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Tennessee Foreclosure Listings in a nut shell

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By : John Smith    99 or more times read
Tennessee Foreclosure Listings include both government and bank foreclosure properties. The foreclosure process in Tennessee is some how different from other US states. Tennessee is a title theory state. Hence, the title deed of the property pledged against home equity loan remains under the trust till the borrower of the loan completely repays the loan amount with interest. Deed of trust carries the whole process of loan approval and repayment. It means, during the loan tenure, the lender is an equal lien holder on the property. The lender enjoys the privilege to initiate foreclosure process when the borrower defaults on repayment of the borrowed amount. In this write-up we will talk about the foreclosure process in Tennessee in detail.

Non judicial or power of sale is popular foreclosure process in Tennessee. As the lender is an equal lien holder on the property under home equity loans, he can initiate foreclosure process without court intervention. However, this sale procedure requires stringent paperwork to ensure transparency. The borrower is given ample time and notice to repay the loan amount. When the borrower fails, the property is sold in an open auction. The basic aim of auction here is to safeguard interest of lenders and other lien holders. In the auction, the property goes to the highest bidder. Generally, the foreclosure process takes 90-120 days to effectuate.

Commercial foreclosures in Tennessee cost around $ 161,971. According to estimates they cost around 36% cheaper than fresh properties of Tennessee. In September 2009, 3,531 new foreclosures were initiated making the number of foreclosed homes available in Tennessee 23,393. Cost effective price, instant move-in and less legal hassles are some of the factors behind the spectacular growth of foreclosed properties here. These properties are gaining attention from both prospective home buyers and real estate investors. They are ideal for renting, to be used as second homes and a good investment option. Several banks offer financing options to buy these properties. Before buying, make sure that the property is free from litigations and property tax due.

If you are looking for commercial foreclosure properties, scanning through local newspaper ads and websites engaged in the sale and purchase of real estates offer you the desired results. They provide you Tennessee Foreclosure Listings without any cost. Along with, real estate websites also offer some useful tips and information on buying these properties.

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