Below you will find a list of our commonly asked questions. Many of your questions may be answered here. If there is anything that we have not included or you need more information about the answers provided, please feel free
to let us know. We'd love to help answer any of your questions.

If I make a reservation can I cancel?

Absolutely. You can cancel anytime prior to the tour outside 48 hours before the tour. We understand plans change and things come up. Just let us know and we can make the necessary adjustments. We ask for cancellations to please inform us ahead of time to allow other riders to join us. Also, this will save us from printing addtional packages and purchasing additional beverages and snacks that wouldn't be needed. We appreciate your courtesy!

Why do I need to cancel at least 48 hours prior?

If we have a cancellation, we need to allow time for other people on the waiting list to be notified of the available seats. We need to allow the people listed on our waiting list the opporuntity to make plans to join us.

Why are we doing this?

As real estate professionals we see a lot of homes in a lot of neighborhoods, one thing that we have noticed is the uptick in foreclosed and bank owned homes due to the nationwide recession. Although the Huntsville real estate market isn’t facing the problems of states such as Florida and California, foreclosures have an impact for all of us. Many times a local bank is stuck with a foreclosed property and has to keep funds in reserve to service that, meaning less to lend out to others in our community. Foreclosures also are typically sold below the average, and those sale prices sometimes help depress the values of other homes in a neighborhood.

Having sold foreclosures we also see the tremendous opportunity that foreclosed homes present for everyone. It helps the banks, the community and the neighborhood once they are sold and turned into occupied homes. It also allows many purchasers to get a tremendous deal, many times resulting in instant equity in the transaction. With interest rates being as low as they have been in a generation, it allows investors and new home purchasers the opportunity to become part of the American Dream of home ownership.

It’s unfortunate that someone had to lose their home, but we are trying to turn a negative into a positive for all. We also feel that by providing this service we will earn the respect and trust of many new friends we will meet along the way. By doing this we hope to become the real estate choice for a new generation of real estate owners.

What is a Foreclosure?

A foreclosed property in Alabama is one in which a borrower defaults upon payment on their mortgage or is delinquent in property taxes. The foreclosure process typically takes 2-3 months and a cash “foreclosure sale” is held per Code of Alabama Title 35. The mortgage holder has the right to bid at the sale typically up to the amount owed, and many times is the winning bidder and continues to hold the property on their books. At this time the property is now “Bank owned” and they begin to market the property for sale in an attempt to get it off their books, many times at a discount to what they are owed!

What is a Right of Redemption?

Alabama has a statutory right of redemption which allows the foreclosed party or others with an interest in it, to reclaim the property by making payment in full of the foreclosed amount plus costs and interest. The statutory right of redemption period is one year from date of foreclosure.

What does “As is” mean?

“As is” is legal term to disclaim any warranties for the home. It means the buyer is accepting the property in its current condition, with all faults, and the seller is not going to do anything further to the property. Alabama is a “caveat emptor” state which is “buyer beware” so a buyer should take their time to examine the property and do all necessary inspections that may be important to them before purchasing. Interesting enough “as is” also applies to the seller if the home being sold turns out to be more valuable than previously thought!

Can I finance a foreclosure or do I have to pay cash?

Many times a lender will finance a foreclosure property! Of course they are going to need send their own appraiser out to determine value and what risk they might want to bear. There are also a few other particulars that lenders may require, such as a redemption bond should a foreclosed property be redeemed within the redemption period.

Do all foreclosures need substantial repairs and work to be done?

Each foreclosure is a unique situation. Many the prior owners have just moved out and the house is ready to be lived in again without any major work. Others the previous owners may have become angry at being foreclosed and have done damage to the homes that will eventually need to be repaired. Typically such homes are priced accordingly, so if you are willing to put in some work, it may turn out to be a tremendous deal!

Is now a good time to buy?

We don’t have a crystal ball into the future, but we can provide some information about the trends in Huntsville Real Estate market. For Single family residences and condos in Madison County/Huntsville, the average home price continues to rise (disclaimer: data is from MLS, not inclusive of For Sale by Owner, Addition/Remodel, or Built by owner). In 2006, the average sale price was $182,886, in 2007 that number rose to an average of $197,251 and for sales in 2008, through October 31st, the average price is $200,301. In 2008 Forbes Magazine recognized Huntsville as one of America’s fastest growing areas. Lastly the Base Realignment and Closure Commission or BRAC is benefiting Huntsville as positions are being concentrated at Redstone Arsenal. About 4500 federal jobs will come to Huntsville as a result and elected officials expect to add 5000 employees to that total with contractor positions transferring. The majority of these jobs will arrive between 2009 and 2011.

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