Memphis foreclosures are most often bought directly from the bank. These homes can be great values. Buying a home at auction doesn’t occur nearly as much since Tennessee allows banks to bid for homes up to the value of their loan. This means the bank will nearly always realize a better price by buying the house and offering it for sale through a realtor. Memphis foreclosures are also commonly known as REO or real estate owned for this reason. I’ve showcased a number of REO’s below or feel free to use my advanced Memphis MLS search feature to conduct your own personalized search.