Tennessee Foreclosures

Written by Rachel Arieff
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Tennessee foreclosures are often for sale by owner. In these cases, the owner has been forced to give up the property for repeated lack of payments to the bank or mortgage company. The owner has the option to try to sell the property him or herself, and thus avoid having the property seized and sold by the lending institution.

This is called the pre-foreclosure stage, but its benefit to buyers is the same as if it were a foreclosure: a price tag from 10 to 50 percent below market value. The price tag is what makes Tennessee foreclosures so attractive to regular buyers and investors alike. An investor can purchase numerous properties, reselling them at a large profit margin; and a young family without a lot of disposable income has the chance to buy a home at a deep discount. What's more, it can be done without putting a lot of money down.

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In fact, in some cases, Tennessee foreclosures can be purchased with no money down at all, as well as no credit or even bad credit on the part of the buyer. However, it depends on that particular foreclosure situation, the seller's stipulations, and what kind of deal the new buyer can work out with the lending institution. The thing to remember is that foreclosures are meant to be sold quickly to recuperate losses.

This is favorable for the new buyer, for the seller will work to make things easier, not harder, for the buyer. Foreclosures are one of the few advantages that low- or middle-income buyers, as well as investors, have in today's tight economy. One person's loss will always be another one's gain.

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