Recently, the Cookeville TN real estate market has begun to see a few short sale properties listed. While these are still fairly uncommon in Cookeville, I do occasionally have buyers ask me about them.
This increase in short sales in presents some challenges as well
as many opportunities for both buyers and sellers. But before you
jump into the Cookeville TN short sale market, you need to be
aware of the dynamics, the pros and cons of short sales.
The difference of short sales and foreclosures is the involvement
of the home owner in the short sale transaction. Whereas in a
foreclosure, the bank has repossessed the home from the owner
and usually will sell the Cookeville TN home in “as is” condition.
The advantage of buying a short sale over a foreclosure is that
since the owner usually still lives in the home, it is still well-taken
care of, the items are still working (heating, plumbing, etc) and
most often still in livable conditions or ready to move into. This
is an advantage for the buyer who could also assess the property
and possibly negotiate for the repairs if necessary.
Speaking of negotiations, this is another advantage that a short
sale offers over a foreclosure. In a short sale transaction, the
buyer can negotiate with the owner of the home for concessions
like repairs or closing costs. Sellers or lenders, are more willing
to negotiate with short sales since their main goal is to avoid
foreclosure, which has a bad impact on their credit score. Also,
a lender will lose more if the Cookeville TN home goes into
foreclosure, so they are highly motivated to push for a short sale.
A buyer could also get additional items from the homeowner
who will include those in the sale of the house like a dishwasher,
dryer, or other household items.
TIP: In cases where sellers promise to include a few household
items with the sale of the home, make sure they put this in
writing and have them sign an addendum outlining specifically
which items they will leave behind. This will ensure that you avoid
problems with this in the future.
Short sales in Cookeville TN could be challenging but if you
understand the short sales process, you could use all these to
your advantage as a home buyer. It would also be best to consult
with a Cookeville TN real estate agent to help you through the
short sale transaction.