Foreclosures in Knoxville Tennessee Are they always a good deal?

by Nancy Sartin Realtor Exit Realty Knoxville

Foreclosures are usually thought of as a good deal. But sometimes...things aren't always what they seem to be. Most foreclosures require some to a lot of work to be done to be moved into. I have seen everything from bath tubs that have been smashed by a sledge hammer to all the electrical wiring taken from the house to heat and air units destroyed or stolen to move in ready homes in the foreclosures. Depending on the repairs to be made, I find that sometimes it is better to purchase a home that is already in move-in shape and not have to deal with the banks. Here are a few things that I have found to be true in my experience as a selling agent to foreclosures:

1. The banks will not usually do any repairs.
2. Most homes need at least cosmetics and minor repairs
3. Sometimes the bank has not completed the necessary paperwork to transfer the property into the name of the bank before it is listed on the market. (In one such instance a cash sale took two months to close).
4. If you are able to do the work yourself, you can probably get a good deal, but don't try to do an FHA loan, be prepared to do a conventional loan.
5. If the property is really a good deal, expect others to realize that as well and to have to make your "highest and best offer" which is sometimes aboe the list price if you really want the house.

Though it may sound as though I am discouraging the purchase of foreclosures, my goal is to actually have you think and be prepared when considering foreclosures. Because the following is also true.

1. THERE ARE GOOD DEALS IN FORECLOSURES, JUST BEWARE OF THE POTENTIAL PITFALLS.
2. Make sure the agent you work with has sold foreclosures in the past so that you are more likey to get your offer accepted.

View foreclosures in the Knoxville area now.