Knoxville short sales are a common alternative to help homeowners avoid foreclosure. Still, there is no denying that short sales can take a long time to complete and that they can be tricky to negotiate. A common reason homeowners shy away from completing a short sale is out of fail that all of the effort won’t be worth it in the end.While there is no set equation on why some short sales fail and while others succeed, here are a few common reasons they do an how they can be avoided.
Reason #1: Inexperienced agent and/or agent that fails to follow up with the lender.
How it can be prevented: Be sure to pick a Knoxville short sale agent with experience and the time and dedication to follow up on the sale. An agent can make or break a short sale negotiation. The same goes for an agent that fails to follow up with the lender on a regular basis. Short sales are not your typical real estate transaction, which is why it helps to have an agent that has experience with them. Not to mention, they require a great deal of follow up and persistence with lenders. You want to make sure your have an agent that will stay on top of the lender.
Reason #2: Offer is too low.
How it can be prevented: A lender is highly unlikely to accept an offer that is lower than what they would make off of completing a foreclosure. The best way to prevent this is by picking a real estate agent with experience completing short sales. They will be able to help recommend a price at market values that your lender will hopefully accept.
Reason #3: Seller is uncooperative.
How it can be prevented: A seller plays a pivotal role as well in the successful completion of a Knoxville short sale. Sellers that are difficult about showing the house or take a long time to get the necessary paperwork to the lender can also cause short sales to fail.
Are you considering doing a short sale on your Knoxville home? Are you hesitating because you’re afraid the sale might fail? If so, please do not hesitate to contact my team and I. We are dedicated to helping Knoxville homeowners avoid foreclosure and have successfully negotiated many short sales in the Knoxville area. You can give me a call at 865-696-9002 or via email at [email protected].