Knoxville Short Sale or Foreclosure Which Is Easier To Buy Part 3
We have been talking about getting a “deal” on a Knoxville Area Home. In my post 1 we talked about a short sale and post 2 we talked about a foreclosure from a local lender. Both of these buyers were involved in multiply offer situations and because they had patience they ended up buying their “Knoxville Deal” just because they hung in there with me. I find that many of these distressed property sales many times end up selling to the second buyer because the first buyer for whatever reason just walked away. If you do find a home you want to buy but end up losing out to some else hang in there with it. Continue to look at homes but stay up to date on the progress of the first home. Sometimes things do work out for you.
My third buyer was looking for a property with acreage within 30 minutes of Knoxville. We were searching for homes and the home at 1402 Carpenters School Rd in Maryville came on the market. This home was a Fannie Mae REO which automatically means you are dealing with the government and plenty of paperwork. Fannie Mae normally has their homes in pretty good shape when they hit the market. They offer HomePath financing on their homes which means you can buy with as little as 3% down. Nice program that I haves used a few times for my buyers. They also run specials offering to cover closing cost from time to time.
This home was priced very well at $283,000 the previous owner paid $375,000 in 2008. The home is on 5 acres and was in pretty good shape. Once again because these type of properties are usually priced pretty aggressively more than one offer came in at a time. We got the multiply offer situation form signed it and submitted our highest and best offer. Fortunately this time we were the successful bidder. At the time of this post we are still waiting to close on this home in a few weeks.
I guess their are a few things you have to remember if you want to buy this type of home and be successful. First be patient many times if there are more than one offer on a home and you lose out many times the first offer doesn’t work out. Second get in touch with a good Realtor they can make a difference in helping you be successful in buying your home.
There really isn’t that much difference in the buying experience of a Knoxville Short Sale or Foreclosure. They both take time and patience…If I can help you in anyway with the purchase of “Your Deal” call me at 865-696-9002 or email me Rick@TheBigOrangePress.com