Nashville, the Music City, is not immune from financial problems for home owners. Naturally, an owner sometimes has personal or career problems and goes into default on a home mortgage loan. Under Tennessee law, a lender can then foreclose on a Nashville property and sell it at a public foreclosure auction. Those looking for cheap deals through these auctions can first find Nashville foreclosures through required foreclosure notices. They can then prepare money for bidding and buy foreclosed homes in Nashville by placing and paying the highest bid at Nashville-area foreclosure sales.
Look for foreclosure listings in Nashville and Davidson County newspapers. Generally speaking, you should search in newspapers of general circulation in the county where the property is located. When lenders post Nashville foreclosure advertisements, they may pick and choose the publication as long as there are multiple newspapers in a county. Therefore, you may need to check a variety of newspapers in the Nashville area to find all foreclosure listings. Online websites like USNPL.com may help you to hunt down Nashville-area foreclosure listings. Use the links to online newspapers on the “Tennessee” page to look for notices.
Find out which properties fit what you are looking for (area, amount due, etc.) and when and where the auctions for those Nashville foreclosures will take place. The foreclosure notices generally contain all of this information. Additionally, if you need more information or have questions, you can get contact details for the lender’s trustee in the listings.
Pay a visit to the Nashville foreclosed properties you have an interest in buying. Things you want to look at include the condition of the property and neighborhood characteristics that may affect the fair market value of the property. You want to estimate a fair market value so you can come up with what should be a profitable maximum bid. Neighbors or Nashville-area real estate appraisers or brokers will generally have information on the housing market and home values in the area.
After deciding which foreclosed homes in Nashville that you want to buy, look at the listings for those properties to determine how to bid and pay for the property. For example, Tennessee auctions may require cash or a substantial down payment (or maybe even full payment immediately after the auction).
Take your bid money and proceed to the foreclosure auction. Bid on the Nashville properties you would like to purchase and pay the full bid price according to the lender’s instructions for that particular foreclosure sale.
Get a property deed from the seller once you have completed the process of buying a foreclosed home in Nashville. Take that deed and file it in the property recording office in Davidson County, Tennessee. Unlike a receipt for a product purchase, you always need to file a deed to protect your ownership interest in the Nashville foreclosures that you buy at public auction.
Foreclosure.com Tennessee Foreclosures Page