The state of Tennessee sells redeemable deeds. The office of the county trustee handles tax sales in Tennessee. In larger counties, tax sales may be held throughout the year. The minimum bid is the total amount of taxes owed plus fees associated with the sale. The property is sold to the highest bidder. Full payment is required within 24 hours of the sale by cash, money order, or cashier’s check. Some counties will also accept personal checks. If payment is not made in the allotted time, legal action may be taken by the county against the bidder.
Once the sale is confirmed, the purchaser may request a deed from the chancery court clerk master. The confirmation date is typically 30 to 45 days after the date of the sale. Some counties require you to wait for the redemption period to end before issuing a deed. There is a one year right of redemption. The redemption amount is the amount bid at the sale plus interest (10% per annum). In addition, the court may award reimbursement for costs of maintaining the property during the purchaser’s ownership. Properties that are not purchased are bought by the county. If property bought by the county is not redeemed, it will then be added to the surplus property inventory at the end of the redemption period. At that time, the county trustee’s office may conduct a surplus property sale.
The state of Tennessee has 95 counties. Some counties have over the counter deeds available for purchase.
Shelby County has scheduled a redeemable deed sale for April 9, 2014. For more information about this particular sale, please visit http://www.taxsaleresources.com/NewsAndUpdate.aspx?state_id=47 or contact us at email@example.com.