Number of foreclosed high-priced Nashville homes decreases
The market for foreclosed homes for sale in Nashville has gone down because banks have been allowing mortgage delinquencies to linger, according to The Tennessean. This is especially true for properties priced above $1 million, as Nashville homes in this range were delinquent more than nine months longer than allowances under $250,000 in January 2012, according to data from real estate research firm LPS Applied Analytics.
Banks could be taking this approach to avoid maintenance expenses, which could lower a home's short-term value.
"For these types of homes, landscaping maintenance doesn’t just mean cutting the grass," foreclosure expert and short-sale specialist Jim McCormack told the news source. "It has to be in fertilized, golf course condition. Banks aren't wanting to do that."
Homebuyers can benefit from this scenario by purchasing high-end properties at lower-than-usual prices. Banks may be motivated to move properties that they do not want to maintain. In fact, some financial institutions have offered as much as $35,000 to delinquent homeowners to get foreclosed properties off their books, according to Bloomberg.
There are plenty of exceptionally priced homes available to buyers willing to search for diamonds in the rough in Nashville. You can fix up and maintain a property to help it regain value.