One of the Sevierville foreclosures that we were assigned last week is a very modest home near the Sevierville Post Office just off of Dolly Parton Parkway (yes, Sevierville is the original home place for Dolly!). When I visited the house to take pictures and begin the process of filing a Broker’s Price Opinion report, I was quite surprised to see that this home had been posted and declared abandoned nearly a year ago. Banks hire property preservation companies to inspect homes that have severely past due mortgages in order to protect the property. If a borrower isn’t paying the mortgage there’s a good chance that they have moved out and nobody is maintaining the home. This is especially important during the cold of winter when unheated homes can result in frozen plumbing and much unnecessary damage.
What makes this particular situation worthy of note is that the property was posted by the property preservation so long ago. I don’t really understand why banks are waiting so long to proceed with foreclosure but it does bring up a troubling question: How many more homes are just waiting to be placed on the market at some point in the future? My guess is that this isn’t a small number but I also suspect that the banks are only waiting this long on the very least valuable properties they have taken back. I certainly wouldn’t want to just sit on an attractive valuable home and leave it to just languish if I were the bank.
With new foreclosures coming in almost every day we will have a good inventory for buyers to pick from going forward. One of my favorite properties that isn’t on the market yet is a two bedroom, one bath log home in Wears Valley. Sitting on top of a nice ridge on a five acre lot this cabin has an excellent view and total privacy. It even has a small detached garage! While we don’t have a price yet I do believe it will sell quickly when we get the price. Stay tuned to this blog for updates but here is a picture of the Wears Valley cabin as well as some other “Coming Attractions”:
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