Buying or selling a home comes with things that pretty much don't change even when the market might. These steadfast tips may serve Alabama residents well when they're venturing into the often complicated business of real estate. It's better to be prepared before actually signing anything on the dotted line -- including a listing agreement or an offer to purchase.
There are so many terms bantered about in the Alabama real estate industry that it's often difficult to know what's what. Two terms that often are used interchangeably, but mean different things, are earnest money deposit and downpayment. An earnest money deposit -- sometimes known as an escrow deposit -- is the sum the purchaser includes with a real estate offer as a sign of good faith that he or she is genuinely interested in the property and serious about buying it.
A Canadian investor recently purchased five nursing facilities in Alabama. The businessman bought facilities in Montgomery as well as others in Alabama -- in Butler, Selma, Montrose Bay and Birmingham as well as another out of state. The real estate investor has paired up with an out-of-state health care operator to manage and oversee the skilled facilities.
Once the dream home has been found, the last thing anyone wants to have happen is the possibility of losing it. But things happen in life, so when it comes to real estate issues in Alabama, it's important to know how to avoid the stress of foreclosure. When a homeowner defaults on mortgage payments, lenders will usually try to recoup their losses and foreclose on a property, but there are things that can be done to keep the issue out of the court system.
Alabama residential listings seem to be in short supply compared to a year ago. In fact, the numbers of homes for sale in the residential real estate sector in Montgomery are down about 9.5 percent. The Montgomery Area Association of Realtors (MAAR) says demand is definitely is outdoing supply when it comes to single family homes. Fifty-three purchases actually closed this January -- more than 18 percent below projections by the Alabama Center for Real Estate (ACRE).
Many homeowners are reluctant to sell their homes on their own, but it is doable. Alabama residents who want to make the foray into for sale by owner (FSBO) territory might benefit from a few real estate tips before making that decision. Selling a home privately will keep a sizable amount of change in an individual's pocket.