Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

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When A Bank Should Accept A Buyer’s Offer To Buy A Knoxville Short Sale

Sold SignKnoxville TN – A bank should accept your short sale when the following rules apply. All banks and servicers have a fiduciary duty to the investor of the loan. If they own the loan themselves, they have a fiduciary duty to their stockholders. The duty is to get that investor the most money possible. So, a lender should accept an offer if it will net the most money. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. The answer is that it is unlikely that any of that will happen. Here is how we can assure the negotiator that the offer will net them the most money. Your only job is to prove that to the lender. Do that by showing them that the property has been on the open market for 60-90 days. It is best to be able to show that the house was easy for buyers to see and other agents to show. Ask them the following, "The agent selling the home is an experienced agent. The house has been on the market for X number of days. I have lived here the entire time and kept up on the house. It looks good. We have had 43 showings since it's been on the market. Out of that, only 3 buyers expressed interest. Out of those 3 buyers, the current buyer is the one willing to pay the most money. The agent is doing their job marketing the property. With the current foreclosure case status, the home won't be foreclosed until June or July. When you foreclose on the house, I will move out. I won't be keeping the house up anymore. The new listing agent will be working on 20 other homes and won't be able to do as good of a job as myself. Do you honestly think the home is going to sell for more money at that time?" When you ask them that, they won't be able to argue with you. Thinking about a short sale? Call me at 865-696-9002 or email me [email protected] and let's talk about your situation

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