Help! Can someone explain Redeemable Tax Deed sales in TN?

[Account Closed]

From what I (think I) know, Tennessee is one of 5 states that have Redeemable Tax Deed sales. It looks like to me, that the winning bid is the highest amount of money which needs to be paid within 5 business days. The tax deed holder is now paid 1% each month for up to 12 months. After that year has gone by, the tax deed owner now owns the property and can evict the tenant. 

If I buy a property then I will get 12% annual interest, or will get the property. What am I missing?

[Mike Hartzog]

Here's a link to a decent write-up on Tennessee tax deed law.

http://notestinelaw.com/pdf/property_sales_tax.pdf