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: What Is The Cost Of Doing A Short Sale?

OptionsandSolutionsToAKnoxvilleShortSaleIn our Ask the Expert Section, we recently received a question from Jean, he asks, "I'm in a difficult situation. I owe more on my Knoxville home than it is worth and am struggling to make my mortgage payments. I'd like to do a short sale on my Knoxville home, but am afraid that I do not have the money to do one. Not only am I late on my payments, I'm late on my association dues and property taxes. If I opt to do a short sale, how much will it cost me and will my lender pay for anything?" There are many people in a similar situation as you, which is why lender are willing to pick up certain costs. Lenders will be willing to pay for you closings costs, agent commissions, and past due property taxes. Lenders are willing to pay these fees because generally short sale bring in more profit for them than foreclosures do, which makes them want to avoid going through the costly foreclosure process. As far as homeowners association dues go, in some cases, lenders will be willing to pay for past due association dues. If it is at all possible, it is very important for you to continue paying your association dues. Some homeowners association are able to put a lien on the property for past due association dues, which can complicate short sale negotiation because it is one more thing that take profit away from the lender. Over the past few years, lenders have become more and more motivated to do short sale to avoid the costly foreclosure process. In some cases, lenders are even willing to help pay for you relocation assistance. Knoxville short sales can help you avoid foreclosure, it is just very important that you start the process early because foreclosures in Tennessee can move very quickly once the process is started. Are you curious about your options to avoid foreclosure on your Knoxville home? If so, please do not hesitate to contact me by phone at 865-696-9002 or via email at [email protected]. My team and I are dedicated to helping homeowners explore their options to avoid foreclosure.  Also, be sure to check out our Knoxville Short Sale and Foreclosure Solutions Page.

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