Each week, like many newspapers do, our local Mountain Press, provides a list of all of the previous week’s real estate transfers. In yesterday’s edition, there were 36 transfers which made me long for the good old days of a few years ago when the weekly transaction count for Gatlinburg area real estate was much higher. Speaking of the good old days, remember when banks generally were involved only as lenders in real estate transactions??
Although the newspaper’s list of real estate transfers doesn’t provide the lender’s name, the interesting fact is that in this week’s list bank names were all over the page, both as buyers (generally meaning new foreclosures that have been completed) and as sellers (almost always a reflection of the disposal of property that they had foreclosed upon previously). If fact, out of the 36 real estate transfers Sevier County had last week, 17 had a bank as either the buyer or the seller. Of those 17 transactions that involved a bank as principal, 11 were new foreclosures and 6 were sales by the bank to a non-bank buyer. The market for Gatlinburg foreclosures continues to be strong and many properties that are owned by banks are priced to sell very quickly. For a free complete (and current) list with photos and prices of all the foreclosures currently listed by any member of our Great Smoky Mountain Association of Realtors, please click here but be patient, as it takes a while to load the complete list. For assistance in determining which Gatlinburg, Pigeon Forge, Sevierville or other local area foreclosures are the best buys, please contact us!