Nashville Real Estate » Foreclosures & REO

Million Dollar Home Foreclosure in Nashville

admin — Thu, 30 Dec 2010 16:07:57 +0000

Occasionally I’ll run across properties listed by other brokers that I find amazing. This is one of them. Cory Holman with Zeitlin has this Pinnacle Bank foreclosure listed in Steeplechase Farms in Nashville. This custom home was originally built and listed in 2007 for $1,645,000 and includes many luxury features like an in-ground saline pool and spa with water feature. More importantly, the home is actually located in the Williamson County school district with a Nashville address. In other words, you can buy a luxury Nashville foreclosure, send your children to Franklin High School and pay no homeowners association fees for the privilege.

If the above were not enough, the home is tax appraised for over $1.46 million, a value that typically rests below the real estate appraised value. There could be a ton of equity in this foreclosure if bought correctly.

We're sorry, but we couldn't find MLS # 1238948 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Tax Record for this Nashville Foreclosure

(click to make larger)

This is a post from Grant Hammond's Nashville Real Estate Blog.

Historic Franklin Brownstones Foreclosure

admin — Tue, 14 Sep 2010 16:56:51 +0000

It is quite rare for a high-end property to be foreclosed upon in historic downtown Franklin, TN. It’s even more rare for one of the most sought addresses to experience that fate. It has indeed happened, there is a foreclosure in the Brownstones @ downtown Franklin.

214 Emily Court is a 3 bedroom, 3 full bath, 2 half bath, 2 car garage new construction masterpiece that features a center atrium which bathes the inside of this ultra-luxury brownstone with natural light. I am not using the phrase, “ultra-luxury” lightly, the crown molding is thicker than the tallest Bavarian crème pie you have ever seen and the spiral staircase is reminiscent of the famed Chateau de Blois. Someone will be thanking Fifth Third for giving them the opportunity to own this incredible home on the cheap.

Contact me for information on acquiring this asset from the bank or to preview this historic downtown Franklin Brownstone in person.

We're sorry, but we couldn't find MLS # 1214208 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Comparable Sales in the Franklin Brownstones

Brownstone Development Site Plan

Developed by Bernie Butler of D9 Development, The Brownstones neighborhood consist of 26 luxury homes built by Forte Building Group and Highmark Construction. Each Brownstone is 3 stories with a basement, a private elevator, attached 2-car garage and private patio or courtyard with rooftop deck.

Recently added high-end residential neighborhoods in Brentwood:

Annandale homes for sale
Bonbrook homes for sale
Brenthaven homes for sale
Brentmeade homes for sale
Brookfield homes for sale

This is a post from Grant Hammond's Nashville Real Estate Blog.

Low Life, Blood Sucking, Vulture Realtors Video

admin — Thu, 19 Aug 2010 02:12:17 +0000

If we cannot laugh at ourselves, then who can we laugh with? Seriously, this video portraying a Realtor cold calling on a distressed home seller is genius. It captures the internal argument that resides within most sellers who are having difficulty staying afloat while waiting for the other shoe to drop. Sadly, this is a conversation many homeowners are afraid to have with their Realtors. Many allow their mortgage holder to progress too far down the pre-foreclosure road prior to having this “come to Jesus meeting”, as we say in the South.

Realtors have a Point

Despite this blood sucking vampire Realtor video saying it in a humorous way, there is very import advice given: do not count on a loan modification to be your saving grace. In way too many cases, loan modifications fall through in the eleventh hour for a multitude of logical and wholly illogical reasons. I’ve heard them all, but honestly, there is very little incentive for a bank to modify your mortgage when in many ways, it is easier, cleaner and sometimes beneficial to simply foreclose. The debt is shifted to an entirely different balance sheet, the bank’s ratio of overdue loans is lowered and here’s the big one: your mortgage (or note) is worthless paper that cannot currently be resold in the aftermarket, your home however, is an asset that is readily marketable to an established set of buyers. Homes sell, bad paper does not.

Many inevitably ask, why don’t we just change or even eliminate our mortgage banking system? Credit is an integral part of any capital market. There is really not way to eliminate it and expect an economy to sustain itself, let alone grow. That being said, there needs to be a better loan mod program available to homeowners. Simply eliminating homeowners is not making it better for anyone.

Distress Does Not Guarantee Foreclosure

If you are in a situation that is beginning to feel a little dire, don’t ignore it. I know that this is not a pleasant time in one’s life. Shoot me an email or give me a call. I’ll do my best to point you in the right direction sans judgment.

This is a post from Grant Hammond's Nashville Real Estate Blog.

