The FORECLOSURE sale is really an auction on your local county courthouse steps, where a cash buyer attempts to secure the purchase of house that is being forcefully sold by the bank or mortgage lender.  A Foreclosure sale begins with a minimum bid by the buyer. This minimum bid must be high enough to to cover the missing loan amount that the previous owner could not afford to pay, All accrued interest, Attorneys fees, and All costs associated with the foreclosure process.

Learn more about Foreclosures in Alabama, including Gulf Shores, Orange Beach, Fort Morgan, Fairhope, Daphne, Spanish Fort, and Mobile – subscribe to this blog by placing your e-mail address in the subscribe box at the top of the menu column.

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Subscribe to this site to find out about Baldwin and Mobile County Foreclosure Auctions (simply place your e-mail address in the subscribe box at the top of the menu column and submit).

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Posted via email from Distressed Property Vulture Fund – Alabama Foreclosures – Baldwin County and Mobile County, AL

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Jonathan Keith, Painting the Town Red, 251-689-7800

Mobile Alabama Foreclosure – Bid is 114K today at 12:00 – Call for Foreclosure Info!

Residential

Click Photo for Additional Media and Enlargement

MLS#: 138501p Status: Sold LstPrce: $149,900 Addr: 1185 COLONIAL HILLS DR ApproxLA+/-: 1,579 MOBILE, AL 36695 SqftSource: Tax Records IN: AIRPORT BLVD Infile: SELL DISC, WARRANTY County: MOBILE Beds: 3 Area: 18 West Mobile Baths: 2/0 Subd: BAKERFIELD YrBlt/Desc: 1997/ LotDim: 81X265 Acres: +/- ElemSch: BAKE Middle: BAKE High: BAKE ParcelID: R02-27-08-27-0-000-004.796. Misc: Possession: AT CLOSE Terms: CASH, CONV Legal: LOT 14 BAKERFIELD UNIT ONE SUBD MBK 67 PG 49 #SEC 27 T4S R3W #MP27 08 27 0 000 Dir: WEST ON AIRPORT BLVD THEN LEFT INTO BAKERFIELD SUBDIV ON COLONIAL HILLS DRIVE. HOME IS ON THE LEFT.

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Remarks:

WOW! NEW PAINT, CARPET, FLOORING, LIGHT FIXTURES, KITCHEN & BATH FIXTURES, MICROWAVE OVEN AND MORE! THIS REMARKABLE 3/2 BRICK HOME ON POPULAR BAKERFIELD SUBDIVISION’S 2ND LARGEST LOT IS A MUST SEE. HOME’S OPEN FLOOR PLAN HAS IT ALL INCLUDING VAULTED CEILINGS IN LIVING RM, EAT-IN KIT, INTERIOR LAUNDRY RM, MASTER BD W/TREY CEIL AND XL WALK-IN CLOSET, DOUBLE VANITY IN BA.

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Room Type Lvl Dimnsns Add’l Bedroom 1 12X16 Add’l Bedroom 1 11X11 Add’l Bedroom 1 11X11 LivingRm 1 15X24 Kitchen 1 9X21 Laundry 1 7X9

Car Shelter: N/ Porch: Y/FRONT Fireplace: Y/GAS-LOG Style: TRADITIONAL Stories: ONE BedrDesc: Dining: INFORMAL, KIT-AREA BathDesc: Heat: CENTRAL, GAS Cool: CENTRAL Floor: VINYL, WWCARPET Interior: RAISCEIL Sewer: PUBLIC Exterior: FENCE, PORCH Water: PUBLIC Constr: BRICK, VINYL LotDesc: SUBDIVISION WtrfrntFt: Marine: Wtrfrnt: NO Energy: CEILFAN, DBLPANE, TURBINE Utilities: ELECTRIC, UNDERGROUND, NATURAL GAS

