WKRN, Nashville, Tennessee News, Weather, and Sports |Nashville-area foreclosed homes auctioned
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Homebuyers looking for a deal should look to homes that have gone into foreclosure.
While there is some risk associated with buying a foreclosed home, Robb Campbell, broker and owner of Brentwood's RE/MAX Elite, said in the current economy, they are a great way to get a good deal.
For instance, at a foreclosure auction held Wednesday night at Nashville's Municipal Auditorium, bidding on a 7,000 square foot home in Brentwood valued at close to $1 million, started at $367,000.
There were a few bidders but in the end, the home went to a winning bid of $770,000.
Campbell said there are risks with buying a foreclosure, citing a call he recently received from an agent.
"It turns out that, they did an inspection and the heating and air didn't work," he told News 2.
Despite the downside, Campbell said if you're in the market to buy, an auction is something to consider.
He said times have changed, homes have lost their value and investors looking to flip aren't finding buyers.
In all, 34 properties were up for grab at Wednesday night's auction.
David Lee with REDC (Auction.com) said that is nothing compared to other parts of the country.
"We'll see 300 assets go across the block in a day in Arizona, Southern California [or] Florida," he told News 2.
Wednesday's auction was not an absolute auction which means if the bank that owns the home doesn't like the bid, they don't have to accept.
The auction was one of 11 auctions in Alabama, Mississippi, Tennessee and Georgia. Visit Auction.com for details and photos of the properties.
Auction.com offers financing at their auctions with down payments as low as 5%.
Potential homebuyers are asked to bring the following:
Checkbook for balance of 5% Earnest Money Deposit
