Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

865-675-8326
RE/MAX Preferred Properties
[email protected]

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Knoxville Short Sales: Why Won’t My Lender Allow Me To Walk Away With No Deficiency?

In Our "Ask The Expert Area" recently received a question from James. Here was his question.
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"We are in the middle of a very long negotiation with a large national lender. I had my agent put a clause into the contract stating “upon approval of short sale by sellers’ lender, lenders, & or affiliates, client, or heirs will be released from any monetary shortages or deficiencies from said sale of stated property upon successful closing and transfer of title from that date and forevermore.” The short sale negotiator, Nathan, has advised my agent that he will reject the file and close it out if we don’t remove this from the contract. What do you think? After reading your comments, I am not sure of what will happen. How should I pursue this? James." Read the rest of this entry »

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?
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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? Read the rest of this entry »

How do I find a Knoxville Realtor that specializes in short sales?

Knoxville Short Sale AgentsKnoxville TN – Are you looking for a Knoxville Realtor that specializes in short sales. It is important that you pick the right agent. Many agents turn down short sale listings because they are unfamiliar with the process. These transactions are much more difficult and complicated than your average real estate transaction. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Because of the foreclosure process, you usually only have one chance at a short sale. If your first agent isn't competent, then you risk losing your house to foreclosure. Then you have to wait another 5-7 years to buy your next house. First, ask the agent you are interviewing why they qualify to help you. Do they have any special short sale training or designations? Many agents have taken specialized training and education. They care about being up to date with the current trends in the market. Read the rest of this entry »

Knoxville Short Sales: Should you be embarrassed to short sale?

Knoxville TN – Many people are embarrassed that they are short selling their house. They feel like they are somehow being dishonest or shady. Neither one of those is true.Knoxville Short Sale Ride A lot of the people short selling today never had a blemish in their credit. They lived perfect, responsible financial lives. Then the real estate market crashed and left them owing way more than their home was worth. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. For years everyone had told them that couldn't happen. Many of those people also lost their job for the first time in their life. You must remember, you are not alone. We are seeing as many short sales in the upper income brackets as the lower income brackets. Read the rest of this entry »

How To Ensure Accurate Appraisals And A Successful Knoxville Short Sale

house-valueKnoxville TN –As we talk about in a previous posts the biggest threat to your short sale is a high appraisal. Which is why your agent needs to make sure the appraisal is accurate.

Here is the process we follow to ensure an accurate appraisal.

The person doing the appraisal doesn’t understand why the home is selling for a specific sales price. They don’t understand why buyers are only willing to pay X. That is why we must explain that to them. Read the rest of this entry »

Why Your Agent Should Check That Appraisals Are Accurate For Your Knoxville Short Sale

Knoxville TN –In a  previous post we talked about how important it was to make sure appraisals are accurate on short sales. The biggest threat to your short sale is a high appraisal. Which is why your agent needs to make sure the appraisal is accurate.important There are a lot of opinions on how to ensure the appraisal is correct and accurate. You need to check and make sure your agent is willing to do the extra work. Read the rest of this entry »

Knoxville Short Sale Question: Can My Lender Force Me To Repay Them?

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ASK THE EXPERT

We got the following question in our "Ask The Expert" page the other day. “If I short sale, then how likely is it that my lender will sue me to repay them?” “Will my lender garnish my wages or take money out of my bank account?” So I will answer those questions in today’s post. Read the rest of this entry »

The Biggest Threat To A Successful Knoxville Short Sale

DangerKnoxville TN – The biggest threat to your short sale is a high appraisal. Banks consider short sales for economic reasons. A bank will approve a short sale only if they think they will net more money taking the short sale offer. To make sure they aren't selling the house for too little, they order an appraisal. Read the rest of this entry »

Knoxville Short Sale Myth: There Are No Rules Or Guidelines For Short Sales

Knoxville Knoxville short sale rule bookTN – I recently saw an article written by a prominent, so called short sale expert. In the article, this supposed expert says the only rules for short sales are HAFA, but even those rules are subject to interpretation. That is like saying that there are no traffic laws. If that were the case, then everyone could drive 100 MPH and never get a ticket. That is like saying that the court system has no rules. (Go ask a judge or lawyer and you’ll find out the truth about that pretty fast.) Read the rest of this entry »

Knoxville Short Sales: More Reasons Why Short Sales Fail

We recently gave a couple of common reasons that short sales fail.Knoxville Foreclosure notice Today, we will go thru a few more reasons. (To recap, here were the reasons we put in our previous blog post. Reason #1: The sales price is lower than the lender wants. The lender thinks the home is worth more than it is selling for and won’t approve the short sale unless the price is for the value they have. Read the rest of this entry »

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