re: Foreclosures

In TN the bank bids what they are owed (including atty fees,taxes that have been paid on the property, force placed insurance, any expenses incurred on that property prior to foreclosure). If they are outbid by an individual the individual will then own the property. If not, the bank gets the property back then can negotiate price with an interested buyer. The bank cannot sell the property or make deals unless they own the property. This would take place by either foreclosure or deed in lieu of foreclosure.