3 Beds 1,386 Sq. Ft.
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Orem Rd
Bay Minette, AL 36507

*Rental Value Coming Soon

Overview

This is located at Orem Rd, Bay Minette, AL 36507. This listing is NOT an active listing. Updates to this listing have stopped. This listing may be off the market. No further information is available at this time. It has 3 Beds, , 1,386 sqft of living space.
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Status: Inactive
Listing ID: 61184063
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Learn about Orem Rd in Bay Minette, AL

This property is available as a preforeclosure at Orem Rd. Based on our analysis of the current market conditions in Bay Minette for Orem Rd and comparable listings, the estimated market value is still being calculated. If purchased for rental purposes, this property might present an opportunity to make monthly rental income. The rental value will be updated on this listing soon. Factors considered in this calculation include the property location, condition, status, and convenience. Properties like this one located at Orem Rd are updated daily along with others in Bay Minette, Alabama.


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Property Information

  • Bedrooms: 3
  • Living Area Size: 1,386
  • Year Built: 1980
  • Source ID: 22257049
  • Day(s) On Site: 102
  • Defendant Name: OWEN C OREM
  • Plaintiff: Department of Revenue Alabama
  • Deed Category: NFS
  •  

Public Records

  • Bedrooms: 3
  • Rooms: 5
  • No. of Stories: 1
  • Exterior Wall Type: VINYL
  • Foundation Type: PIER
  • Roof Material: CORRUGATED METAL
  • Roof Type: GABLE/HIP
  • Land Area Sqft: 169,884
  • Year Built: 1980
  • APN: 17-03-08-0-000-018.000
  • Property Type: Single Family Residence
  • Front Footage: 208
  • Depth Footage: 834
  • Living Sqft: 1,386

Preforeclosure

The property located at Orem Rd in Bay Minette, AL is listed as a Preforeclosure

This listing located at Orem Rd in Bay Minette, AL could be available as a Rent-to-Own listing as well, additional diligence will be required from the buyer to determine if this listing can be approved as a RTO.

Please take note that this property in Bay Minette, Alabama is not listed as a Rent-to-Own (RTO) opportunity. It is currently in an initial default stage in Bay Minette, AL, commonly referred to as Pre-Foreclosure, indicating that the homeowner has missed at least one payment and is considered delinquent. However, instead of going through a potentially lengthy foreclosure process, which could take up to 18 months, the homeowner may be open to considering a Rent-to-Own option that covers their mortgage.

Since Pre-Foreclosure properties are not formally listed for sale, there is no asking price available. Instead, you’ll find either the original loan balance or an Estimated Market Value (EMV) provided. To make a reasonable offer for this home, it’s advisable to use either the loan balance or EMV amount in conjunction with local sale price comparables to determine an appropriate offer. Alternatively, the homeowner might be willing to work with you on a monthly amount that can help them avoid the foreclosure process.

You may also want to check with a real estate attorney or other legal authority to discuss the potential risks of executing a Rent-to-Own agreement with the current Pre-foreclosure owner. If the current owner in Bay Minette, Alabama doesn't make their mortgage payments, they could lose the property which would directly affect you and your Rent-to-Own agreement.

For this reason, many buyers find a real estate investor or investment company to buy a Pre-Foreclosure property from the current owner. The investor/investment company could then offer you a Rent-to-Own agreement on that property that you worked out with them in advance, which could stabilize the investment and prevent complications.

First Steps to Buying a Preforeclosure

Preforeclosure status means the owner of the property has defaulted on his mortgage obligation and the lender is taking steps to foreclose on the loan and take possession of the property. This situation places the property owner and the lender in a disadvantaged position. But it may not be too late for the property owner to work things out with his lender.  At the same time the lender may be interested in allowing a short sale (sale of the property for less than the amount owed) just to avoid the costly process of foreclosure on the loan, and then the expense of marketing the property. That leaves open the opportunity for a real estate investor to come in and solve the problem for both parties.

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Auction Information

  • Auction Date: 12-18-2023
  • Auction Time: 12:00 PM
  • Auction Address: 1 Courthouse Square
  • Auction City: Bay Minette

Legal Information

Credit Information Center

County Information

Document Center

Listing History

Start Date End Date Listing Type Bank Name
04/07/22   Tax Lien
04/30/20 04/30/23 Tax Lien
05/15/12 05/15/15 Tax Lien

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Orem Rd
Bay Minette, AL 36507

3 Beds 1,386 sq. ft.

 

Status: Inactive Listing ID: 61184063

Property Information

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Public Records

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Property Description

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Listing URL

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