Generally described as a property that has been passed to the lender, bank, mortgage company, or one who had made a significant investment in the property allowing the invidividual or group to purchase the property with a loan. The foreclosure is the property under control of the lender after the mortgage owner's failure to pay.
When houses become ownership of the lender, the lender tries to take it off of their financial books as quickly as possible. A home is not a liquid asset that they can move around like cash. For this reason, you will often see these foreclosed homes marked at or below market values. Most of the time the longer a home is on the market, the more the institution holding the property will lower the price. It is in their best interest not to have this liability on their hands.
A foreclosure can come in many shapes and forms. There are homes that need immediate work on the interior and exterior. From leaks, drainage issues, roof problems, and bad paint jobs to foundation problems, non-updated plumbing/electrical/decking, and possibly mold. However, there are also fantastic properties in pristine condition with no problems. These foreclosed listings are a rare find, but a good opportunity to find as well.
The process is pretty much straight forward if you have a real estate agent to help you. Normally there are instructions that each asset company, or bank will give the real estate agent, and from then on its just a step by step process. You may make a written offer similar to any other type of property, and will generally receive a reply within a few days. The seller may accept your offer, reject your offer, or reject and counter-offer, just like any other seller.
In Alabama the owner who has been foreclosed on, or any lien holders may redeem the foreclosed property within one year of the foreclosure date. It is rarely exercised, discuss with your agent and/or attorney.
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