How to Profit with Gatlinburg Real Estate Regardless of the Economic Environment
There has been a remarkable amount of press over the past couple of years about the generally weak condition of real estate markets around the country. I’ve even contributed to that by regularly posting about the lackluster status of our own Smoky Mountain real estate market here in the Gatlinburg area. There is however a way that investors can make money on real estate investments here in Sevier County.
One of the frustrations in being involved in the foreclosure industry is that we can’t purchase our own listings. This is because the listing banks consider that to be a conflict of interest and I do understand their concern. A real estate broker with a lack of morals could talk down a property discouraging potential buyers from making an offer over time forcing the price down until it was attractive to the broker to buy for him or herself. There is however for anyone (other than myself) an excellent opportunity to take advantage of the bank’s unwillingness to deal with uncertainty.
Here is what I am talking about. Most of our local foreclosure properties are cabins and chalets. Because the deeds of trust don’t cover the contents of these properties the former owners are fully entitled to remove those contents (furniture, appliances, decor) from the cabin or chalet before the bank takes possession of the property. The bank does not get to keep the contents and these houses are worth MUCH less without the furniture, appliances, and decor items than they are with these contents. Because the bank is unwilling to replace the furniture these cabins and chalets sell at a sizable discount to what they would sell for with the contents. Interestingly, the cabins that sell without furniture are sold at real fire sale prices, much more than the value of the missing interior items. Remember that asking prices are just that and are always subject to some negotiation. You can purchase these Gatlinburg and Pigeon Forge foreclosure homes at prices that are low enough to allow for the replacement of the missing contents and still make a profit:
If you would like more information about any of these Sevier County properties please let us know.