Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

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Knoxville Short Sales – Why The Devil Is In The Details

man-question-mistakeWith any real estate transaction, the devil is in the details. This is particularly true for Knoxville short sale transactions. After months of negotiations, any unexpected and seemingly minute detail can cause a huge issue or even cause the sale to fall apart all together. Here are a few examples of why the devil is in the details when it comes to Knoxville short sale transactions. One large detail that can cause a major hiccup with Knoxville short sales is other liens against the property. While a homeowner may only have one or two mortgages on the property, there still could be other liens that they are unaware of or fail to disclose. A majority of Knoxville homeowners don't understand that failing to pay their credit card could result in a judgement filed against them that attaches to the property. This is exactly why prior to starting a short sale a title search is done on the property. This will reveal any other potential liens that are against the property, thus saving the sale from a last minute hiccup. Another issue that can also pop up in a Knoxville short sale is discrepancies as to who is the true owner of the property. If there are estates, deaths, or divorces involved with the property, there could be some confusion as to who is able to sign at closing for the property. While a couple may get divorced, if the property was not quit claimed to just one of owners, both of their signatures may be required at closing. Again, this is where doing a preliminary title search from the very beginning¬† of a short sale can be extremely helpful. That way, from the very beginning you are aware of who will need to sign at closing. Finally, prior to getting a Knoxville short sale started it can be important to know all the details of what efforts a seller has made to avoid foreclosure. While a loan modification may have ended up going nowhere, these details can still be important with a short sale. In some cases, a loan modification has to be stopped in order to move forward with a short sale. Or, if bankruptcy was filed that is also an important detail that needs to be addressed from the start of a short sale. Are you facing foreclosure on your Knoxville home? If there is anyway my team and I can assist you, please do not hesitate to give us a call at 865-696-9002 or via email at [email protected]. All of our services are done at absolutely no cost to you.

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