Tennessee lenders can foreclose and sell properties at public auction when the home owner who took out a mortgage loan defaults. Lenders must advertise foreclosure listings in the same county as the foreclosed properties. The sheriff then sells the foreclosed homes at the public auction. Buyers can purchase Tennessee foreclosures by placing the highest bid at the local sheriff sale.
Look for foreclosure listings by Tennessee county. Generally speaking, you look in newspapers of general circulation. This is especially beneficial if you can find the newspapers online. You can use the USNPL directory of Tennessee newspapers at Usnpl.com/tnnews.php to look for foreclosure notices in the various newspapers that maintain an online version.
Because the sheriff conducts foreclosure sales in Tennessee, you should also check with county sheriff’s offices to see if they provide information on upcoming foreclosures. Some counties or sheriffs maintain an online website. Look there first for county foreclosure listings. If you cannot find them there, then call and ask for a paper list of upcoming sheriff sales with foreclosed properties.
Look at the Tennessee foreclosure listings to get the relevant information on specific auctions. You can determine the date, time and place of auctions and the address and amount due on each Tennessee foreclosure.
Use the foreclosure information to make a list of foreclosed properties that you may wish to purchase. Looking at the amount due will give you a starting point for determining which foreclosed homes in Tennessee fall within your budget. However, you also need to estimate the fair market value of the property, as you may have competitors at the auction that will push the bids up toward that amount. You can ask neighbors of a foreclosure or real estate agents in that area for information and advice on the going price of homes in that area.
Use the listings to prepare for the Tennessee foreclosure sale. If a listing says to pay in cash, then prepare cash. You also need to know whether there is down-payment system with later payments or whether the full amount is due on the same day. You can also ask the sheriff’s office for the local policies on bidding and paying for Tennessee foreclosed properties.
Take your bid money and proceed to the foreclosure auction. Bid on the Tennessee properties you would like to purchase and pay the money to the sheriff if you win an auction at the sheriff sale.
Get a sheriff’s deed from the local sheriff’s office when you complete your payments. In Tennessee, you need to file this deed at the county recorder’s office to prove your ownership interest in the foreclosed property. You must file in the same county as the Tennessee foreclosures you buy at auction.
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