Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

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Why Your Agent Should Check That Appraisals Are Accurate For Your Knoxville Short Sale

Knoxville TN –In a  previous post we talked about how important it was to make sure appraisals are accurate on short sales. The biggest threat to your short sale is a high appraisal. Which is why your agent needs to make sure the appraisal is accurate.important There are a lot of opinions on how to ensure the appraisal is correct and accurate. You need to check and make sure your agent is willing to do the extra work. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. I will tell you what happened to an agent in my office that decided it was too much work. This agent decided not to do the extra work. Then, short sales started getting turned down for no reason at all. This agent thought they were doing everything right. They couldn’t see how they were doing wrong. The buyers were only willing to offer so much and the bank only willing to accept so little. The buyer’s offers were higher than the property would have sold for after being foreclosed on by the bank. So they kept turning down the buyer’s offers. “We think the house is worth 300k”, they would say. “But, we think the house is worth 250k”, replied the buyers. The short sales became more and more difficult. Here is the good news. Now this agent checks to make sure every single appraisal is accurate. Today most of their short sales are being approved. A simple practice we have put into place is meeting the appraiser at the property when they go out to appraise our listing. We share with them a copy of the purchase contract and how we arrived at the purchase price. We give a detailed description from the buyers home inspection on the property and making sure they are aware of any issues that may effect the value. We also give them a copy of the lenders appraisal which we have gotten from our buyers. By doing this one extra step we have been successful at getting our short sales accepted. Having problems making your mortgage payments? Don't want to lose your home to foreclosure? You do have options and I'm more than happy to spend time with you understanding your options. Just give me a call at 865-696-9002 or email me [email protected] and let's talk

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