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Foreclosure in Knoxville : Real Estate Advice

  • All490
  • Local Info34
  • Home Buying155
  • Home Selling34
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Activity 17
Fri May 5, 2017
Oliviaoliasani asked:
Mon Mar 2, 2015
Tim Moore answered:
Why would you want it to be a rent to own? They add more $$$ to each months rent with those so they are even more expensive if you can find any at all. They are rare because they don't work and renters lose their deposits and seller cant sell them because the renters can never get a loan to be able to buy it.

I suggest avoiding them and buy only when you can actually get the loan and not hope you can get a loan in a year from now.
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Sat May 12, 2012
Tina Mounger answered:
http://justlistedknoxville.com/rural_farmhouse_with_small_acreage.htm this link might work
0 votes 8 answers Share Flag
Sun Mar 20, 2011
marty hartsell answered:
It isn't a REO if it hasn't been foreclosed on. Have a local Realtor pull up the court records to see who the owner of date is. If may have had a 2nd loan on it and that bank bought it at the auction. marty ... more
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Sun Aug 29, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
The answer is it depends. If there is mortgage insurance or if the loan is a fha or va loan the property may be transfering from the lender to the company who insured the loss if it was foreclosed. This can take time! FHA loans can take as long as a year. It all depends on the title and the condition of the propety and if the occupant needs to be evicted or not.

The other major issue that may delay the process of listing the property is the invester may market their own real estate and thus there is a hand off which may delay the process. This typically only takes 30 -60 days. However, if the investor has a asset manager do the work for them that may add compexity to the process and of course delays.

The last thing can happen is if a bank is acquired during these unusual times the property could get lost for a while before they figure out they need to sell it.


Keith Manson

First Weber Group

Certified Distressed Property Expert
Metro Milwaukee
http://www.milwaukeebailout.com
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Mon Apr 5, 2010
Heidi Hornick answered:
I hope all worked out for you.

I do want to clarify for future reference that you can, indeed, put a contingency in that requires that your home must sell first before moving forward on your offer. Most folks will accept that offer with that contingency. However, in the state of Tennessee all offers must be presented until the final signature at closing and the seller can accept another offer and you leave you sitting there, still waiting to sell your home.

But I hope that you are able to sell your home and purchase that one. That would be great!
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Fri Mar 19, 2010
Robin Coons SRES, CRS, ABR,SFR answered:
What I have learned is most lenders will allow you to extend the contract once and if more time is needed they will charge a fee. I had one that allowed an extra three weeks and thereafter $100 per day. ... more
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Fri Mar 19, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
This is a program that is being done by FNMA and FHLMC to ease the burden on the people being foreclosed or the tenants. In my opinion, to many people making decisions , that have put it all together. If a property is listed, they should not be renting it. I would try to escalate it to try to get a decision on your offer. It might not work, but they should know they are renting properties they have offers on.

See the attached link about the program: http://www.freddiemac.com/news/archives/servicing/2009/20090130_reo-rental.html


Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee
http://www.milwaukeebailout.com
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Thu Mar 18, 2010
Roger Bequette answered:
If your property was foreclosed and the holder of the loan recieved more at the sale then the amount of the loan and any legal and administrative fees, then that excess money is due to you just as if you had sold the property and paid the loan and any closing cost. If that is the case please contact a legal professional to find out your rights ... more
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Fri Jul 17, 2009
Lance Gatlin answered:
Hi Cheryl. There are definitely homes that are available depending on what you qualify for. I would love the opportunity to work with you and help you find what you are looking for. If you are interested you can call/text me at 865-654-5192 or email me at kerryLdavidson@aol.com with more about what you are looking for and I will get you some information. Thanks and I hope to hear from you. ... more
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Fri Jul 3, 2009
Don Tepper answered:
Tue Apr 28, 2009
Mary Kidwell answered:
I see that several agents have already given you a lot of good information regarding foreclosures and how to find out more about them. I have a link to foreclosures on my website that does not ask you to give more information. Of course, if you want you can ask for it but my site will give you enough information (including the MLS #) about the property and if you want even more, you can search many sites with the MLS #.

Foreclosed listings already have a commission set (regardless of whether it is only the Listing Agent or a 2nd, Buyer's Agent involved) when listed and it is in your best interest to work with a Buyer's Agent when deciding to write a contract. A Buyer's Agent can keep you informed of new foreclosures and often has inside information regarding homes at risk of foreclosure but not actually in foreclosure. Find a Realtor that you feel comfortable working with and they represent you well.

Here is a link to my website if you would like to see foreclosures in the area.

Mary Kidwell
The Real Estate Market
865-357-7070
865-603-2706
marykidwell@comcast.net
marykidwellhomes.com
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0 votes 5 answers Share Flag
Mon Apr 6, 2009
Bob Evridge answered:
The real answer to this is, "It Depends."

You live in the same development so you know what the neighborhood is like. If you were looking for a place to rent would you rent there?


What would the purchase of this place do to your cash reserves? What would happen if you were unable to rent it for a month or two.

Do you really want to be a landlord? There are a lot of duties and responsibilities involved. There is more to it than collecting the rent every month. Are you prepared for the phone calls when the water heater starts to leak or the heat doesn't work? What about when the neighbors complain about the noise?

Financing is different on income producing property. You need to talk with a lender before you go any further. Sometimes interest rates are higher. Depending on the lender, there may not be as much flexibility in putting closing costs into the loan. In addition, with the current climate in the financial world, lenders may want more money up front for a down payment than in the past. I repeat, talk with a lender before going any further.

If you should decide to pursue this I have some tips for you that I learned the hard way which I would be happy to share.

Best Wishes,
Bob Evridge
Dream Facilitator
REALTOR®, Broker, e-PRO,GRI
Hop Bailey Co.
310 Forest Park Blvd
Knoxville, TN 37919
"The Extra Mile Is Never Extra"
865-660-0198 DIRECT
865-684-4899 FAX
MailTo:Bob@BobEvridge.com
http://www.BobEvridge.com
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1 vote 1 answer Share Flag
Mon Jan 19, 2009
Keith answered:
Wed Oct 1, 2008
Brenda Jolly answered:
Hi Dick, I checked on this and nothing shows for sale currently at this address on our MLS website. How long has the sign been up? I can provide you with tax information and lot size, last sale date, price, etc but if it is for sale by a real estate company, they have not yet entered it into the system. Tell me what you need to know and I will be happy to help you out. you may email me directly at brenda@knoxvillefindahome.com. I actually used to live on Pine Grove (for 10years) and am familiar with this address. ... more
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Tue Jun 17, 2008
Susannah Dunn answered:
Okay....I spotted the property and RealtyTrac is the site that has it 'listed. I do not have an address for the property so I cannot give you any info as far as what the owner paid. This is a REO (real estate owned) property and without knowing any more details...I suspect the bank is in process of getting this property ready to sell. More than likely it will be listed with an agent, at which time....we will know the address, etc. Would you like for me to watch new listings on this street? ... more
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