Knoxville is a major source of Tennessee foreclosed properties. Under state law, a lender who gives proper notice to the home owner and the public can auction off foreclosed properties in Knoxville at a public foreclosure auction. Buyers of these properties must first learn how to find foreclosed homes in Knoxville. They can then buy Knoxville foreclosures by placing the highest bid at the public sale.
Find Knoxville foreclosure listings. According to Tennessee law, the lender should publish a foreclosure notice in the county of the foreclosed property. This means that you should look in Knox County papers to find Knoxville foreclosures. Other than looking at actual newspapers in the Knoxville area, you can also look online these days for foreclosures. Visit the “Tennessee” pages on USNPL.com and 50States.com to find lists of Tennessee newspapers that have online editions. You can check through those sites to look for Knoxville foreclosure notices.
Use the listings that you find to make a list of foreclosed homes in Knoxville that you might like to purchase. These notices should contain the address and amount due on each property. Thus, you can make a list based on your bidding limits and visit the properties for more information. Remember that Knoxville foreclosures are sold “as is.” It is up to you to know what you are buying.
When you do visit a foreclosed property in Knoxville, your goal should be to come up with a maximum bid that would amount to a bargain if it does win at auction. This bid will be higher than the amount due on the property but lower than the fair market value. This is not an easy task, but speaking to neighbors about home values in that area and consulting property listings for other real estate for sale in that area may help you estimate the foreclosure’s value. It would be even better to consult with a local real estate agent for an opinion.
Make a final list of Knoxville foreclosures that you want to buy. Find out how to bid on and pay for them by referring to the individual notices for those properties. You may need to bring cash or even the full amount of your bid on the day of the auction. It is up to the seller because state law does not specify payment terms on foreclosures.
Attend the Knoxville foreclosure auctions and bid on the properties on your list. Pay your full bid according to the terms for that particular foreclosed property.
Ask for a Tennessee property deed from the seller. What you then need to do is take that deed and file it with the Knox County recording office for real property. This is the same step you need to follow whether you buy Knoxville foreclosures or any other piece of real estate in Tennessee.
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