Knoxville Short Sale or Foreclosure Which Is Easier To Buy Part 1

KnoxvilleForeclosuresI recently wrote 3 posts about finding “Your Knoxville Real Estate Deal” . I thought I would share my experiences with 3 different buyers I sold homes to in Knoxville. One was a short sale, one was a local lender bank owned home, the other was a Fannie Mae owned home. All 3 were very different experiences for each one of my buyers with successful outcomes.

The first one was a short sale on a home located at 416 Country Run. I had previously listed and sold the home last June to another buyer. This home had a mortgage on it with BOA it was an FHA mortgage. FHA short sales are alittle more detailed than a normal short sale because they required paperwork than others. We had originally written an offer for $140,000 and after a bunch of back and negotiator with BOA we ended up at $149,000. At this price this is still a very good buy for this home even though it needed some work. We went back to the original buyer and gave them a counter of $149,000 and after much thought they decided to pass on it.

We had a list of people interested in the home so we put it back on the market again. Started making calls to people and telling them it was available again. After a few days we had 3 offers on the home. One of the original buyers who had interest in the home ended up buying it. he had called me every couple of weeks just to check in and see if anything had happened yet. As I tell many people just hang in there because many times the second buyer will end up buying one of these homes just by having patience.

This was a successful outcome for my buyer because he was patient and hung in there through out the 4 month process. You will find if you are wanting to buy a distressed property most of the time have patience will work out for you in getting a deal. If I can help you find a home give me a call at 865-696-9002 or email me Rick@TheBigOrangePress.com