Knoxville Short Sale or Foreclosure Which Is Easier To Buy Part 2
I have been sharing with you tips and tricks in order to get “Your Deal” on a home in Knoxville. One thing that is common in getting a deal is having patience. It doesn’t matter is it is A Knoxville Short Sale or foreclosure. I explained this to all my buyers and the ones that hang in there always end up doing very well on their purchase.
I recently sold a local banked owned home at 1504 Lakeshire in West Knoxville. This home was a foreclosure by a local lender that needed a great deal of work. But instead of putting the home on the market in terrible condition. The lender decided to put some money into the home and update it so it would compete successfully when they put it on the market.
They updated and replaced the carpeting, kitchen, and bathrooms. They did a really nice job in fixing this home. But what they really did was price it to sell by putting on the market for $130,000
The next thing you know there are 4 offers on the home. When this happens the lenders make you sign what is called a multiply offer form. They want you to know there is more than one offer to consider and want you highest and best offer. So I went back to my buyer and we wrote an offer for $135,000 and submitted to the bank. Well unfortunately we didn’t get the house because someone wrote an offer higher. We were disappointed and continued to look around but I styaed in tough with the other agent. Because there where inspections to be done and you never know what could happen.
Well about 10 days later I got a call out of the agent telling me the other buyers walked away. She was calling everyone to know it was back on the market. So i called my buyers and we submitted our $135,000 offer again. Well sure enough more than one offer came in again and we were back in a muliply offer situation.
My buyer didn’t fool around this time they wrote $140,000 offer got the home. We did our home inspections and found a few minor issues that the bank fixed. They make a great buy on a basement rancher in West Knoxville just for being by being patient.
If you are looking to find your “deal” let’s talk. I can help you call me at 865-696-9002 or email me Rick@TheBigorangePress.com