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Advantages of buying Tennessee Foreclosure Homes

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By : John Smith    99 or more times read
Tennessee foreclosure homes constitute of both bank owned and government foreclosures. To foreclose properties, banks and government adopt different parameters. While banks use the recovery of unpaid debt amount as the prime motive behind the foreclosure, for government it is the recovery of unpaid property tax. No doubt, bank foreclosed properties constitute the lions share of foreclosure listings in Tennessee; the government foreclosures are also significant in amount. Surveys have estimated that government foreclosed properties are cheaper compared to bank owned properties. In this article we will discuss the process of government foreclosure, ways of buying these properties, and the advantages of buying them.

Property tax is paid to government by all homeowners to ensure their uninterrupted ownership on the said property. This is a monthly payment and the homeowner is expected to maintain regularity. When the homeowner defaults for several months, the government can initiate foreclosure process in the court of law to recover the money. However, before it does, the homeowner gets ample time and notices in this regard. His failure to comply leads to the foreclosure of the property through judicial process. Here, the foreclosed property is sold through the process of auction in the direct supervision of court. No advertisements regarding this sale are displayed in local newspapers. However, you can find government foreclosure assistance and listing from real estate websites.

Once you have figured out a government foreclosed property in your area, the first step in this regard is inspecting the property physically. This helps you to have an exact idea regarding the current status of the property and required renovation. Then you can hire a real estate agent for government foreclosure assistance. He will charge some money but will make the whole process hassle free. He will represent you before the concerned authority dealing with the sale of the property. The agent will take care of all paperwork. Third important step to be followed before buying these properties is arranging the required cash. In most of the cases, bank finance is not available to buy these properties and you have to make payment in cash.

The tax due on a property is very less compared to the market price of the property. But, the aim of the auction here is to recover the tax amount only. Hence, Tennessee Foreclosure Homes of government foreclosure category are cheaper. As they remain unoccupied you can easily move-in after making the payment.
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