Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

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Buying A Knoxville Short Sale? 3 Questions To Ask The List Agent

Sold SignFor any buyer looking to buy a Knoxville short sale, it can be important to get some information from the list agent prior to making an offer. These questions will help you determine if the Knoxville short sale agent is competent so you don't end up waiting for a short sale that will never closer. Here are 3 questions to ask the list agent prior to buying a Knoxville short sale. How Many Short Sales Have You Done? Knoxville short sales can be tricky transactions. They are not for every Realtor, which¬† is why it is important that every buyer ask this question. If an agent has only done a handful of short sales, the odds for short sale success are not necessarily in your favor. After all, you don't want to wait 4 or more months on a short sale that will never close. How Many Mortgages Are On The Property? Another important question to ask is how many mortgages are on the property. It is important to not just assume there is only one mortgage. In a Knoxville short sale, negotiating with one or two mortgages is very feasible. Anything over two mortgages can get a little bit tricky and may not be worth wasting you time on. It can be difficult for a first and second mortgage to come to an agreement about a short sale, which makes it almost altogether impossible to negotiate 3 or more. Who Is The Lender? Knoxville short sale procedures can very somewhat from lender to lender, which is why it can be important to know who the short sale lender is.¬† Hopefully, the short sale agent has some previous experience with the lender to give you some understanding as to what the short sale process will be like. Some lenders, like Bank of America, can be difficult to deal with. It can be good to know this upfront. Since they an be difficult to deal with, you may want to avoid the short sale altogether or at least mentally know that is the case. Are you thinking about buying a Knoxville short sale? My team and I have helped many Knoxville homeowners avoid foreclosure, and we've also guided many buyers through the process of buying a short sale. You can contact Rick at 865-696-9002 or via email at [email protected].

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