Knoxville Short Sale Question: How Much Will I Have To Pay To Do One?

avoid-forclosureIn our Ask the Expert Section, we recently received a question from Benny, he asks, “I lost my job a year ago. It has made paying the mortgage payment on my Knoxville home difficult. I've been working odd jobs since I lost my job, but I'm not making nearly enough to keep paying my bills. I want to do a short sale on my Knoxville home, but don't have any money if I have to pay any fees, past due taxes, etc. How much would it cost for me to do a Knoxville short sale?" Benny, you ask a very common question about Knoxville short sales. Many sellers worry about how much doing a Knoxville short sale will cost them. The good news is, though, generally a Knoxville short sale will cost you nothing. Here are a list of things that many lenders will cover if they approve a short sale.
  • Closing costs. A lender will generally take care of basic closing costs on behalf of the seller.
  • Commissions. When you do a Knoxville short sale, your lender will take care of paying both realtors' commissions.
  • Past Due Property Taxes. In order to sell your home, any past due taxes have to be paid at the time of closing. When you do a short sale, your lender will take care of paying these on your behalf.
  • HOA Dues (sometimes). In some cases when you do a Knoxville short sale, a lender will take care of paying HOA dues.
In some cases, lenders will even offer relocation assistance for those that complete short sales. Short sale programs can vary, so be sure to check with your lender or loan servicer to see if you are eligible. Are you facing foreclosure on your Knoxville home? If so, please let me know if there is anyway that my team and I can assist you. You can give us a call at 865-696-9002 or send an email to [email protected]. Also, be sure to check out our Knoxville Short Sale and Foreclosure Solutions Page. We’ve helped many Knoxville homeowners avoid foreclosure on their Knoxville home.

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