Gatlinburg Real Estate Blog

In last week's Mountain Press Newspaper, 17 out of the 36 recorded real estate transactions (this is ALL sales including fsbo and builder direct units) involved a bank either foreclosing or acting as the seller of the property.  Today's newspaper reports a total of 48 transactions with 20 of those featuring a bank or other lender acting as a principal (not merely making a loan but actually being the buyer or seller of the property).  For those of you keeping score at home, this week's performance is better in two respects.  Obviously 48 sales is 33% more than last week's 36 transactions and because only 20 of this past week's 48 sales involved banks that percentage is down (which is certainly a good thing).  These bank totals don't however include short sales so the actual number of distressed sales is probably a little higher.  Hopefully better times are ahead as is possibly indicated by last month's increase in our market's average sale price.

In last week's Mountain Press Newspaper, 17 out of the 36 recorded real estate transactions (this is ALL sales including fsbo and builder direct units) involved a bank either foreclosing or acting as the seller of the property.  Today's newspaper reports a total of 48 transactions with 20 of those featuring a bank or other lender acting as a principal (not merely making a loan but actually being the buyer or seller of the property).  For those of you keeping score at home, this week's performance is better in two respects.  Obviously 48 sales is 33% more than last week's 36 transactions and because only 20 of this past week's 48 sales involved banks that percentage is down (which is certainly a good thing).  These bank totals don't however include short sales so the actual number of distressed sales is probably a little higher.  Hopefully better times are ahead as is possibly indicated by last month's increase in our market's average sale price.

Because they are in such demand, at this point, we sell primarily foreclosure properties in our Smoky Mountain real estate market.  By the grace of God, I saw this current situation coming early and built relationships with several of the larger institutions that manage foreclosed homes here in the Gatlinburg area.  In fact, my first exposure to our local foreclosure home market was in 2005 when I started listing REO properties.  Although I only sold a few foreclosures in 2005 it has become a huge part of our business.  In fact, the majority of all of my 2009 sales were bank owned properties and that will unfortunately likely be the case in 2010 as well.  I say unfortunately because the business is a little hard on the stomach.  There is nothing in my work day quite as unpleasant as having to tell someone that the home that they once owned is now owned by the bank and that the bank would like them to leave ASAP.  A conversation that begins "Mrs. Smith,...

Because they are in such demand, at this point, we sell primarily foreclosure properties in our Smoky Mountain real estate market.  By the grace of God, I saw this current situation coming early and built relationships with several of the larger institutions that manage foreclosed homes here in the Gatlinburg area.  In fact, my first exposure to our local foreclosure home market was in 2005 when I started listing REO properties.  Although I only sold a few foreclosures in 2005 it has become a huge part of our business.  In fact, the majority of all of my 2009 sales were bank owned properties and that will unfortunately likely be the case in 2010 as well.  I say unfortunately because the business is a little hard on the stomach.  There is nothing in my work day quite as unpleasant as having to tell someone that the home that they once owned is now owned by the bank and that the bank would like them to leave ASAP.  A conversation that begins "Mrs. Smith,...