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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3 Keys To Knoxville Short Sale Success

Knoxville short saleswriting can take some time and effort to complete. For Knoxville homeowners facing foreclosure, the time and the effort put into a short sale is well worth it to avoid foreclosure. If you're pursuing a Knoxville short sale this year, here are three keys to Knoxville short sale success. One large key to Knoxville short sale success is price. The price on a short sale has to be just right. It can't be too high or buyers won't want to buy it, and it can be too low or lenders won't accept a short sale. The price has to be just right on a Knoxville short sale, so all parties involved are happy. An experienced short sale agent will be able to help you price your home at a fair price that will please both buyers and your lender, and will be able to back up the prices with comparable homes in the area. Read the rest of this entry »

How A Knoxville Short Sale Expert Can Make Or Break Your Short Sale

Knoxville Short SaleKnoxville short sales are not your average real estate transaction, which is why you don't want just an average real estate agent for your short sale. One of the largest decisions you will make for your Knoxville short sale is choosing a Knoxville short sale agent. Ultimately, a Knoxville short sale agent can make or break the outcome of your short sale, and here is why. Knoxville short sales are complicated transactions. Even the most experience agents may not be suited for negotiating a short sale. Just as you would want to hire a specialist for open heart surgery, you want to hire a specialist for your short sale. Just because an agent has a designation such as, Certified Distressed Property Expert [CDPE], doesn't necessarily mean they he is an expert. Be sure to delve a bit further with the agent. How many short sales have the closed? What sets him apart from other agent? Don't be afraid to ask the agent tough questions. Short sales are tricky and you want the best person for the job in your corner. Read the rest of this entry »

Knoxville Short Sale Question – We’re Underwater On Our Home, What Do We Do?

knoxvilleshortsalewithtwomortgagesIn our Ask the Expert Section, we recently received a question from Phil, he asks, "My wife and I are currently underwater on our Knoxville home by about $20K. We have a three bedroom home, but our family has grown enough that we need something bigger. We're still current on our mortgage and all of our bills, which we've heard could hurt our chances at a short sale. We've talked about reaching into our retirement, but don't want to reach into our hard earned money. My wife was out of work for awhile, so we weren't saving as much. We've also considered doing a short sale. What is our best option on our Knoxville home?" Phil, you're in a very tough situation. There are a lot of people in a similar situation and it can be a hard decision to make. You'll have to weigh the costs of whether or not you want to touch your retirement income.  If you are considering doing a short sale on your Knoxville home, under the new regulations you are not required to be behind on your mortgage payments. Read the rest of this entry »

Knoxville Short Sales: Who Determines The Close Date?

avoid-forclosureIn our Ask the Expert Section, we recently received a question from Darlene, she asks, “My husband and I have been working on a short sale for a few months now. We've slowly gotten our lives back on track. We've both gotten new jobs and have a plan in place for once the sale is completed. Our contract expires in a month, but our agent says it could be longer than that. Who determines the close date for short sales? Our buyer is wanting to close by the contract date." In traditional sales, the contract date is generally what all parties are required to abide by, unless there is some kind of issue. Knoxville short sales are a whole different situation. Short sales truly depend on when the seller's lender is ready for the short sale to close. For both the buyer, seller, and agents, it can be hard to have the fate of the sale so dependent on the seller's lender. Unfortunately, that is how short sales are. Read the rest of this entry »

Knoxville Short Sales – How Do You Find The Right Agent For You?

Knoxville Short Sale HelpIf you're a Knoxville homeowner facing foreclosure, you may be considering your options to avoid foreclosure. In order to give yourself the best chance to avoid foreclosure,  it is essential that you find yourself a Knoxville short sale agent with experience. Here is how to find the right Knoxville short sale agent to you. First, it is important to find an agent with experience closing Knoxville short sales. While any agent can do a Knoxville short sale, they can be tricky transactions which is why it is helpful to have an agent with experience. They will be able to explain to you how short sales work, what options you may have to avoid foreclosure, short sale requirements, and possible outcomes. They will also be able to successfully negotiate a short sale with your lender, keeping you informed along they way. Read the rest of this entry »

Knoxville Home Saver: What If My Knoxville Short Sale Isn’t Successful?

