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: Who Determines The Close Date?

avoid-forclosureIn our Ask the Expert Section, we recently received a question from Darlene, she asks, “My husband and I have been working on a short sale for a few months now. We've slowly gotten our lives back on track. We've both gotten new jobs and have a plan in place for once the sale is completed. Our contract expires in a month, but our agent says it could be longer than that. Who determines the close date for short sales? Our buyer is wanting to close by the contract date." In traditional sales, the contract date is generally what all parties are required to abide by, unless there is some kind of issue. Knoxville short sales are a whole different situation. Short sales truly depend on when the seller's lender is ready for the short sale to close. For both the buyer, seller, and agents, it can be hard to have the fate of the sale so dependent on the seller's lender. Unfortunately, that is how short sales are. It can be a very common situation where buyers get antsy after a few months of waiting. Be sure that your agent is communicating with the other agent, so that the buyer knows the sale is making progress and that you're still moving forward. Buyers often need reassurance throughout the process. If the buyer does get antsy and decides to walk away from the transaction, it is not the end of the world. Short sales often have multiple offers or can quickly find buyers. The waiting process during Knoxville short sale negotiations can be stressful for a seller is well. It can be difficult waiting for such a long period of time. As a seller, it is important to keep doing what you're doing, keeping your life back on track and making plans for the future. Are you a Knoxville homeowner facing foreclosure? Are you unsure of what you options are? Give my team and I a call today to hear your options at 865-696-9002 or via email at [email protected]. Whether you decide to do a loan modification, short sale, or deed-in-lieu of foreclosure all of my services our done at no cost to you.

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