First off, you might be thinking, Troy is losing it. Zombie property? But it is a real term used in the industry. A “Zombie Property” is any property that has started the foreclosure process, but never been foreclosed and the homeowner has vacated the property.
Does Knoxville have any “Zombie Property?” Of course, the nationwide numbers are too large to spare Knoxville. According to RealtyTrac, nationally, zombie properties totaled 141,406 in the 2nd quarter of 2014. This accounted for 21% of the properties in foreclosure. Another interesting statistic that leads to zombie properties is that 1 in every 5 foreclosures has been vacated by the homeowner before the foreclosure has even been completed.
The lenders with the most zombie properties on the books are Wells Fargo, Bank of America, Chase, and US BankCorp.
So now you don’t have to be scared of a “Zombie Property”. Who knows you might even get a great deal on one!
For help in finding a great deal on a home in Knoxville, contact me, Troy Stavros with Gables & Gates, REALTORS to setup a time to talk and formulate a plan.