Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
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Homeowner Success Stories Category

3 Keys To Knoxville Short Sale Success

Knoxville short saleswriting can take some time and effort to complete. For Knoxville homeowners facing foreclosure, the time and the effort put into a short sale is well worth it to avoid foreclosure. If you're pursuing a Knoxville short sale this year, here are three keys to Knoxville short sale success. One large key to Knoxville short sale success is price. The price on a short sale has to be just right. It can't be too high or buyers won't want to buy it, and it can be too low or lenders won't accept a short sale. The price has to be just right on a Knoxville short sale, so all parties involved are happy. An experienced short sale agent will be able to help you price your home at a fair price that will please both buyers and your lender, and will be able to back up the prices with comparable homes in the area. Read the rest of this entry »

How A Knoxville Short Sale Expert Can Make Or Break Your Short Sale

Knoxville Short SaleKnoxville short sales are not your average real estate transaction, which is why you don't want just an average real estate agent for your short sale. One of the largest decisions you will make for your Knoxville short sale is choosing a Knoxville short sale agent. Ultimately, a Knoxville short sale agent can make or break the outcome of your short sale, and here is why. Knoxville short sales are complicated transactions. Even the most experience agents may not be suited for negotiating a short sale. Just as you would want to hire a specialist for open heart surgery, you want to hire a specialist for your short sale. Just because an agent has a designation such as, Certified Distressed Property Expert [CDPE], doesn't necessarily mean they he is an expert. Be sure to delve a bit further with the agent. How many short sales have the closed? What sets him apart from other agent? Don't be afraid to ask the agent tough questions. Short sales are tricky and you want the best person for the job in your corner. Read the rest of this entry »

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. Read the rest of this entry »

Buying A Knoxville Home After A Foreclosure Or A Short Sale

House-For-SaleFor any Knoxville homeowner that has gone through foreclosure or completed a short sale, dreams of owning a home again can seem altogether impossible. Fortunately, buying a Knoxville home after foreclosure or completing a short sale may not be as difficult as you think. Here are 3 tips for buying a Knoxville home after foreclosure or a short sale. Read the rest of this entry »

Knoxville Short Sale Question: Why Is My Lender Taking So Long?

makes_eat_timeIn our Ask the Expert Section, we recently received a question from Norm, he asks, "I started a short sale on my Knoxville home 9 months ago. We've been behind our our mortgage for over two years. After trying to complete a loan modification, we finally approached an agent about completing a Knoxville short sale. Everything was submitted to our lender a little over 8 months ago. It seems like this has been going on forever and we haven't received any response. We're beginning to get worried. Why would our lender take so long to respond if they're just going to deny our short sale?" Norm, you're not alone in your frustration. Unfortunately, the waiting without answers is the true nature of the short sale beast. It's beyond frustrating for all parties involved. I truly wish there were some sage words of wisdom I could offer that could make the process go quicker, unfortunately that is not the case. With a short sale, you are truly at the mercy of the lender. Read the rest of this entry »

Knoxville Short Sale Question: What If My Lender Forecloses First?

Man-With-Question-06In our Ask the Expert Section, we recently received a question from Peter, he asks, "I'm over a year and a half behind on my Knoxville mortgage payment. After trying to to modify my loan for over a year, I finally gave up and decided to do a short sale. I'm afraid that it is too late to do a short sale on my Knoxville home. What happens if my lender forecloses prior to finishing my short sale?" One problem with Knoxville short sale is the bureaucracy involved with the process. The foreclosure department doesn't always talk to the short sale department, which is why foreclosures can sometimes be started while a short sale is in process. Or in some cases, loans can even be sold while a short sale is in process. For all parties involved, this can be a major source of frustration. Read the rest of this entry »

How To Stay Sane While Waiting For Approval On A Knoxville Short Sale

short-sale-contract-twoFor any Knoxville homeowner facing foreclosure, waiting for short sale approval can be a long process. The short sale approval process can take anywhere from 4 to 6 months to complete, and sometimes even more. So, how do you stay sane while waiting for approval on a Knoxville short sale? Here are a few things to keep in mind as you wait for short sale approval on your Knoxville home. When awaiting short sale approval on your Knoxville home, don't put your life on hold. It is important that you focus on things other than just waiting on short sale approval. Focus on what life will be like after the short sale is complete. Focus on finding a place to live after the short sale is done, saving money, and getting your finances in order In addition, it is also very important to stay positive during the short sale approval process. Waiting for months on end can be very difficult and irritating, but it is important to keep the end goal in mind. A Knoxville short sale can be a long process, but it is very important to keep the end goal in mind. A Knoxville short sale allows you to avoid foreclosure, and get on with your life while doing less damage to your credit. While the waiting can be tough, just keep a positive attitude on the end result. Read the rest of this entry »

Knoxville Short Sale Question: How Much Will I Have To Sell My Home For?

ethics-scaleIn our Ask the Expert Section, we recently received a question from Ted, he asks, “I'm doing a short sale on my Knoxville home. I'm concerned that my Knoxville home won't sell for the price I need it to sell for. It is in need of a new roof and needs some other cosmetic works. How much will I have to sell my home worth in order to walk away from the situation debt free?" Knoxville short sales can be fickle transactions. It can be very hard to say from the very beginning that your Knoxville home must sell for X in order for your short sale to be approved. It is through months of negotiation that an approved price is agreed upon by all parties involved in the short sale transaction. Read the rest of this entry »

Knoxville Short Sale Question: Is It Harder With Two Mortgages?

knoxvilleshortsalewithtwomortgagesIn our Ask the Expert Section, we recently received a question from Irina, she asks, "I've been unable to make the mortgage payments on my Knoxville home. My  son became very ill a few years ago and it made it difficult for me to work, since I'm self-employed. The medical bills were piling up and it became impossible to stay current on my mortgages. I have two mortgages on my home and owe about $30K more than what it will sell for. Is a Knoxville short sale going to be more difficult since I have two mortgages?" It is very possible to negotiate a Knoxville short sale if there are two mortgages on a property. Two mortgages can just make a short sale situation a little more complicated. Some lenders are just a little more complicated when it comes to negotiating on a second mortgage. Luckily, there are a few short sale programs which offer incentives to second lien holders. For example, Freddie Mac short sales are willing to offer up to $6,000 to subordinate lien holders, in exchange for releasing the lien and not pursuing the borrower for a deficiency judgment. Fannie Mae short sales also offer up to $6,000 to subordinate lien holders for lien holder to release the lien and waive their right to pursue the homeowner for a deficiency judgment. Read the rest of this entry »

Knoxville Short Sales – Fannie Mae To Negotiate Directly With Agents

knoxvilleshortsalescanbeslowLast week, Fannie Mae announced they will be implementing a new system to work directly with short sale agents.  This is great news for Knoxville short sales because it puts agents in direct communication with Fannie Mae to hopefully help alleviate some of the problems Knoxville short sales run into. In the past, Knoxville short sale agents would negotiate the short sale with the loan servicer.  Then, the loan servicer would work with Fannie Mae to get approval, oftentimes being a unproductive middle man. The system of negotiating short sales through a servicer would often cause Knoxville short sales to stall unnecessarily, due to pricing disputes or delays caused by the servicer. In February 2013, Fannie Mae launched a portal for agents to communicate directly with them when they ran into problems with a loan servicer. Through the portal, agents were able to escalate a short sale file if they felt that that a short sale had stalled unnecessarily. Agents were also able to log onto the portal prior to putting a Knoxville home on the market to get a recommended list price for the short sale. In the coming months, Fannie Mae has announced that the portal will take things a step further, and allow agent Read the rest of this entry »

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