KNOXVILLE, Tennessee (WVLT)-If you're buying a home, you might be thinking about foreclosed properties.
"We are seeing a lot of foreclosures on the market, now is a driving force in real estate," said Greg Reynolds. Reynolds is a real estate agent with Envirian.
He says that while Knoxville was somewhat protected from foreclosures, they can still be found in any part of the city, at almost any price. "If you are willing to wait, leave everything to play through, there are some businesses out there. "But you're buying a distressed property that condition may be unknown, he said.
If you're going to buy, make sure you know if a closure could be included in an investigation, which could put your purchase in limbo. Too many foreclosed homes are auctioned or sold with an as-is the contract."Banks are less lenient in a lot of fixing. so you're buying what you see," he said.
But a little extra effort could save some money. Reynolds "If you're willing and able to reach and make settling, or you have someone to do it, there are some great deals out there," he said.
Heather Anderson is hoping to sell his Knoxville three-quarters home. "We've been on the market since August, "she said.In a few months, there was only one visitor.
"It's been a bit frustrating at least we would like to see some more people passing by to see the House," said Anderson.
Your Realtor says its a common problem for neighborhoods flanked by exclusion."If there is a House on the street three bedrooms, two bathrooms, the same square footage, and he is selling for $ 10, 15000 less than my obviously people will go and see it for the first time," she said.
"Foreclosures are affecting the price that you are able to get to your home," said Reynolds. He said evaluation values for almost all homes were affected by short sales and foreclosed homes.
"[Foreclosures] are supposed to be weighted differently, but they still affect the appraisal of your home," he said.
A moratorium on foreclosures could make things better in the short term, but may not have a duration. "He'll pull the foreclosures off the market for a while, but most people realize that foreclosures are turning into ".
Anderson is optimistic that your home will find the right buyer, eventually. "We worry about how long it will take. Have friends who've said that their homes were in the market for eight months before they finally sold ".
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