Knoxville Short Sales can help You get your life backIn our Ask the Expert Section, we recently received a question from Anne, she asks, "I bought my Knoxville home back when it was worth significantly more. A few years ago my son had some medical bills, so it made it difficult for me to stay current on my mortgage. I want to do a short sale on my Knoxville home, but am afraid it won't work out. What happens if my Knoxville short sale isn't successful?" Anne, I'm so sorry to here about your situation.  To answer your question, you have nothing to lose if you try a short sale.  When you complete a short sale, your lender will take care of paying all of the agent commissions, closings costs, past due property taxes, among other things. If the short sale is not successful, my team and I require nothing for our services unless the sale closes. In addition, we'd help you pursue whatever other options you may have to avoid foreclosure on your Knoxville home. Read the rest of this entry »

Knoxville Home Saver: What Is Strategic Default?

file8931294771099In our Ask the Expert Section, we recently received a question from Jerry, he asks, “I’m underwater on my Knoxville home. I've continued to make payments, but have started to dip into my savings. At this point, I cannot sell my home for what it is worth and have begun to consider my options. I've thought about doing a short sale on my Knoxville home, but I've heard you need to have missed payments. Should I strategically default on my Knoxville home?" Many Knoxville homeowners facing foreclosure face the same debate of whether or not they should stop making payments when doing a short sale. In that situation, it is a decision that is completing up to you. I would advise you to talk to a lawyer or financial adviser about the potential consequences. Read the rest of this entry »

Knoxville Short Sale Question – What If I Have Other Liens On My Home?

knoxvilleshortsalewithtwomortgagesIn our Ask the Expert Section, we recently received a question from Todd, he asks, “I want to do a short sale on my Knoxville home, but am afraid my lender will not approve the sale. In addition to my mortgage, I also have a judgement filed against me from some medical bills that has attached to my property. Can I still do a short sale on my Knoxville home if there are other liens on the property?" IRS Tax liens, homeowner's association liens, and judgements that attach to a property are all things that can make a Knoxville short sales difficult. The main reason lenders are not willing to payoff other non-mortgage related liens is due to the fact they're already selling the home at a loss. Other liens can take a cut out of the proceeds, which is why most lenders will not approve paying of those liens with the short sale proceeds. With that being said, every lender is different and it can always be difficult to 100% say what they will and will not do. Read the rest of this entry »

Knoxville Short Sales – 3 Things That Can Hurt Your Odds At Short Sale Success

KnoxvilleShortSaleThere is no true rhyme or reason why some Knoxville short sale get approved and others don't. Still, there are certain things that can hurt your short sale odds from the very beginning. Here are 3 things that can hurt your odds of short sale success, and how to avoid them. Wrong Price One thing that can hurt your Knoxville short sale success is having your home set at the wrong price. The price must be "right" for all of the following parties: the lender, the seller, and the buyer. If the price is too high, buyers won't want to buy it. If the price is too low, lenders will not want to accept an offer.  Hire an experienced agent who will help you set the right price for you Knoxville home, and who knows how to prove the price to your lender. Read the rest of this entry »

Knoxville Short Sales Question: What Do Lenders Define As Hardship?

creditcardsIn our Ask the Expert Section, we recently received a question from Jimmy, he asks, "I'm in a tough situation. My wife stayed home after having our first child, and shortly after that, I had my wages cut. I've been able to keep paying my mortgage, but things have been tight. Our child has had some health problems which have caused us to have some high medical bills as well. I'm afraid of losing our home to foreclosure, and have thought about doing a short sale on our Knoxville home. I've read that lenders require "legitimate hardship" to approve a short sale. What exactly do lenders define hardship as?"

Lenders do not take approving Knoxville short sales lightly. If they are going to accept less than is owed on a home, they want to see that a short sale is last resort to avoid foreclosure. This is why you will hear lenders require "legitimate hardship" to approve a Knoxville short sale.

Lenders are willing to accept a wide-variety of reasons for hardship. Acceptable forms of hardship include: job loss, loss of income, illness, disability, relocation, military service, divorce, incarceration, increased monthly mortgage payments (ARM or interest only mortgages), or an increase in your monthly bills (from medical bills, etc.). Read the rest of this entry »

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