Knoxville Short Sale: What Makes A Good Short Sale Offer?

FinishedKnoxville short sales are not your average real estate transaction. So, when it comes to determining what makes a good short sale offer, the rules are a little different because there is a lender involved. So, what makes a good short sale offer? Read on to find out more.

A good Knoxville short sale offer will come from an ideal Knoxville short sale buyer. The buyer will have the time and be willing to wait for the short sale to close. The buyer will also have some wiggle room when it comes the price. Not only will the be willing to pay more, they are financially able to pay more. Finally, the buyer is a qualified buyer.

Another thing that makes a good short sale offer is obviously the price. The price needs to be not too high, and not too low. If the offer is too low, the bank is unlikely to accept the offer. If the offer is too high, it could cause appraisal issues if there is a lender involved. An experienced agent will be able to help you find the right price for your home when you are doing a short sale. Read the rest of this entry »

Knoxville Short Sale Question: Short Sale Denied, Can We Try Again?

Knoxville Short Sale Question?In our Ask the Expert Section, we recently received a question from Leila, she asks, “My husband and I attempted to do a short sale on our Knoxville home, but our short sale was denied. At the time, we were very scared about being foreclosed upon, and made a rash decision to use a family friend to do the short sale. Looking back on it, we regret not using someone more qualified. Even if our short sale was denied, are we able to try again to do a short sale on our Knoxville home? We want to avoid foreclosure at all costs." Knoxville short sales can be fickle transactions. When they get denied, there is often no good rhyme or reason for why they are denied. Fortunately, time permitting, you are able to try and complete a short sale again if you would like. Read the rest of this entry »

Knoxville Short Sale Question: Do I Need To Tell My Lender I Want To Do A Short Sale?

Knoxville Loan ModificationsIn our Ask the Expert Section, we recently received a question from Kayla, she asks, “I've been struggling to make ends meet, after taking a significant pay hit. I've tried working with my lender to save my Knoxville home, but they've been a complete nightmare. I worked for 9 months to get a loan modification approved, only to have it be denied. I want to do a short sale on my Knoxville home, but cringe at the thought of having to be put through the ringer by my lender again. Do I need to tell my lender I want to do a Knoxville short sale?" Kayla, I'm sorry to hear about your difficulties. Unfortunately, some lenders can be very difficult to deal with when it comes to Knoxville short sales and loan modifications. As far as completing a short sale goes, throughout the process, your contact with your lender can be minimal. It can be helpful to let them know that you are pursuing a short sale; however, it is not something you are required to do. Your short sale agent can reach out to them as well. Read the rest of this entry »

Knoxville Foreclosure Question: Where Do I Go For Help?

whentostartaknoxvilleshortsaleIn our Ask the Expert Section, we recently received a question from Miles, he asks, “I'm in a very difficult situation. My hours at work have been cut, so it has been difficult to keep paying the mortgage on my Knoxville home. I don't know what to do about my current situation. I don't want to lose my Knoxville home to foreclosure, but I don't know where to turn. Where should I go to get help?" Miles, I'm very sorry to hear about you current situation. Facing foreclosure on your Knoxville home can be a terrifying situation, but it is important to know there is help available for you. Read the rest of this entry »

Knoxville Short Sale Question: How Much Will I Have To Pay To Do One?

avoid-forclosureIn our Ask the Expert Section, we recently received a question from Benny, he asks, “I lost my job a year ago. It has made paying the mortgage payment on my Knoxville home difficult. I've been working odd jobs since I lost my job, but I'm not making nearly enough to keep paying my bills. I want to do a short sale on my Knoxville home, but don't have any money if I have to pay any fees, past due taxes, etc. How much would it cost for me to do a Knoxville short sale?" Benny, you ask a very common question about Knoxville short sales. Many sellers worry about how much doing a Knoxville short sale will cost them. The good news is, though, generally a Knoxville short sale will cost you nothing. Here are a list of things that many lenders will cover if they approve a short sale. Read the rest of this entry »

Knoxville Short Sale Question: What Is A Service Release?

mortgage-cash.ju.topIn our Ask the Expert Section, we recently received a question from Leila, she asks, "I started a short sale with Bank of America a few months back on my Knoxville home. We submitted all of our paperwork back 3 months ago, only to receive notification recently that our servicing rights had been sold, therefore our short sale was denied. What exactly is a service release? And, what does it mean for completing a short sale on my Knoxville home?" Knoxville short sales are always an adventure. Unfortunately, while a short sale is being negotiated, you can't always stop a bank from a transferring the service rights on your loan or from foreclosing on the property. With as large as a bureaucratic mess as lenders can be departments don't always communicate, which is why these things can happen. Read the rest of this entry »

Knoxville Short Sale Question: Should I Short Sell Or Try To Save My House?

dollar-signIn our Ask the Expert Section, we recently received a question from Bexley, she asks, “I'm not sure what to do about my current situation. I've missed almost a years worth of mortgage payments on my Knoxville home. I'm not making as much at work (I'm mainly commission based) and hit a few difficult months. I want to avoid foreclosure on my Knoxville home but am not sure if it is the best option for me. I'm starting to make more again at work and could probably start making payments. Should I short sell my Knoxville home or should I try to save it?" Bexley, you ask a very valid question about Tennessee short sales. It's a question that many sellers often debate before doing a short sale. The decision to stay or go can be a difficult one. Here are a few things to think about before pursuing a short sale. Read the rest of this entry »

Knoxville Short Sale Question: What Happens To The Money I Still Owe?

imagesIn our Ask the Expert Section, we recently received a question from Alfred, he asks, "I've decided to do a short sale on my Knoxville home, but am a little bit afraid of what might happen in the future. I've heard that my lender can still pursue me for what is owed on my Knoxville home. I've drained my savings to try and save my house, so I couldn't afford to pay anything. If I do a short sale, what happens to the money I still owe?" Alfred, I'm very sorry to hear about your situation. You ask a very valid question about Knoxville short sales. As a Knoxville short sale agent, I always encourage my clients to seek advice from a legal counsel. Read the rest of this entry »

Knoxville Short Sale Question: How Do I Know If A Short Sale Is For Me?

imagesIn our Ask the Expert Section, we recently received a question from Benji, he asks, "I'm over 90 days late on my Knoxville mortgage. At this point, I'm not sure what options I have left to avoid foreclosure on my Knoxville home. I've thought about doing a short sale, but haven't heard good things about the process. I've heard that most get denied and that they can take a long time and foreclosure happens anyhow. How do I know if a Knoxville short sale is for me?" The prospect of facing foreclosure on your Knoxville home can be very scary. It can be difficult to decide what action to take, if any at all. You're likely having sleepless nights worrying about where you will go, what your life will be like after, and what it will mean for your future. Read the rest of this entry »

The #1 Thing That Will Mess Up A Knoxville Short Sale

urlKnoxville short sales are complicated transactions. Any unexpected situation can complicate a short sale and can sometimes ruin a short sale altogether. So, what is the the #1 thing that will mess up a Knoxville short sale? Unexpected liens are one thing that can throw a big wrench in any short sale. Unexpected liens can be anything ranging from IRS liens to HOA lines to judgements from a credit card company. Unexpected liens can cause serious issues in a Knoxville short sale due to the fact that they cause further negotiation with a short sale lender. In many cases, lenders are not willing to payoff these liens at closing, due to the fact that they can seriously cut into what the lender makes off the sale. Lenders are willing to pay closing costs, real estate commissions, and past due taxes in a short sale, but other non-mortgage liens are a different story to them. Read the rest of this entry »

facebook twitter linked in youtube