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Buying a Foreclosure in Franklin, TN. or the Greater Nashville Area
So many are writing or calling and asking about buying a foreclosed property. They either want to invest or buy for a primary residence and the bottom line is they want some great value incredibly cheap. They have heard it on the news and read it in the paper, great deals buying foreclosed real estate. Well it is true, there may be some great values in foreclosures. It is also true that there can be great risks.
First of all there is more than one way to buy a foreclosed home. Below are at least 3 common ways.
1) Buying pre-foreclosure is also known as "Short Sale". While technically the house hasn't entered into foreclosure, the sale must be completed with the bank's approval and since banks don't move fast, this takes a lot of time and patience. It is called a "Short Sale" because the mortgage holder has to agree to accept less than is currently owed on the house.
2) Auction; in Tennessee the Power of Sale language for default is usually contained in the mortgage. This process is generally more expedient than a Judicial Sale which is done in several other states. After notice has been served buyers actually bid at auction for the property on the court house steps. Buying it this way requires significant percentage down and after being awarded the bid the balance due in short order. Though the property is free and clear of the previous mortgage holder, it can still be encumbered by other liens which may be superior to the mortgage. Your attorney should be consulted if you think you are up for this.
3) Buying REO (Real Estate Owned); These are generally listed with the local MLS after the bank has taken posession of the property. These are shown by making an appointment with your Realtor and offers are written like any other MLS listing. This type is usually the safest and easiest way to buy a foreclosed property.
The above are brief descriptions of ways to buy foreclosures and are not legal descriptions nor do they describe the entire process. This is intended to help you decide if foreclosed real estate investing is something for you. For more information about buying foreclosures or short sales contact your Realtor.
Please call me if you are interested in finding foreclosed real estate in Franklin TN, Brentwood TN, Nashville or Spring Hill Tennessee.
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