What Does It Take So Long To Close A Short Sale In Knoxville??
This an GREAT question that I’m asked all the time by buyers and sellers of Knoxville homes that are involved in a Short Sale.
While short sales offer homebuyers discounted deals, they also create headaches for bargain shoppers.
Knoxville Short sales often require several months to close. Why is that?
First, lenders – banks and mortgage companies – must review the request for a Knoxville area short sale and dig deep to verify that a homeowner truly can’t pay the mortgage. If a lender agrees to a short sale, it also agrees to take a loss on the loan.
With massive increases in the number of Knoxville foreclosures and Knoxville short sales, lenders across the United States fight just to keep up with the paperwork.
The lenders are overwhelmed with Short Sales right now. Any many of these lenders change the rules all the time on what paperwork they need to process a Short Sale. I have found that lenders lose the paperwork that I send to them all the time. So we have to resend it in many cases 2 or 3 times.
Buyers and sellers become discouraged because they are dealing with Realtors who are inexperienced at processing Knoxville Short Sales. They are not updated in the process and never know what is going on from week to week with the transaction. So all parties get upset with many buyers walking away from the transaction because of the inexperience of the agents involved in the process.
Most Realtors don’t like short sales and don’t want to mess with them because of the paperwork involved and all the follow-up. But that doesn’t make them bad Realtors it is just an area of the business they don’t really care to deal in now.
Personally it is an area of the business that I enjoy because it gives me a chance to help Knoxville Home Owners who are having difficulty with their mortgage. I have invested the time to learn all the options that are available to Distressed Homeowners in Knoxville. By having my CDPE Designation I’m able to keep up on all the changing trends in the market place. Which enables to advise Knoxville Home Owners on the best options to them if they are having trouble keeping up with their mortgage payments.
If you are a Knoxville area seller who is having trouble keeping up with your mortgage contact me my service to you are FREE. Call me at 865-675-8326 or email me at Rick@TheBigOrangePress.com