Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

Ask the Expert

Got A Question?

Knoxville Short Sale Success Story

12530HighForestWe were just involved in another successful Knoxville Short Sale at 12530 High Forest. Our seller had contacted us after having their home on the market with another agent who didn't have any experience at short sales. Our seller had lost their job and was having trouble because of the drop in income to maintain their mortgage payments. After meeting with them they decided the best thing for them was to do a short sale. We talk about the different pricing options available to sellers of Knoxville short sales. Option 1 was starting at one price and reducing the price over several weeks until you obtain and offer. Option 2 was pricing the home very aggressively right away and hopefully obtaining an offer very quickly. Our seller choose option 1 so we put the home on the market at $475,000 to start. After several weeks we had reduced our price to $425,000 and that is when we finally obtained and offer on the home. This was alittle bit different than most short sales we do for sellers. Our seller had two  mortgages on the home but the first mortgage balance was pretty low and wasn't in danger of losing any money at all. So we had to negotiate everything with the second mortgage. Once they got our packet after about 2 months they finally sent out someone to do the BPO.  Well the BPO came back at $475,000 and this is where the fun began in trying them to accept out $425,000 offer. Since the BPO Broker Price Opinion is done by a Realtor this is where our lender appraisal came in handy. (We require that buyers of our short sale homes get a lender appraisal just for times like this one) We presented our appraisal from the buyers lender showing a value of $425,000 exactly what we had sold it for to the buyer. The lender couldn't really argue with us about value. The first mortgage holder had begun foreclosure proceeding and they were in danger of getting nothing if that happened. So we were able to get them to accepted our price, stop the foreclosure, seller walked away owing no money at all at no cost to our seller... We are the most successful foreclosure avoidance group in the Knoxville Area. You do have options other than foreclosure explore all of them with a qualified professional. If you would like to meet email me at [email protected] or call me 865-696-9002 and let's talk about your situation.

facebook twitter linked in youtube