Patience is a virtue, and a necessity, when buying a foreclosed home.

Use this comprehensive Web site to help you navigate through the Gulf Coast Alabama real estate landscape    http://mobile.alabama.mls.searchrealestatehomesforsale.com  see top of page for link to the area's lender foreclosures

 But lenders selling properties often are just asset managers, not really owners. A deed may bear the lender's name, but because banks and other lenders sell loans into the secondary mortgage market, the real owner of both the loan and property is often hidden.

The lender "doesn't have to tell you who you're actually dealing with," They keep it a complete mystery to keep control. And if the loan carried private mortgage insurance, its guarantor may also need to sign off.

"Realtors are used to 24 to 48 hours to finalize an offer, and with the banks it can take 24 to 48 days," "A lot of buyers give up."

Foreclosures are mounting. Some 2.04% of loans -- the highest ever -- are in the process, according to the Mortgage Bankers Association.

Patience, Paperwork, Price

"Banks are not giving away properties,"  A serious buyer must "submit a reasonable offer.

Getting a loan can be tough. Foreclosed homes may have issues such as poor maintenance, missing appliances, and liens. A house may have so much damage that a lender may require a 150% reserve in the escrow for certain repair costs.