Homeowner Success Stories Category
Does It Matter Who The Knoxville Short Sale Agent Is?
As a Knoxville Realtor I can honestly say, the answer is “YES” In my travels around Knoxville neighborhoods showing short sale homes for sale as well as the emails and phone calls I receive from sellers and agents, their is no question that 
your choice of agent is important.
Let me give you an example…..
Knoxville Short Sale Question Do I Have To Fix My Home Up Before I Sell?
In our “Ask The Expert Area” we had the following question the other day
“I lost my job recently but was able to find another job. But I’m making less money and can’t afford to keep my current house because we can’t afford the payments. We owe more on the house than it is worth and are considering a short sale. I have a two part questions. First because I’m making less money at my new job would we qualify for a short sale? Second our house needs alot of work would we have to fix it up prior to selling it. We really can’t afford to put any money into the home now. Thanks Dan and Cathy”
Knoxville Short Sale Tell The Truth In Your Hardship Letter
In a short sale the hardship letter is one of the most important parts in getting a short sale accepted. It is not a lot of fun to write a hardship letter. In fact, it can be depressing. Many people may not know how bad their lives have become until they reach a point of writing a hardship letter.
Sometimes seeing all those awful things in writing is startling and some people start crying. However, do not turn and start talking about how your life will improve.
Do “NOT” share your hopes and dreams for the future with the bank. It’s none of the bank’s business.
If there is hope on the horizon, if there is a chance for recovery and for you to become whole again, then the bank will not hesitate to grab a knife and plunge it into your heart.
If your bank senses anything that shows that you might have the financial means at some point in the future to repay part of that debt, then the bank will jump on it like hot fudge on a sundae.
What Constitutes A Hardship On A Knoxville Short Sale?
In yesterday’s post we talked about the importance of the hardship letter in a short sale. Many people think a hardship 
is mainly based on financial matters and that is not necessarily the case.
Anything that makes it difficult for you to keep on making a mortgage payment might qualify to be a hardship.
One thing that the bank doesn’t want to see is a homeowner who seems to be looking for a way out simply because the home is not worth the amount the owner paid for it.
Being upside-down is one of the qualifications for a short sale but a bank may not grant a short sale solely on that basis.
Knoxville Short Sale Hardship Letter The Basics
When I interview sellers who want to short sale in Knoxville, I ask them to describe their hardship.
Agents who do a lot of short sales can sometimes become a little insensitive because we are focused on the statistics. For instance, when a seller says she is getting divorced, it’s possible that I may not show a lot of emotion.
Then I realize how that comes across, which is not at all in the way I intended it. Trying to do a short sale or loan mod because of relationship difficulties is acceptable to most bank guidelines.
It’s not good news that the you and your spouse are splitting up. But, it is important for your lender to know. In your hardship letter, you want to explain 3 things:
Why A Knoxville Short Sale Is A Win-Win For Everyone
While doing a real estate transaction, not all parties with a financial interest can be winners. However, a successful short sale is one of those rare cases where everyone leaves a winner.
The Seller wins by avoiding foreclosure: This will also help the seller to avoid any credit damage that goes along with foreclosure.
In essence, the property is sold and the seller’s lender pays all the costs associated with the sales process. In most cases, the seller cam move on with their life without paying a dime out of pocket.
The Mortgage holder wins by reducing the loss they incur to get the unpaid loan off their books: It is obvious that the costs associated with acquiring a property through foreclosure hit the mortgage holders really hard.
Knoxville Short Sale How Does It Affect My Credit?
A successful short sale helps the seller to avoid any credit damage that could be brought about by a foreclosure.
Such damage is not something to admire as it may take a minimum of seven years for someone before it goes off your credit report. That is why is it best to do all you can to avoid it.
When you short sell you house, you will recover quickly from the dings of late mortgage payments, provided you can keep your other accounts current.
Knoxville Short Sale Myth: Banks Aren’t Approving Short Sales Because They Don’t Want To Take Big Losses
This is another short sale myth we’ve seen tossed around. Some people in the media even suggested that banks were delaying foreclosures to delay losses being recorded on their books.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is what I think is the real reason: The bank departments that handle foreclosure are understaffed.
After all, foreclosures increased hugely since the housing crisis started. The banks have tried desperately to hire on more staff.
Knoxville Short Sale Process Can You Speed Them Up?
Here in our “Ask The Expert Area” We had the following question “I am trying to buy a short sale. It has been 4 months and we have heard nothing except that we are now 
on our 2nd negotiator, still with no contact from them.
I am getting very frustrated. Is there anything I can do on my end to try to push the process along, or is it all up to the agent? Mary asked.”
Knoxville Short Sale Question: Why Does My Lender Want My Last 2 Pay Stubs?
Question in our “Ask The Expert”….“Why does my lender need copies of my last 2 pay stubs? Are they hoping to garnish my paycheck?
ASK THE EXPERT
I am concerned that if I give it to them, then they will use it to garnish my paycheck.
They have said if they don’t get them, then they will not approve the short sale. What should I do?
