Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

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Why Knoxville Short Sales Aren’t Always Short

tortoiseThere is nothing short about Knoxville short sales. They can take anywhere from 4 to 6 months or more to complete.  Despite many policy and program changes, short sales haven't gotten much quicker. So, why is it that Knoxville short sales aren't always so short? First, it is important to understand what exactly Knoxville short sales entail. A short sale occurs when a homeowners owes more on their Knoxville home than it is worth. When that is the case, a homeowner asks a lender to accept less than the amount owed on a home. Since lenders are taking a loss with a Knoxville short sale, it can take time to get them approved and they must examine every situation. Knoxville short sales can be slowed for a number of reasons. One large reason short sales can stall is an inexperienced agent. If an agent doesn't have experience in negotiating Knoxville short sales, a short sale can be doomed from the beginning. Lack of follow up, incomplete short sale packages, among other things can slow down the process. Another thing that often can delay Knoxville short sales is paperwork. Many lenders will not even consider a short sale until they have all of the necessary paperwork, which is why it is important that a high priority is placed on all paperwork. Unfortunately, with many short sales, paperwork, like bank statements and pay stubs, can quickly become outdated. Finally, Knoxville short sale can be slow because there is a great deal of bureaucracy involved in the process. With programs constantly changing and many loss mitigation departments understaffed, short sales can take a long time. Files can take time to fully work through the process before they gain approval. It is unfortunate truth with Knoxville short sales. While short sales can take a long time, they are much worth the wait for both buyers and sellers. Short sales have much better outcomes for sellers, and allow a buyer to get a home at a significantly discounted price. Are you facing foreclosure on your Knoxville home? If so, please do not hesitate to give us a call at 865-9696-9002 or via email at [email protected]. All of our services are done at absolutely not cost to you. We've helped many Knoxville homeowners avoid foreclosure on their Knoxville homes and would love to assist you in anyway that we can.

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