Exact closing costs will vary from transaction to transaction, but typically the buyer is responsible for paying to have documents prepared and the deed filed with the county, as well as home inspection and all costs associated with your financing. The there is a well, your lender will likely require that you have the water professional tested. If you're buying land, you may need to get a perk test if you would have to use septic due to public sewer not being available.
Items that are usually paid by the seller, but are up for negotiation, are surveys and home warranties, if requested by the buyer in the offer. You also want to require the sellers to purchase a title insurance policy which insures they have the legal right to sell the property and there are no problems with the chain of title. (Foreclosures can't provide clear title until after a full year has passed from the date the property was sold at auction, so beware.)
There are so many details that have to be considered, let me help you. Once we find the right house, we'll go over the specifics when you are preparing an offer. At that time, I will provide you with an estimated closing statement so you can have a general idea what to expect to come up with at the closing table.
Give me a call and I'll be glad to assist you from beginning to end.... more
The State of Alabama does have a one year Right of Redemption on foreclosed properties. Typically, the home owner would have to leave once the foreclosure is completed. An eviction would be required if they do not leave voluntarily.
Sr Loan Officer / FHA 203K Renovation / HomePath Specialist
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The condo fees are $275 per month. Within those fees are maintenence for the pool and common grounds and also insurance on the structure, pool, and common grounds. You can purchase separate insurance on your contents fairly inexpensively.The appraised value according to tax records is $58,900 and the tax paid in 2010 was $149.70. Please call or email me if you have interest and I will send you the full MLS sheet.... more
Get a free consultation from an attorney but I do not believe you have a case, once the bank owns the house they can do with it what they choose. I would keep that information in case they ever attempt a deficiency claim.
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Getting victims of foreclosure back into a home in as little as 6 months... more
Short Sales are becoming more plentiful in real estate due to the sellers owing more on their mortgage than the properties can sell for today. Lower values nationwide have also affected beach values in Gulf Shores and Orange Beach. Prices may be negotiable, but ultimately, it is the bank that will have to respond to your offer and if it is too low based on an appraisal or market valuation they will order, they often counter with a higher sales price they will accept.
I am a Certified Distressed Property Expert agent in this area and will be happy to try to answer your questions if you would like to call me.
RE/MAX of Gulf Shores