In the past couple of years the term "foreclosure" has actually become a buzz word for buyers who are looking for great deals. Once upon a time the word foreclosure brought up visions of homes that had been abandoned and had fallen into disrepair and generally were avoided by homes buyers as they were seen as taking on someone else's problems.
With the recent downturn in the economy, we have seen the perception of foreclosed homes change altogether. The description has almost become a buzz word for buyers who are looking for a great home and a fantastic price. It's become clear that the banks do not want to be in the property management business so the appear to be willing to offload their inventory of homes with unpaid mortgages.
Infuence Throughout America
The problem has effected all of America in that people who may in the past were reasonable immune to economic downturns now became part of the problem through the trickle down effect of the recession. If people were losing their jobs and unable to pay their mortgage this has the expanding effect of reducing the purchasing power of the average buyer and also changes the buyers perception of how comfortable they will be in the new home and in effect brings down the levels of consumer confidence.
As this recessions permeates throughout the community, the middle classes and business owners started to feel the financial effects and their jobs came under threat. As a result people started to lose their means of income and had to foreclose on their homes. They couldn't sell them as they were now in a market where the value had declined to a point where they were worth less than they actually owned on the home.
This has meant that places like Franklin TN, home to some of the richest people in the Greater Nashville area and Williamson County, has now a dramatic increase of foreclosed homes on the market.
Search for Franklin Foreclosed Homes
You can see the current list of Franklin TN foreclosures available for sale and arrange to see these homes.
The Ashton Real Estate Group of RE/MAX Advantage
The #1 Real Estate Team in Tennessee and #4 RE/MAX team in the world!