Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

865-675-8326
RE/MAX Preferred Properties
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Homeowner Success Stories Category

Can I Short Sale My Knoxville Home If It Is Already In Foreclosure?

I recently had an appointment with homeowner who was unsuccessful at doing a loan modification. Their lender told Stop Foreclosurethem to consider either a deed-in-lieu or a short sale. In the meantime the lender started foreclosure proceeding against the homeowner which happens all the time with lenders. One department doesn't communicate with the other and it just creates a confusing mess for struggling homeowners. This owner didn't want the lender to foreclose but to say the least was pretty fed up with the whole process at this time. Their question for me was..

“I would like to short sale my house. However, the foreclosure has already started. I don’t know how soon the bank is going to come and kick me out. Can I still short sale? Or, is it to late? .” Read the rest of this entry »

Knoxville Short Sales Reduce Debt. Why Not Get Completley Out Of Debt At The Same Time?

Knoxville short sale is the best option to erase upside down mortgage debt. A homeowner can often erase hundreds of thousands of dollars in debt.question mark Click here to discover how other sellers successfully did a short sale and avoided foreclosure. I assume that you are looking to short sale for the following reasons. 1. Debt Reduction. You want to short sale and wipe out the upside down debt. You can’t afford or don’t want to repay the upside down debt. 2. You are willing to suffer the resulting credit damage a short sale will bring. Part of your rational is that the credit damage will be well worth the resulting reduction in debt. If you are going to suffer the credit damage, then you might as well wipe out the rest of your debt at the same time. Make sense? Read the rest of this entry »

Knoxville Short Sales Who Benefits From Them?

Knoxville TN – Even though lenders pretend to hate short sales, they actually benefit from short sales. Let me explain why. A lender gets to sell the house at today's price, versus what it will be worth 6-12 months down the road. We just did a comparison and pulled up sold listings.Everyone Wins In A Short Sale All of the listings were the same, very comparable, and located in 3 similar, comparable neighborhoods. All were less than 2 miles apart. Read the rest of this entry »

Knoxville Short Sale Mistake Taking The Property Off The Marketing Before the Short Sale Is Completed

Sold_Sign-267x300Knoxville Short sales can take a long time. The banks are difficult to deal with and many agents do not understand short sales and don't know what they are doing. Because of this, many buyers shy away from short sales. Or, if they do make an offer, then they still continue to look at other properties. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. If a better home comes on the market, then they will buy that home. Few fully commit themselves to purchasing that home. Read the rest of this entry »

Knoxville Short Sales Save Lenders Money

We ran some numbers on why a short sale reduces a lender's losses by 20% compared to a foreclosure.Knoxville Short Sales Today I am going to add all the numbers together. That way we can see exactly how much this lender lost by not accepting the short sale. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. I am using the real life example of a short sale that was listed for sale for $425,000. The lender turned down an offers for $385,000 and ended up selling the home for $230,000. Let's add up the costs. Read the rest of this entry »

Knoxville Short Sale Success Story

12530HighForestWe were just involved in another successful Knoxville Short Sale at 12530 High Forest. Our seller had contacted us after having their home on the market with another agent who didn't have any experience at short sales. Our seller had lost their job and was having trouble because of the drop in income to maintain their mortgage payments. After meeting with them they decided the best thing for them was to do a short sale. Read the rest of this entry »

Knoxville Short Sales: Why Do Some Offers Get Rejected?

We recently got this question to  Ask The Expert "I am looking to buy a short sale in Knoxville. The seller wouldn’t accept my offer. My agent told me it was
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because the short sale lender has told them they wouldn’t accept the offer. I am a cash buyer and can’t understand why they wouldn’t take my offer. Why do some buyer’s offers get accepted while others are declined? Jonathan.” Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Read the rest of this entry »

Why Do Knoxville Short Sales Fail?

Knoxville Home Saver Ask The ExpertWe recently got this question in our Ask The Expert section of our site. Here was his question. "I’ve heard that there is a 70% failure rate on short sales. Is that true? If so, then why do so many short sales fail? James” Read the rest of this entry »

Knoxville Short Sale Wipes Out $101,00 In Upside Down Debt

Knoxville TN – Here is a case study of a homeowner that wiped out $101,279 in upside down debt. They built a Knoxville Short Salesbrand new home at the peak of the market. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. They were forced to sell for job relocation a few years later. They found themselves upside down, despite that fact that they had put over $50,000 down when they built their home. Read the rest of this entry »

Knoxville Short Sale Are They Adversarial?

Knoxville TN –Short Sales many people mistakenly think that a is adversarial experience. "I will fight that banker and convince them to let me short sale and walk away from the upside down debt", they think to themselves.Knoxville Short Sale Deal Closes That is not how short sales actually work. Most negotiations are not adversarial. In fact, most short sale negotiators are just normal people. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. They go to work each day and go thru their files. There is a lot of paperwork and reports that have to be filed. Most of them don't get out of bed looking forward to a tough negotiation. Read the rest of this entry »

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