosure for less than market value, making this kind of purchase is not a good idea for the real estate novice.Huntsville, Alabama real estate agent Mike Manosky offers professional advice to consider so that supposed “unbeatable deals” don’t turn into quick and painful losses.
Preparing A Bid
Check with a local real estate agent before making a bid.The mortgage company wants to cover the balance on the loan plus any expenses they might have.If the home in question was overfinanced, however, or the market has dropped in that area, this foreclosure property might not be a bargain.
Foreclosures are usually sold “as is.”Inspecting the property before making an offer is a vital step.If it isn’t possible to do an inspection first, include a provision in the contract that allows for an inspection right away.
Calculate the Cost
List the needed repairs and their costs.If the seller isn’t willing to pay for the repairs, have a contractor provide an estimate and timeframe. If a contractor isn’t immediately available or if repairs will take an extended amount of time, a loss could occur.
Flipping Property
For those planning to buy a home at a low price, make the necessary repairs, then quickly sell it at a profit, remember this is often easier said than done.Before jumping into this commitment:
1. Know the Market.Don’t put more cash into a home than is feasible to get back.Contact an agent that’s familiar with the local real estate market for help.
2. Have a Reliable Contractor.Every month the house isn’t occupied adds another out-of-pocket expense for the flipper.Can a three or four month delay to complete repairs be tolerated financially?
3. Consider Commissions & Fees. The seller typically pays for commissions so those should be built into any offer.Also, sellers don’t normally get their original asking price.Leave some room for negotiating.
Buying a foreclosure isn’t for everyone.Those who don’t know what they’re doing can quickly lose money.Before taking on this task, talk with a qualified agent familiar with the market.
For additional information or media interviews, please contact Mike Manosky at (256) 508-0211 or via email at Mike@MoveToHuntsville.com.
Don’t miss North Alabama’s favorite holiday tradition! Galaxy of Lights is a holiday light extravaganza featuring larger-than-life animated light displays. See Santa soaring over a delightful winter village. Nursery rhyme characters dance and frolic among traditional scenes of the season. And, best of all, experience the magic of the twinkling icicle forest. Galaxy of Lights is the perfect holiday treat for the young and young-at-heart.
Extended Hours, December 15 through 24, 5:30 - 10:00 p.m.
Huntsville Veterans now have expanded homeownership opportunities, thanks to the 
Al has been featured on “The Oprah Winfrey Show,” “Nightline” and “20/20,” and has worked behind-the-scenes as an investigator for major news agencies on such stories as Iran-Contra, the Jon Bonet Ramsey murder and the Timothy McVeigh trial.
Everywhere you look, headlines say the housing market is in a free-fall, foreclosures are rising at an alarming rate, and mortgage money is so tight that buyers can’t get a home loan at any price. 
Preparing A Bid