Fraud in Cosby, TN!

Fraud is one of those words that you don't just toss out there without cause. It is highly charged and accusatory but that is simply the way I feel. We recently picked up our 5th foreclosure property listing on the same small street in the Cosby community, about 15 miles east of Gatlinburg. Amet Way will go down in infamy as an example of the greed and excess that was so evident over the past several years. The 12 log-look homes on Amet Way sold for an average price of well over half a million dollars but at least 6 of these homes are now owned by the lenders and more are sure to follow.

While the Maranatha development entrance is very attractive the homes themselves are not very expensively built. They do however have one very remarkable feature. Every single home on this street has a large indoor in ground pool. Sadly, these large homes don't have any permanent arrangement for handling sewage. The story I've heard is almost unbelievable but it is the only tale I have to tell. Supposedly, the developer was going to put in a central septic system to service the entire development as a part of phase 2 of the community. In the meanwhile, the 12 homes in phase one must have their septic tanks emptied regularly because there are no field lines or any other method of handling these homes' waste water and sewage. How this was approved by the Cocke County administrators totally baffles me. Furthermore, the homes really should probably never have appraised for the values that they were sold for. I have been told that there are already lawsuits in process and more are threatened so this will likely be tied up in courts for the foreseeable future.

The moral of the story? As a buyer, make certain that everything you are promised is backed up in writing and that "must have" features are not relegated to a subsequent phase of construction that might never be completed. A lot of people have a lot of egg on their faces and this saga is far from over. If you want to avoid making a very costly mistake consider hireing one of our team members as a Buyer's Agent. We will work on your behalf and it won't cost you anything. For more about Buyer Agency, please refer to our website by clicking here. If you would like to view one of these very special homes please click here.


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