Knoxville Short Sales and Foreclosures – Why A Bargain Buy May Not Be For You

foreclosureBuying a Knoxville short sale or foreclosure is much more than just getting a great bargain. Buying a Knoxville short sales and foreclosures can be a slightly different process than a traditional home sales and can come with their own slew of problems, making them not for every buyer. If your thinking about buying a Knoxville short sale or foreclosure, here are a few things to consider before putting a bid on the bargain buy.

First, it is important to consider the role financing will play in purchasing a bargain buy. Some loans are a better option than others when buying a Knoxville short sale or foreclosure. Prior to buying a Knoxville short sale or foreclosure, be sure to talk with a loan officer about what options you may have to buy a short sale or foreclosure. The reason that it can be critical is some loans do better for these purchases than others. There can be certain requirements about the condition of the home or about when repairs can be done. Before putting a bid on a property, it is best to know what sort of requirements your loan program may have.

Next, it is important to remember that Knoxville short sales and foreclosures are sold “as is,” which means no repairs will be made. The condition of “as is” can vary widely. Generally, Knoxville short sales have been kept in better condition because someone has been living in the home. Foreclosures on the other hand can sit vacant for months and have not had routine maintenance done. Just be sure to get the proper inspections done, so you know what exactly you’re getting into. Oftentimes, Knoxville short sales and foreclosures will need more than just cosmetic work. They can have a whole host of bigger problems, like heating and cooling or needing a new roof. Just be sure you are prepared to make the necessary repairs.

Another thing to consider when purchasing a Knoxville short sale or foreclosure is to consider if it fits your buying needs. Are you willing to take on the necessary repairs to buy the home or are you just looking for a great bargain? Another thing to consider, particularly about short sales is if it fits into your buying timeline. In a short sale, the short sale lender is the one that truly determines a close date. If you’re in a situation where you need to close by a particular date, a short sale purchase may not be for you.

Finally, if you’re interested in buying a Knoxville short sale or foreclosure. It is important that you find an agent with experience with these types of transactions. Knoxville short sales and foreclosures are not your average real estate transaction, so it is important that you have an agent that can help you navigate through the process.

Are you looking to buy a Knoxville short sale or foreclosure this year? If so, please let us know if there is anyway we can assist you with your home search. You can contact Rick at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. You can contact Kati at 865-392-5880 or via email at Kati@KnoxvilleHomeTeam.Com. Also, be sure to check out our Knoxville Short Sale and Foreclosure Home Search Page to see what homes are for sale in the Knoxville area.