A 10-unit foreclosed property in Clarksville, Tennessee will be offered at public auction on July 21. KC Homes of Clarksville is an unsubsidized property located at 2425 Hwy 41-A By-Pass (2425 Ashland Road). It is conveniently located with access to a supermarket, multiple schools, Rotary Park, restaurants and Cumberland River. The property was previously used as a group home but the purchaser may determine its future use. Bidders are encouraged to thoroughly review Previous Participation Certification requirements, terms, conditions and necessary forms to submit a complete, responsive bid prior to participating in auction. Additional Property Information:
- 10 bedrooms
- 4 bathrooms
- Utility closets
- 17 parking spaces
- City water/sewer/garbage
- Laundry room
The foreclosure sale will commence promptly at 10:30 a.m. (local time) on July 21, 2022, at the front entrance of the Montgomery County Courthouse, 2 Millennium Plaza, Clarksville, TN, 37040. Written bids will be accepted no later than two business days prior to the date of the foreclosure sale. Mail bids to T. Kelly Derryberry, 504 Autumn Springs Court, Suite 26, Franklin, TN, 37067.
Potential bidders assume the responsibility to thoroughly research the property to reach their own conclusions as to physical condition, number and occupancy of revenue producing units, estimates of operating costs, repair costs (where applicable), and any other factors bearing on the valuation of the property. Auction details are available online at hud.gov/program_offices/housing/mfh/pd/mfplist, in the online bid kit or by emailing [email protected]
Why does HUD have Multifamily Properties for Sale?
HUD's Federal Housing Administration (FHA) has programs which insure mortgages or provide direct loans on multifamily properties. When a mortgagor defaults on a loan insured by FHA, the mortgagee can assign the mortgage to HUD and receive the benefits of the FHA mortgage insurance. The mortgage then becomes a HUD-held mortgage and if the mortgage cannot be reinstated, HUD Multifamily Property Disposition forecloses on the property. For more information about HUD and its available programs, visit www.hud.gov.