Knoxville short sales are complicated transactions. For many buyers, Knoxville short sales can be a great buy; however, they are not for every buyer. They require a great deal of patience and knowledge of the process. Buyers who lack a thorough understanding of the process can be detrimental to the short sale process, since without a solid buyer, a lender is unlikely to approve the sale. Here is 3 essential traits every buyer must have.
Most importantly, a solid buyer must have a source of funds to purchase the property. This is one critical thing that every lender will look at when approving a short sale offer. This is either proven through a pre-approval or pre-qualification letter, or through showing proof of funds if paying cash. The seller’s lender is wanting to see that the buyer not have any issues purchasing the property.
Secondly, it is important that the buyer purchasing the Knoxville short sales has the time and patience for the short sale to be successfully negotiated. Short sales can take any where from 4 to 6 months or more to be completed. Buyers who get antsy and are pressed for time often are not good buyers for short sales. While the transaction is being negotiated, buyers are at the mercy of the lenders. Short sales can be a great buy, they just take time to complete.
Finally, it is essential the every buyer understand the process. An informed short sale buyer is much more likely to stick around through the length of the negotiation. In addition, it is essential both agents that are involved in the transaction keep all parties informed. Informed buyers are much less likely to walk, since they understand what is going on.
Are you thinking about buying a Knoxville short sale? If so, please let my team and I know if there is any way we can assist you through the process of buying a Knoxville short sale. We can be reached at 865-696-9002 or via email at [email protected].