Weighing Risks And Rewards When Buying A Knoxville Short Sale

Bargain-TapBuying a Knoxville short sale can be a high risk or reward situation, depending on the situation. Here is a look at some of the rewards and risks that come with buying a Knoxville short sale.

Knoxville Short Sale Risks

Knoxville short sales are sold “as is,” meaning that no repairs will be made by the seller or the seller’s lender. Short sale homes can come with their own share of problems, ranging from major to cosmetic.

Knoxville short sales can take a long time to complete. The close date depends on how long the lender takes to approve the sale. Short sales can take anywhere from 4 to 6 months or more to complete. In addition, there is no guarantee that the short sale will be approved, so a buyer can spend months waiting for a sale that will never close.

Knoxville Short Sale Rewards

Knoxville short sales can have deeply discounted prices. Buyers are able to buy a home for significantly less than other homes in the area. The money saved can be used to make repairs on the property.

Knoxville short sales can be a great investment, depending on the condition that the home was left in. Depending on the home, buyers can buy a home for significantly less, make the necessary improvements, then sell for a good profit.

How To Minimize Risk When Buying A Knoxville Short Sale

Knoxville short sales can be a great bargain if they are priced right and depending on the condition that the home is left in. Keep in mind, not every short sale is a great bargain. But, with the help of an experienced agent, they can help you determine if the price is at fair market value, depending on the condition of the home. If you are truly interested in buying a Knoxville short sale, be sure to consult with an agent that has dealt with short sales before.

Are you thinking about buying a Knoxville short sale this year? Please let us know if there is anyway that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. Kati can be reached at Kati@KnoxvilleHomeTeam.Com. Also, be sure to check out our Knoxville Short Sale Search Page.