Huntsville MLS short sales

Huntsville MLS Short sales are especially difficult
November 2nd, 2011 8:09 AM

You may experienced in purchasing short sales and foreclosure homes but if you aren’t I wanted to prepare you for some of the hurdles;

Short sales are especially difficult in that we may have to wait weeks if not months to hear back from the lender on offers. Because it takes so long for the lender to respond there may be multiple offers. Some lenders are fairly efficient but most aren’t.

On foreclosures we need to take a close look at the property condition and compare it’s price to that of recent Huntsville MLS comparable sales. Often foreclosures are not priced well and it takes the lender many months to over a year to lower the price to what the market will bear. Foreclosure properties are also more difficult to finance. In Alabama the borrower who lost the house or his assignee have the right to redeem the property for one year from the date of the sale. Properties are rarely redeemed but lenders require a redemption bond to protect their interests from the possibility of redemption. The last bond I was party to cost around $2,200.


Downtown Huntsville


Short sales are especially difficult in that we may have to wait weeks if not months to hear back from the lender on offers; Huntsville MLS November 2, 2011
Filed under: huntsville mls,mls huntsville — Philip Winburn @ 12:06 pm Tags: Huntsville MLS, Huntsville MLS Search