Circa 1910 Alabama Handyman Special Under $50K

OHU50K Notes $49,900

For $49,900, I was expecting much worse, but the 3/2 Alabama handyman special has a wrap-around porch, three beautiful fireplace mantels, hardwood floors, and a kitchen and bathroom that, at least, are not horrible. The cheap price is oartly due to Alabama’s foreclosure right of redemption clause.

Realtor Comments

Home built in 1910, 3 bedrooms, 2 baths, needs some TLC, but can be restored to its original charm. These houses were originally built for the employees of the local mine. When the mine shut down, the houses were sold to the employees. Make a point to view this property today.

3bed
2bath
Circa 1910

Virtual Tour

234 Jefferson Ave, Bessemer, AL 35020 $49,900

If interested in a property, please contact the realtor whose link is provided in the post below, or contact an agent of your own choosing. Independent verification of details and status is recommended.

Alabama Right of Redemption

In Alabama, the right of redemption is a legal provision that allows a homeowner to reclaim their property after a foreclosure sale. The right of redemption provides an opportunity for the homeowner to repurchase the property by reimbursing the buyer for the full amount paid at the foreclosure sale, plus any additional costs incurred by the buyer. The specific details of Alabama’s foreclosure right of redemption are as follows:

Redemption Period

In Alabama, the right of redemption period is one year from the date of the foreclosure sale. During this time, the homeowner has the right to redeem the property by paying the necessary amount.

Payment Requirement

To exercise the right of redemption, the homeowner must pay the full amount paid by the buyer at the foreclosure sale, along with any additional costs incurred by the buyer, such as interest, taxes, and expenses related to the property.

Notice Requirement

If the homeowner intends to redeem the property, they must provide written notice to the buyer, or their attorney, indicating their intention to redeem. This notice must be sent by certified mail with a return receipt requested.

Extension of Redemption Period

Under certain circumstances, the redemption period in Alabama can be extended for an additional six months. This extension may apply if the property has been abandoned or if the homeowner is a servicemember on active duty.

It’s important to note that while the right of redemption exists in Alabama, it is subject to certain limitations and conditions. It is advisable for homeowners facing foreclosure to consult with a qualified attorney or seek legal advice to better understand their rights and options regarding the right of redemption.