Around the time his fellow Nashville, Tenn. residents are sipping their coffee some mornings, Kirk Leipzig finds himself standing elbow-to-elbow with a gaggle of bankers on the steps of the nearby Williamson County Courthouse.

Leipzig is there to scope out which banks are buying which houses out of foreclosure. Once they do, the properties are wiped clean of liens and other debts, and the bankers are often itching to unload them. Sometimes they do so right on the spot.

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