Foreclosures in Clarksville TN – Ron Dayley – Realtor

Foreclosures in Clarksville TN
foreclosures in clarksville tn

Foreclosures in Clarksville TN

What is a contingencies offer?
It means an offer on a home has been made and the seller has accepted it, but the finalized sale is contingent upon certain criteria that have to be met. These criteria, or contingencies, typically fall under three major categories: appraisal, home inspection and mortgage approval.

Foreclosures in Clarksville TN
What is a Bank Addendum on a Foreclosure?
Once a home is foreclosed upon, also known as Real Estate Owned or bank-owned, it is usually listed in the MLS with a listing agent, similar to any other home for sale. It will usually be noted right in the comments that this is a “bank owned property” or “special addenda required.”

Foreclosures in Clarksville TN 
In a foreclosure, the Bank’s addendum supercedes the normal MLS (REIN) contract. This is to protect the banks own interests further than what the REIN contract would. In fact, it will protect theirs MORE than the buyers however, there are ways to work through it without “loosing your shirt”. Your agent should be going through the addendum completely AND WITH YOU! If you are not comfortable with the terms of the bank’s addendum, don’t move forward. If you can negotiate a couple of points, do it! AND, MAKE sure your read every word of the contract. If you don’t understand any part of it, please let your agent know.

Foreclosures in Clarksville TN 

An agent with experience in the sale and purchase of foreclosure listings should be able to guide you through. Finally, ALL QUESTIONS YOU HAVE ARE IMPORTANT-NONE ARE TOO SMALL OR DUMB. Ask, ASK, ASK!

Ron Dayley
Coldwell Banker Conroy, Marable & Holleman
111 S. Riverside Dr.
Clarksville TN 37040
931-552-1700 office
931-249-6598 cell

each office independently owned and operated