Please decode -- What does this mean...
Legal Notices
MORTGAGE FORECLOSURE SALE Default having been made in the payment of the indebtedness secured by that certain mortgage executed by Carolyn D. Parks, a single woman, to GMAC Mortgage Corporation, on the 10th day of June, 1999, said mortgage recorded in the Office of the Judge of Probate of Madison County, Alabama, in Book 2552, Page 0167; the undersigned GMAC Mortgage Corporation, as Transferee, under and by virtue of the power of sale contained in said mortgage, will sell at public outcry to the highest bidder for cash, in front of the main entrance of the Courthouse at Huntsville, Madison County, Alabama, on October 24, 2002, during the legal hours of sale, all of its right, title, and interest in and to the following described real estate, situated in Madison County, Alabama, to-wit: Lot 9, Block 13, according to the survey of Cedar Point Subdivision, Fourth Addition, as the same appears of Record in the Office of the Judge of Probate of Madison County, Alabama, in Plat Book 9, at Page 4. Property street address: 6506 Mercator Drive, Huntsville, AL 35810 THIS PROPERTY WILL BE SOLD ON AN ''AS IS, WHERE IS'' BASIS, SUBJECT TO ANYEASEMENTS, ENCUMBRANCES, AND EXCEPTIONS REFLECTED IN THE MORTGAGE AND THOSE CONTAINED IN THE RECORDS OF THE OFFICE OF THE JUDGE OF PROBATE OF THE COUNTYWHERE THE ABOVE-DESCRIBED PROPERTY IS SITUATED. THIS PROPERTY WILL BE SOLD WITHOUT WARRANTY OR RECOURSE, EXPRESSED OR IMPLIED AS TO TITLE, USE AND/OR ENJOYMENT AND WILL BE SOLD SUBJECT TO THE RIGHT OF REDEMPTION OF ALL PARTIES ENTITLED THERETO. This sale is made for the purpose of paying the indebtedness secured by said mortgage, as well as the expenses of foreclosure. The Transferee reserves the right to bid for and purchase the real estate and to credit its purchase price against the expenses of sale and the indebtedness secured by the real estate. This sale is subject to postponement or cancellation; contact Stephen G. Collins at the phone number shown below prior to attendance at sale. GMAC
Hi Clever1,
What you have is a good old American foreclosure sale notice to be held on October 24, 2002 on the steps of the courthouse in Huntsville, Madison County, Alabama. The property is located at 6506 Mercator Dr. Huntsville, Alabama 35810 (with the legal description). The sale is being conducted in behalf of GMAC Mortgage Corp (who is owed the money). If this auction is conducted like others I have attended then the opening bid will be by the lender (GMAC) for the amount owed plus fees. You could then bid One Dollar higher and own the property. HOWEVER, you may have to show your bidding funds (in the form of cashier checks) or have proof you have the means to pay for the property. This notice also states a right to redemption, so you need to know your state laws on redemptions. And of course the property is being sold AS IS, meaning WHAT YOU GOT IS WHAT YOU GET SO MAKE SURE THIS IS WHAT YOU WANT. There is NO WARRANTY.
Best of luck
John (LV)
I guess a lot of the legal forms still use a lot of the old world wording. Example the wording "sold at public outcry", this dates back to the time when townships employed a town crier. And we all know that radio put it position out to pasture. For the most part the words mean what you think they mean. Take your time and read it carefully or use a dictionary to assist.
Ok, now I have a (dumb) question. When it says " to the highest bidder for cash" does this literally mean you have to have the cash available and that a loan can't be taken out for the property??? Thanks
John,
What does "right to redemption" mean?
WealthSeeker - planders_99,
Cash means cash or certified funds, you pay for the property right then and there. Then you can go get a loan on the property. Not a very creative way to do real estate investing, you just stand there with a fist full of dollars waving them in the air and bid until you run out of money or buy the property.
Right of Redemption means the original owner of the house has a certian time period to come up with the money to get their house back. This is a rarity, but I have seen it happen, a fellow investor purchased this way did extensive re-hab work and the original owner found a way to come up with the money within the redemption period, investor out the re-hab money and the house all he got back was what he paid at the auction.
John $Cash$ locke