Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
[email protected]

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Knoxville Short Sale Question: Who Is Responsible For Repairs?

repairsIn our Ask the Expert Section, we recently received a question from Kristy, “I'm six months behind on my Knoxville mortgage. I had to relocate for work and I could not continue to keep paying my rent in Texas and my mortgage payment in Knoxville. Prior to moving, I met with a realtor and I owe about $40K more than my home would likely sell for, so I have opted to do a short sale. We finally have a few interested buyers, but I am nervous because my home is definitely in need of some work. In a Knoxville short sale, who is responsible for paying for repairs?" In a Knoxville short sale, it is generally understood that the home is sold "as is." This means that it is not expected that a seller make any repairs to the property and the buyer is aware that they are taking the property in its current condition. In a Knoxville short sale, a seller is in a financial situation that makes paying their mortgage difficult or altogether impossible. This is why it is understood that a seller would not be responsible to make any repairs to the property. Further more, a seller making repairs to the property could raise some questions with the lender. They would question if a seller has money to make repairs, they may have money to keep paying their Knoxville mortgage. A Knoxville short sale is not for every buyer. Any buyer should be fully prepared to buy the home in its current condition and be prepared to make any necessary repairs. This is what it means to buy a short sale. It can be a great bargain, but oftentimes it does need a fair amount of work. Are you facing foreclosure on your Knoxville home? Do you want to hear your options to avoid foreclosure? If so, please do not hesitate to give my team a call at 865-696-9002 or send an email to [email protected]. We've helped countless Knoxville homeowners avoid foreclosure. Give us a call today for a free consultation.

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