Nashville, Memphis, Knoxville and even smaller cities have Tennessee HUD homes for sale. HUD sells these foreclosure properties by taking bids from the general public. However, buyers must place bids through a Tennessee real estate broker approved by HUD for bidding. Interested Tennessee residents should use online listings of HUD homes in Tennessee to find these HUD properties.
The first step in this buying process is to actually find the location of HUD Tennessee homes. HUD makes this a snap by providing free online listings of U.S. and Tennessee properties for sale by HUD. To access the entire database, simply visit hudhomestore.com/HudHome/Index.aspx and use the map to find properties. In this case, click on Tennessee to get the full databae of Tennessee HUD homes. Use the search features to find homes in individual Tennessee cities.
For example, you could find all HUD homes in Nashville or homes over $200,000 in Knoxville. It is also important for investors to understand that not all HUD properties in this state are available to investment buyers. Rather, some listings are set aside specifically for owner occupants. You can find the investment properties, however, by choosing “Investor” as the buyer type.
Once you have a list of HUD homes in Tennessee that you would like to purchase, you have to get set up with a local Tennessee real estate agent or broker who can place your bids and other paperwork. Find one by using the listings website. From the main page, select the “Find a Broker” option in the horizontal menu. You will then see a search engine to find either all HUD-approved Tennessee brokers or brokers by name or city.
Go to a bank or mortgage lender in the area where you would like to buy HUD Tennessee real estate. You want to set up a mortgage agreement. By getting preapproved, you make it possible for HUD to accept your bid. Otherwise, the agency will not accept your house bids unless you can show proof of enough cash to buy a HUD home.
Proceed with the buying process by getting your broker/agent to submit a bid. You generally must submit a fairly small amount of nonrefundable money to place a bid to show that you are serious.
Tennessee HUD officials may then accept your home bid and give you a small amount of time to pay an initial deposit on the property. Work with your agent and lender to complete this process. A closing agent will also get involved to do the closing on the Tennessee HUD home.
Tennessee law dictates that you need to obtain and file a property deed when buying real estate. Get this deed from HUD when you buy a home and file it in the Tennessee county where your new house is located.
HUD Home Listings