Fingertips and Foreclosures

Posted by Tim McCrory on Wednesday, October 7th, 2009 at 12:41pm.

Welcome to my first blog and our new site for Edgemon Properties.  I hope both prove to be helpful in bringing the most relevant real estate information your way about the Alabama Gulf Coast.

As everyone is well aware, times are tough with cash and buyers scarce.  Well with little demand and tremendous supply only one result is certain: price pressure.  This price pressure equals a market full of foreclosures, properties close to foreclosure and other sellers just willing to get out at almost any price.  How do we identify these distressed properties and find these values?

This is actually quite easy, but first requires some handy tools which are at my fingertips with the use of today’s technology and the vast information open to the public domain.  Fortunately in today’s world I do not have to go to the probate office and fumble through reams of paperwork.  I only have to subscribe to a service which provides me with monthly updates on all sales transactions recorded in Baldwin County and weekly updates on Lis Pendens filings, properties headed towards foreclosure.  Even with this information it still requires a fairly good grasp of our market to understand which properties are worth further investigation.

Once I determine to find out more about a specific property, whether distressed or not, a couple of other resources provide some meaningful help, both can be found on Baldwin County’s website.  One tool is a map viewer provided through the Revenue Department which has aerial photography of all properties located in the county.  The other is offered through the Probate Department, where I can pull up liens, mortgages, easements, articles of incorporation for L.L.C.’s, judgments, etc.  This is all very useful when deciding the best way to pursue purchasing a property.

One other source we can use to find foreclosures and short sales is our local multiple listing service (MLS).  A link to all listed foreclosures and possible short sales can be found with one click on the home page of our site and these listings are updated every 24 hours.  Take some time and look around our new site- the only real estate resource you need for Alabama’s Gulf Coast.

Stay tuned, I’ll be providing a new blog each week!

Tim M.

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