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SoldPrice:	$149,900			SldTrms:	CONVENTIONAL	SF:	1579
SO:	(KWMS01) KELLER WILLIAMS REALTY	SA:	(THOMPSONR) RICHARD THOMPSON	CL:	5/2/2006	$/Sqft:	$94.93

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For More Information Contact : JONATHAN KEITH Agent Cell: 251-689-7800 Office: 251-662-5660 jmkeith@kw.com http://www.gulfcoastmls.com/jonathankeith

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–Information deemed reliable but not guaranteed–Copyright: 2009 by the Mobile Area Association of REALTORS
Jonathan Keith, Painting the Town Red, 251-689-7800
Prepared by JONATHAN KEITH of KELLER WILLIAMS REALTY on 7/17/2009 10:26:18 AM

Jonathan Keith

Associate Broker for Keller Williams

REO Specialist

6333 Cottage Hill Road

Mobile,Al 36609

(251)662-5660 Office

(251) 660-5088 Fax

(251)689-7800 Cell

jmkeith@kw.com

www.jonathankeith.net

Posted via email from Distressed Property Vulture Fund

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See and download the full gallery on posterous

Posted via email from Distressed Property Vulture Fund

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In the constant battle of supply and demand great opportunities present themselves for those that are patient and at the ready when the time of opportunity presents itself. In all of these battles, economic equilibrium is the ultimate winner!

With substantial short supplies, demand drives up prices, and those that control the supply win from price increases. In the end though, these price increases drive over development and speculation that ultimately lead to a mob

mentality driven oversupply and an ensuing drying up of demand. We began witnessing the beginning of this phenomenon in mid 2006 as demand began to dry up due to buyer exhaustion and extreme price escalation. In addition the pipeline of new supplies that were committed to continued to come on line further injuring the demand for the supply.

We are all quite aware what has occurred in the mean time – a huge supply with over leveraged ownership and a dried up demand. When this occurs prices must drop to the point that demand gets revived. In more moderate cycles these adjustments are not as readily visible, however we have experienced a grand super cycle and the downward adjustments have been as extreme as the preceding upward adjustments.

In the end Equilibrium will win the battle.  But for now, great opportunities await those that have been patient and waited for the over sold condition that presents deeply discounted opportunity.  In the commodities markets these overbought and oversold conditions find supply and demand equilibrium through pricing much more rapidly due to the portability of products, consumption of products, the exceptional liquidity of products using futures contracts, and a marketplace that is facilitated by market makers that free up liquidity in locked markets.

This is not the case with real estate and the adjustments to the markets equilibrium of supply and demand. While historically the real estate market has not seen the volatility that commodity markets do, in this grand cycle we have seen extreme downward volatility in pricing and the lack of market makers and ready liquidity make these adjustments long and painful for those that are on the wrong side of the price movement. At some point though the market will be oversold! Prices will have retreated to the point that bargains present themselves!

In real estate, “you make your money when you buy”. That means that you did not overpay and there is value there. It does not mean that you buy at will and there will always be a greater fool there to deliver a windfall.

Remember, Equilibrium will win the battle – always! We have seen the extreme highs in pricing that drove overbuilding and over supply.  We have seen prices fall off of the cliff due to speculation, poor lending standards, and a market that punished the guilty and the innocent alike from excesses within the economic landscape.

The question now is has the market adjusted down low enough for the elasticity of equilibrium to pull demand back into the market place and an increase in prices due to that renewed demand?

We do not have crystal balls, yet you must ask yourself if you were looking to buy property a few years ago, whether the environment for buying is better now.  We think it is and we are actively seeking opportunity in distressed properties.

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This video explains the process of buying real estate foreclosures at auction on the courthouse steps.  This is the final step of the foreclosure process.  Please note that in some states there is a one year right of redemption for the party that was foreclosed on, one should investigate how the redemption process works and how to protect the investment in the event of redemption.

Thanks to Danial Odio for this great video, contact him if you are interested in Virginia Foreclosures.

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