Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

865-675-8326
RE/MAX Preferred Properties
[email protected]

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Knoxville Short Sale Myth: Banks Aren’t Approving Short Sales Because They Don’t Want To Take Big Losses

Knoxville Short Sale Roller Coaster RightThis is another short sale myth we've seen tossed around. Some people in the media even suggested that banks were delaying foreclosures to delay losses being recorded on their books. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here is what I think is the real reason: The bank departments that handle foreclosure are understaffed. After all, foreclosures increased hugely since the housing crisis started. The banks have tried desperately to hire on more staff. But, it takes time to hire and train people when the banks are handling a huge increase in delinquent loans. Besides, there is little accountability. Do you think a Fannie Mae Bureaucrat cares if a foreclosed home isn't put on the market right away? It's all play money when it's not your money. Another factor in this is that most loans are not owned by the banks in question. For example, Bank of America only owns 80% of the mortgages they receive payments for. It's not Bank of America's loss. It's Fannie Mae's loss, Freddie Mac's Loss, or a Pension Fund's Loss. The banks and loan owners have been willing to take huge losses on short sales homes we have sold. Sure, the short sale process was slow. But, how fast or slow it was didn't depend on the size of the loss. We have experienced very fast short sales on huge losses. We have also experienced very slow short sales on small losses. The short sale process takes a while whether or not the loss is big or small. Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at [email protected]. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (865) 696-9002 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

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