Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

865-675-8326
RE/MAX Preferred Properties
[email protected]

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3 Reasons Why Lenders Reject Knoxville Short Sales

mistake2Every Knoxville short sale is a little bit different. Every lender can be a little bit different on their short sale requirements and why they approve or deny a Knoxville short sale. There are, however, a few common reason why lenders reject a short sale. Read on below to find out more. One major reason that short sales fail is due to the fact that a file doesn't meet the short sale guidelines. The reason that a file may fail to meet short sale guidelines can vary. A few common reasons include: a homeowner doesn't have well documented hardship, a homeowner has too many cash reserves, or it appears that a homeowner could afford to make payments. Another common reasons that lenders deny a Knoxville short sale is due to the offer. In most cases, lenders will deny a short sale due to the fact that they fail a short sale offer is too low. Pricing a short sale is a delicate balance of finding a price that a buyer is willing to pay and a price that a lender is willing to accept. An experienced Knoxville short sale agent will be able to help combat pricing issues with a lender. Finally, another reason that Knoxville short sales get denied is due to the fact that a short sale package is incomplete. In many cases, lenders will not even look at a file until they have all of their required documentation. While there is a great deal of documentation associated with a short sale, it is documentation that give a lender a clear picture of a homeowner's financial situation. Are you facing foreclosure on your Knoxville home? Would you like to hear your options to avoid foreclosure? If so, do not hesitate to give my team and I a call at 865-696-9002 or via email at [email protected]. We've helped countless Knoxville homeowners avoid foreclosure on their Knoxville home.

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