Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
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Knoxville Short Sale Category

Mistakes Sellers Make While Doing A Knoxville Short Sale

If You Are Waiting For Your Customers To Call You – You Are Too Late!When it comes to doing a Knoxville short sale, there are no guarantees. But for a Knoxville homeowner facing foreclosure, a Knoxville short sale can offer the best way out of a bad situation. In order to give yourself the best chance of completing a short sale, here are a few common mistakes that sellers make while doing a Knoxville short sale and how to avoid them. Short Sale Mistake #1: Waiting too long to start a short sale. How This Can Be Avoided: If you find yourself in a situation where foreclosure may be inevitable, it is important to explore you options to avoid foreclosure as soon as you can. Foreclosures happen in Tennessee very quickly, so it is important to start pursing a short sale before it is too late. While it is not impossible to delay or stop foreclosure with a short sale, there are no guarantee that it can always be stopped. Read the rest of this entry »

How To Know If A Knoxville Short Sale Is Right For You

Avoid_Foreclosure_REpageA Knoxville short sale is one of a few ways to avoid foreclosure on your Knoxville home. But, it is not a one sized fits all solution to avoid foreclosure. If and when you decide to pursue an option to avoid foreclosure on your Knoxville home, the decision is largely personal. Here is how to know if a Knoxville short sale is right for you. 1. You are ineligible to refinance or modify your loan. For many Knoxville homeowners facing foreclosure, the first plan of attack it to try and see if it is possible to save their home. Refinancing or modifying your loan are two options to try and do that. Unfortunately, not everyone is eligible to do this. In this case, a short sale may be a good option to consider to try and avoid foreclosure. 2. Your hardship is a permanent situation. In cases where a homeowner is so underwater or behind on their mortgage, a short sale may be necessary. It can be the best way out of difficult situation and still allow the homeowner to avoid foreclosure their Knoxville. A Knoxville short sale tends to have a better outcome than that of foreclosure, making it a worthwhile alternative to avoid foreclosure. Read the rest of this entry »

Knoxville Short Sale Question: What If I Change My Mind?

imagesIn our Ask the Expert Section, we received a question from Jack, he asks, “I started a short sale on my Knoxville home earlier this year. I'm beginning to lose my patience with the situation. I don't want to go through the foreclosure process, but I'm not sure that a Knoxville short sale will be successful. We've been waiting for an answer for months and we keep having to resend things a million times. What happens if I decide to walk away from doing a Knoxville short sale?" Jack, I'm sorry to hear about your current situation. Knoxville short sales can be very frustrating for exactly that reason. The waiting can feel like it is going on for months with very little or no progress. As the seller on a Knoxville short sale, you have every right to walk away from the transaction at any time, if you so desire. This can be done at any point throughout the short sale process. Read the rest of this entry »

5 Questions To Ask When Choosing A Knoxville Short Sale Expert

approvedWhen you do a Knoxville short sale, you oftentimes only have one chance for success, which means you want the best realtor possible fighting in your corner. Here are 5 questions to ask when choosing a Knoxville short sale expert. What Is Your Experience With Knoxville Short Sales? Experience is key with Knoxville short sales. While it does not always guarantee success, as lenders can be fickle, it definitely helps your case to have someone with knowledge of these transactions. In addition, it can be helpful to find an agent with a specific designation like Certified Distressed Property Expert [CDPE]. An additional certification or designation means that an agent has completed specific training with short sales and avoiding foreclosure. How Many Short Sales Have You Closed And What Is Your Success Rate? This will give you a true idea of an agents short sale experience and will also give you an idea of what their success rate is short sales. Generally, you will want to see that a particular agent has closed more than just a few short sales. Read the rest of this entry »

What To Do If You’ve Missed Payments On Your Knoxville Home

KnoxvilleshortsaleWhen you've experienced some sort of hardship, sometimes it can be difficult to make ends meet. It can be scary being unable to make the mortgage payment on your Knoxville home. So, what should you do if you've missed payments on your Knoxville home? It really all depends how late you are on your Knoxville mortgage payment. If you're only a week or two late, but you still make your payment before 30 days, it is generally unlikely that the credit bureaus will be informed. (But, be sure to check with your lender.) You will likely be required to pay a late fee. If you're more than 30 days late on a payment, and anticipate that it will be difficult to continue making payments you have a few things to consider. Read the rest of this entry »

Knoxville Short Sale Question: Will A Short Sale Solve My Problems?

urlIn our Ask the Expert Section, we recently received a question from Elaine, she asks, “I'm at my wits end. I've been struggling to continue making payments on my Knoxville home. I'm at the point now where I don't know what to do. I tried to do a loan modification, but haven't had any luck. I've heard a Knoxville short sale can help me avoid foreclosure. It is the best solution to help me avoid foreclosure?" Elaine, I'm very sorry to hear about your situation. It can be extremely stressful to face foreclosure and feel like you're at the mercy of your bank. To answer your question, a Knoxville short sale can help you avoid foreclosure on your Knoxville home. It will give you sometime to get back on your feet while the sale is negotiated, since most people are able to stay in their home rent free. A short sale will also make it possible for you to buy another home sooner. Read the rest of this entry »

How To Be A Stellar Renter After A Knoxville Short Sale Or Foreclosure

imagesFor most Knoxville homeowner who have been thorough foreclosure or done a short sale, it can be difficult to imagine owning a home again. Fortunately, for many homeowners, owning a home again is not impossible and could happen sooner than you think, especially with programs like the FHA Back To Work Program. For a majority of homeowners that go through foreclosure or do a short sale, renting is a common way to help rebuild credit. Here are a few ways to be a stellar renter after a short sale or foreclosure. Pay Rent On Time This is a back to basics idea, but paying rent on time is important. Pay your rent on time, every time and you're in good shape to rebuilding credit. It is important to show that you have stable income and can be responsible to make your rent payments. 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: Can Any Property Be Short Saled?

226ASP6179944780In our Ask the Expert Section, we recently received a question from Danny, he asks, "I own quite a few pieces of investment property in Knoxville. I bought them back when the market was hot. I'd been holding on to them in hopes the market would turn and I could sell them for what I owe. But, at this point I'm so upside down on a few of them, I'm not sure what to do. I can't find tenants to cover the rent and I have two kids on college. I'm paying my own mortgage, but can't keep paying on these homes. Is it possible to do a short sale on investment property?"  Danny, it is possible to do a short sale on investment property. Lenders are willing to consider short sales in many different scenarios if a homeowner is able to provide the necessary documentation to prove they've gone through financial hardship. In recent years, lenders have seen the appeal of completing short sales because they generally get better sales prices and avoid the costly foreclosure process. Read the rest of this entry »

Why Knoxville Short Sales Are A Win, Win, Win

foreclosure-1Knoxville short sales are good for everyone.  Short sales are good for buyers, sellers, and lenders. Read on to find out how Knoxville short sales are win, win, win for everyone involved. Knoxville short sales are win for sellers because they allow a seller to avoid foreclosure. A short sale allows a seller to avoid the stigma of foreclosure and provides a seller with a better overall outcome. In a short sale, a seller is able to stay in the home until the short sale is complete, oftentimes rent free. This allows a seller time to get back on his or her feet prior to the sale being complete. In addition, a short sale will do far less damage to a seller's credit than that of foreclosure. Read the rest of this entry »

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