The Most Expensive Foreclosure in Brentwood, TN

admin — Wed, 21 Jul 2010 15:15:02 +0000

826 Windstone Boulevard in Brentwood, TN 37027 is a 10,539 square foot mansion that currently holds the nefarious title of most expensive foreclosure in Brentwood, TN. Listed at $2,400,000, this new construction home is the most expensive foreclosure of all time in Brentwood.

Pinnacle Bank is the lucky owner of this mostly complete home in the posh neighborhood on Windstone off Murray Lane. Windstone is developer Southern Land’s community that “fans out between the ridgelines of a secluded valley, offering privacy and vistas from 108 individual homesites.”

We're sorry, but we couldn't find MLS # 1201694 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

This is a post from Grant Hammond's Nashville Real Estate Blog.

The Most Expensive Foreclosure in Franklin, TN

admin — Sat, 12 Jun 2010 16:11:15 +0000

I was having a conversation with a colleague today who told me that she had heard of a $4 million house in Franklin that was in foreclosure. She thought that there were several homes in that price range in foreclosure and was excited about the opportunity of finding a buyer for all of these high-end foreclosures. I didn’t say anything at the time, but the high-end market in Franklin has fared rather well with foreclosures this cycle and there simply are not any current foreclosures in the MLS priced over $1,299,000 at the moment.

However, there are two short sales (not the same as a foreclosure) that are priced higher at $1,475,000 and $1,299,900. The more expensive of the two is located in the Leipers Fork area, the other is in Southern Land’s ultra high-end Laurelbrooke development. Neither of these short sales appear to be bank approved, so expect a rather lengthy and possibly arduous negotiation with the seller and their bank/lender.

The highest priced foreclosure in Franklin is a new construction home in the Echo Park development located off Spencer Creek. Regions Bank foreclosed in February on Marrero Building And & Development, LLC putting this 7,725+ square foot mansion on the distressed property market. The home has now been listed for a little over 3 months and is prime for an offer:

We're sorry, but we couldn't find MLS # 1159279 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

This is a post from Grant Hammond's Nashville Real Estate Blog.

Rare Foreclosure in Belle Meade

admin — Thu, 11 Mar 2010 14:08:26 +0000

The downturn in the economy has reached the Belle Meade area of Nashville resulting in a foreclosure of a 3,250 square foot renovated home. The home was originally built in 1940 and is located in the Highlands area of Belle Meade at 308 Page Road. The Kemps had purchased this property for $581,830 on 2/11/2005 and is currently appraised for $640,100 by the Davidson County Tax Assessors office. The current asking price is $599,900.

Fully renovated in 2004, this house includes 4 bedrooms, 4 full bathrooms and a rather large main floor master bedroom with en suite master bath that features marble surrounds, tumbled stone flooring and a rather spacious closest with generous built-ins. The first floor of the home is all hardwood floors that lead into a gourmet kitchen with stainless appliances and granite countertops and continue into a large family room that features a central fireplace and bookshelves. There are even washer and dryer connections on the main floor and upstairs for your convenience.

The home sits on a 0.400 acre level lot that is watered by a full irrigation system and surrounded by a privacy fence in the back. 306 Page Road is located just blocks from Cheekwood and Warner Park, making this a wonderful walking location. This property was just listed with Michael McKee of adex! Homesellers. Contact us for a showing.

This is a post from Grant Hammond's Nashville Real Estate Blog.

What’s Wrong with Hampton Reserve in Brentwood?

admin — Sat, 20 Feb 2010 17:17:37 +0000

I’m not sure that anything is wrong with Hampton Reserve, but there is certainly something wrong with the high end housing market in Brentwood…BUT, that’s only if you are a seller. If you are a buyer who has always wanted a McMansion in a gated neighborhood, break out the drool bib because your day has cometh. Currently, of the 16 houses for sale in Hampton Reserve, 5 are on the distressed market as foreclosures (2) or short sales (3) and that ratio is becoming more prevalent in the newer luxury neighborhoods in Brentwood. The previous statement may be shocking to those of you who are still under the 37027 fairytale spell, but the outside world is finally creeping into this idyllic world and is having a profound effect on Brentwood homes.

There are currently more than 36 distressed sales in Brentwood and these are not tear down handyman specials. These are homes that reach well over $2 million in neighborhoods like McGavock Farms, Governors Club, Heathrow Hills and Hampton Reserve, but there are also some incredible homes in the more traditional price ranges in neighborhoods like Princeton Hills, Crockett Springs and Brookfield. That’s all good and well as most of these 36 homes are known to buyers in the MLS, but what about the 12 homes that are also distressed sales, but not listed properly or at all in the MLS? These are homes that are quietly being fished by several local banks who are hoping to quietly disburse prior to having to suffer a public sale. Several of these homes are not deals…they are steals and some of my clients should go to real estate jail for buying so low. This practice has been common in the Nashville real estate market for the better part of 2 years and is becoming more widespread in Brentwood.

