If you are looking for some real estate in Alabama, I must tell you it's comprises of series of great places. Its Montgomery, Birmingham or Huntsville you will enjoy them all. You will find condos, apartments, and all the other types of houses in Alabama. I would first like to list some facts which are the result of survey conducted by Alabama real estate organization.
I will list some facts for you. The number of houses for sale in Alabama in 2008 is 37,538 and their median price was $189,500. However the numbers of new homes in Alabama is only 11 and their median price is $154990. The number of foreclosure is 3053 whose average price was $87500.
You can really easily find out that it will be really profitable to buy foreclosure houses. Yes it is really profitable as it is in other places. You can get foreclosure property in the same way as is in other properties. Do you really understand what foreclosure is? I will explain it to you. A foreclosure property really requires some hard work.
Many times it happens that the borrower is not able to pay back the loan amount. Hence lender has to take some steps to get the money back. He does nothing else but nominates the property for foreclosure. After he nominates the name for foreclosure the borrower is informed for the same. There is one step by the borrower can be saved from the burden of foreclosure. You must have heard about short sale. In this process the lender is convinced about the bad position of the borrower. The lender show sympathy with the borrower and shows his interest for short sale. I must tell you that the lender is not far behind as far as loss is concerned related to foreclosure and short sale. However the lender feels happy because he gets a part of his money back.
I would also like to tell you about the loan facility in Alabama. I must tell you that there is no problem on most of occasion but nowadays due to very bad positions of economy many banks and lender and avoiding themselves from giving away the loans. But this is for only few months. Leaving this status of economy behind I would like to tell you about some loan schemes. You can go for fixed loans or adjustable interest loans. If you plan to live in the house you are buying for a long period of time then you can go for long term loans otherwise you should go for adjustable rate loans. I must tell you that you should be very careful while selecting the types of loans. However I wish that you get a good house in Alabama.
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