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.
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.
When A Bank Should Accept A Buyer’s Offer To Buy A Knoxville Short Sale
Knoxville TN – A bank should accept your short sale when the following rules apply. All banks and servicers have a fiduciary duty to the investor of the loan.
If they own the loan themselves, they have a fiduciary duty to their stockholders. The duty is to get that investor the most money possible.
So, a lender should accept an offer if it will net the most money.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
The answer is that it is unlikely that any of that will happen.
Here is how we can assure the negotiator that the offer will net them the most money. Your only job is to prove that to the lender.
Do that by showing them that the property has been on the open market for 60-90 days. It is best to be able to show that the house was easy for buyers to see and other agents to show.
How To Ensure Accurate Appraisals And A Successful Knoxville Short Sale
Knoxville 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.
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.
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.
Knoxville Short Sale Question: Can My Lender Force Me To Repay Them?
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.
The Biggest Threat To A Successful Knoxville Short Sale
Knoxville 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.
Knoxville Short Sale Myth: There Are No Rules Or Guidelines For Short Sales
Knoxville 
TN – 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.)
Are You A Casualty Of The Terrible Knoxville Loan Modification Process?
Knoxville TN – I recently saw an amusing video about loan modifications. In it the guy called Wells Fargo “Hells Fargo.” Apparently it is tough to get a loan modification. They lose your paperwork.
You have to talk to people in other countries where English IS NOT their first language. The people at the lenders treat you like dirt.
Get my Free, Step By Step Loan Modification Guide by clicking here.
Knoxville Short Sales: More Reasons Why Short Sales Fail
We recently gave a couple of common reasons that short sales fail.
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.
Knoxville Short Sale Myth: Anyone Can Negotiate With The Lender
Yes, many people think they can negotiate with the lender. But, some of them don’t have the skills necessary to be successful.
Here are a few of the things someone needs before they can negotiate a short sale.
They must have the ability to understand HUD-1 Closing Statements. The lenders will want a copy of the closing statement, also call a HUD-1.