There are several items to keep in mind when buying distressed Brentwood home. If the house is a bank owned foreclosure, you can forget having in contingencies in your offer. You lose the opportunity to tie the home up while you inspect, appraise, comb through the HOA docs and line up your financing. Instead, your offer will only be considered if you can show proof of funds (either cash or an approved loan already in place) and a closing date within the next 30 days. You need to do all of your due diligence up front and your Realtor better know the steps, potential pitfalls and place where you can be exposed to potential harm.

Brentwood short sales are a little safer in terms of allowing inspections and other financial contingencies, but they are also typically a much longer process, especially if the seller does not have their short sale approved by their lender. Typically, most sellers do not have their short sale approved and that can cause a 60-90 delay in closing. Again, this is where an experienced agent will make all the difference in the world in guiding the purchase towards a swift and favorable result. That result usually being one of the lowest prices in Brentwood.

The Newest Short Sale in Brentwood

How much would you have paid for a custom 10,167 square foot, 5 bedroom, 6 full bath, 3 half bath home with a gourmet kitchen, movie theatre and elevator 2 years ago? You would have paid between $1.7 to $1.8 million. Take into account that this mansion was built by Dan and Adam Stern and some may have paid a premium. Today, let the bidding begin at $1.39 million. The home is a Mediterranean style home located at 9557 Sanctuary Place in Hampton Reserve and was just listed for sale by my fiend Chris Fuller with Bob Parks Realty.

This is a post from Grant Hammond's Nashville Real Estate Blog.

A Few Favorite Nashville Foreclosures & Short Sales

admin — Fri, 19 Feb 2010 17:13:03 +0000

For those of you who missed out on the incredible 1 bedroom condo foreclosure in the Encore (the first ever) or the record setting one in the Enclave (all time record), I thought that I might share a couple of my current favorites:

Short sale in the Icon in the Gulch – this is one of the very first distressed sales in the Icon and it’s priced fairly well. The condo is #1004 and is a Horizon floor plan on the back side of the tower. The condo itself is 867 square feet and is currently listed for $248,000 compared to the $299,700 paid on 8/27/2008. This property is represented by Mark Storolis with French Christianson Patterson.

Short sale in the Encore – this is the 3rd such distressed sale in the Encore and it’s priced to sell. The condo is #1514 and is the largest non-penthouse 2 bedroom floor plan in the building at 1,184 square feet. The condo is priced at $315,000, but only includes one parking space which may become its Achilles heel. This condo was originally purchased for $406,200 on 4/17/08, and is now a bank approved short sale. I would say that this Encore deal is a much safer deal that the Icon deal since the Encore in now 85% sold out. This property is represented by one of the Encore’s old onsite agents who is now with Keller Williams, Ashley Dugger.

Nashville Foreclosure and Short Sale Note

There are quite a few foreclosures and some short sales available in the Bristol West End located at 3000 Vanderbilt Place. I have been told by 2 separate lenders that this building is not currently financeable due to the number of rental condos in the building. So unless you are a cash buyer with a long term hold philosophy, these may not be for you. Of course, lenders have been known to change their minds quite frequently, especially once conventional financing rates become more competitive with FHA rates. This Nashville real estate game is getting a little more complicated, but a whole lot more profitable if you know what you are doing.

This is a post from Grant Hammond's Nashville Real Estate Blog.

12 Days of Christmas Song Foreclosure Style

admin — Tue, 22 Dec 2009 23:43:29 +0000

Well, all I can say is that it is sort of true, but certainly funny and sadly relevant. Merry Christmas and enjoy a little twisted humor! (does have sound)

This is a post from Grant Hammond's Nashville Real Estate Blog.

Tennessee Mortgage Delinquencies and Foreclosures

admin — Wed, 09 Dec 2009 23:23:34 +0000

Mortgage delinquencies and foreclosures were weak in the second quarter. According to Tennessee Housing Market, a publication of MTSU’s Business and Economic Research Center, “The continued weakness in mortgage loans is a consequence of the financial stress Tennessee households are experiencing as unemployment rises and household incomes fall. Mortgages past due in Tennessee rose to 10.33% in the second quarter, higher than 10.09% in the first quarter. New foreclosures in Tennessee continued to climb, reaching one percent of all mortgages. The current inventory of mortgages in foreclosure recorded its largest increase yet, rising by 0.26 percentage points from the previous quarter.”

These type of numbers put Tennessee right in the middle of the pack as the 24th ranked state for number for mortgages that are under water. However, only 1 in every 100 mortgages being in foreclosure puts Tennessee as the 18th healthiest state.

This is a post from Grant Hammond's Nashville Real Estate Blog.