Montgomery, the capital of Alabama, is a large metropolitan area that provides many opportunities to look for cheap homes through foreclosure sales. Lenders foreclose when the owner of a home with a mortgage defaults on the mortgage loan. Buyers of Montgomery foreclosures can find them through local foreclosure listings. They then place the highest bid at an auction to purchase foreclosed homes in Montgomery, Alabama.
Use newspapers in Montgomery County to find Montgomery foreclosure listings. Lenders must choose a newspaper in the same county as the real estate being foreclosed. Thus, the newspaper should originate from Montgomery County when advertising a Montgomery foreclosure auction. If you would like to save money and have Internet access, you can use sites like 50States.com or USNPL.com to find Montgomery newspapers that publish an online edition. You can generally find Montgomery foreclosure notices in the classifieds or legal notices.
Read the foreclosure listings in Montgomery to find properties that fit your budget and other preferences. This is somewhat difficult because potential bidders in Alabama foreclosures have no right to inspect homes up for auction. At the least, though, you should drive by each Montgomery foreclosed property to get an idea of its fair market value. In some cases, neighbors will be able to tell you about home values in that area. In other cases, you may need to enlist the services of an agent or appraiser to make this calculation.
At any rate, the important point about determining a fair market value is that you need a maximum bid for each property for which you decide to place a bid. Naturally, the max bid needs to be lower than the value of the Montgomery foreclosure.
Make a schedule of Montgomery foreclosure auctions and properties. Look at each listing to get the time, date and place of each auction. You also need to read the notices to figure out how to bid on and pay for each foreclosed home in Montgomery. Prepare the cash or other acceptable funds (depends on the lender’s instructions) and head to the auctions.
Bid on the Montgomery properties that you want to buy at auction. Complete your purchase by paying your bid money to the lender’s trustee. After that, ask for a property deed.
Take your Alabama deed and file it in the real property recording office in Montgomery County. Do this as fast as possible to protect your property interests in the Montgomery foreclosed properties that you buy at the local auctions.
Alabama Foreclosure Law Summary From ForeclosureLaw.org