Golf Course Homes, First Time Buyers

A Guide to Understanding Short Sales and Foreclosures

The real estate industry is always evolving. In years past, distressed properties were few and far between. Now, the phrases, short sale and foreclosure are part of the real estate vocabulary, but sometimes, consumers are not familiar with what these types of property transactions are like.

A short sale is when the bank, who holds the mortgage on the home, agrees to take less than what the seller owes on the loan. Typically, the owner is behind at least three months on the mortgage payment, but they still continue to live on the property.

A foreclosure is when the seller has not paid mortgage payments and the bank who holds the mortgage goes through a legal procedure to take over the property to satisfy the debt. The home owner moves out and the bank becomes the owner of the property.

In this real estate market, consumers are inundated with information about how to purchase distressed homes for sale. People can score amazing Knoxville real estate deals because of the short sale and foreclosed properties on the market. The purchase of distressed real estate property is not, however, for the faint of heart. These transactions are more complicated than the traditional home purchase. The key to navigating through the short sale or foreclosure transaction is to find an experienced Knoxville Realtor who can help you through the process.

Some key things to know about short sales:

Purchasing a short sale property can take months and months longer than a traditional Knoxville real estate transaction.

The lender is in the drivers seat during the short sale process. Even if the seller accepts the buyers offer, the lender is the one who has to ultimately approve the offer.

Short sale property is sold as is. Typically, in a short sale transaction differs from a traditional real estate offer and acceptance procedure where repairs, allowances, or concessions are negotiated.

If you have questions about distressed real estate property in the Knoxville area, contact Judi Starliper. She can help with all your real estate needs.

If you are looking for Knoxville real-estate market, visit us at http://www.starliper.com

by: Starliper

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