Mobile, Alabama lenders can foreclose to sell real estate when the home or land owner defaults on the existing mortgage loan. Before the sale takes place, the lender must give public notice of a Mobile foreclosure around the city. The lenders can then sell foreclosed homes in Mobile to the highest bidder.
Find Mobile foreclosure listings by looking in newspapers in Mobile County. An Alabama foreclosure notice must run for four straight weeks in a newspaper in the county of the foreclosed property. This usually means that you can find all Mobile foreclosures in a particular newspaper by checking daily for a whole week once out of every four weeks. To help you find more foreclosures or save money in your search for Mobile notices, you can go online to check Alabama newspapers. Sites like 50States.com and USNPL.com compile lists of online newspapers. Use the links in those lists to find and search through newspapers in the Mobile, Alabama area for additional foreclosure listings.
Find out key information on each property and its auction by looking at the foreclosure notices. The main things you need to know are the time, date and place of the Mobile foreclosure sale and the address and amount due on each property. With that information, you can find out which properties to bid on and where to go to buy them. Some but not all foreclosure auctions will take place at the Mobile County Courthouse.
Visit each property to make a final decision on whether to place a bid. It is important to note if there are any red flags that could adversely affect the fair market value of each Mobile foreclosed property. Dangerous conditions, crime in the neighborhood and other factors could make it difficult if you seek to sell the property later.
Come up with a maximum bid based on your estimate of the home’s value. You may need to speak to neighbors or even a Mobile real estate agent to get advice on computing a fair market value.
Prepare cash for the Mobile foreclosure auctions in which you want to place a bid. Alabama foreclosures are sold for cash. This obviously could be dangerous when you are bidding thousands of dollars. It may be best to have someone who can wait nearby and hold the cash for you to avoid potential problems.
Ask for a property deed for each Mobile foreclosed property that you purchase. File this deed with the recording office in Mobile County to protect your property interest.
Alabama Foreclosure Law Summary From ForeclosureLaw.org