If you are facing foreclosure, then you have probably heard the term "short sale". What is a short sale? A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. In a short sale, the lender agrees to discount a loan balance because of a permanent economic or financial hardship on the part of the borrower. The key term is permanent in that definition. If your hardship is temporary, then it is unlikely your lender will approve a short sale.



There are a few terms you should make yourself familiar with if you want to truly understand what you're reading. Real estate listings usually have a finite amount of space, so many people use short forms and abbreviations to put as much information in as possible. Here are a few you should know.

Unfortunately, most real estate agents are not properly trained to handle the complexities of negotiating with a bank to successfully help the Knoxville home for sale. The agents are at a complete disadvantage as many do not even realize that they are in a negotiation with a trained troubleshooter whose job is to mitigate losses for the lender.

It may seem like a small thing, but I prefer an agent that returns calls. Leave messages with a few and see who gets back to you that day. Especially if you are selling a property you want an agent that returns calls promptly, so you don't lose a knoxville homes for sale with pool to a potential buyer.

You should also be sure to ask for an option, during which you can cancel the contract without fault. The contract form should contain a clause for this purpose, and you can usually get a ten day option (to allow you plenty of time to order and get an inspection) knoxville homes for sale by owner $50 to $100-and make sure to get an inspection. If anything comes up, you can usually negotiate further reductions or repairs during the option period. Remember, the inspection and renegotiation must take place before the option period expires. By the way, you should also stipulate that the option money applies toward your closing costs in your offer. Everything is negotiable.

A lot of times, I will use a LOI when I am trying to purchase an investment property for much less than the Seller is listing the property. I may also use a LOI if I am unfamiliar with the property and the area. I like to use a LOI in these cases to start the negotiating process while I do some due diligence work during the process.

Selling your home can be nerve-wracking. Deciding whether to do it yourself or whether to hire a real estate agent is a big step. Think carefully and answer all the above questions before you decide. The right selling strategy can save you a lot of Knoxville home for sale hassle, so choose wisely.