Although the quantity of Smoky Mountain foreclosures has fallen significantly, there are still some new foreclosure properties coming on the market in Gatlinburg, Pigeon Forge, Sevierville, and the rest of the Sevier County area. For buyers, this is a good thing as it provides properties that can be purchased very affordably, but for sellers it is quite the challenge. This is particularly true if the new foreclosure is just next door as it is for one non-foreclosure home I hope to sell soon. Why would anyone consider a higher priced non-foreclosure home if a very similar foreclosure property just down the street is offered for sale at a much lower price? There are several good reasons:
- Foreclosure properties almost always have some deferred maintenance that buyers must contend with, while non-foreclosure properties are usually maintained better. Sometimes the deferred maintenance causes really significant expenses that cannot be foreseen by potential buyers.
- Foreclosures rarely have a full set of furniture and decor items while the non-foreclosure properties may be being sold fully furnished and ready to rent.
- The bank that owns a foreclosure property knows next to nothing about it so there is nobody available to provide any information about what has been done or what needs to be monitored.
- Often the bank may not get the pricing right and sometimes the foreclosure property isn’t the bargain that it may at first seem to be.