In the Sevier County area of East Tennessee the real estate market is anything but normal. Single family homes are plentiful and available but they are not moving off the market like they once were years ago. Overnight rental cabins, once again, are the hot ticket. And not just any kind of cabin, its the great deals that come along seemingly every 2-3 weeks and last even less. It's the foreclosures!
Preparing Yourself To Purchase a Cabin Foreclosure
There are many things that one must do in order to prepare themselves, or better yet, ready themselves to jump on these great deals as they present themselves. Firstly, get pre-qualified. I can't stress the importance of this enough. Quite frankly, I will not even consider working with a prospective buyer unless they are pre-qualified. This saves you and I valuable time. Understanding what you qualify for helps both you and I dial in a price range and avoid wasting time looking at property that falls outside of it.
Secondly, one must be willing to take some calculated risks. Make no mistake, I will never allow any client of mine to to make a decision or "take a risk" without providing every detail that I can so that an educated decision can be made. What makes this process risky at times is that many of my clients are from out-of-state and require an offer being submitted without ever stepping foot in the property. When these great properties hit the market my clients rely heavily on me to provide additional information, pictures, video beyond what is provided in the MLS listing. These additional photos and videos are quickly uploaded to my GOOGLE+ account and then provided to you in a link to view like shown here https://plus.google.com/101899558391991464334/posts
Lastly, when these great deals hit the market you must be prepared to move fast. This understandably can be very difficult for most Buyers as there is nothing like seeing and feeling for yourself. Unfortunately with our fast paced aggressive market, which is plentiful with qualified buyers, there is rarely time for carefully planned trips to the area in hopes of visiting the property before making an offer to the Bank.
Before you decide that this type of purchase is too risky and not for you, no worries, there are a handful of ways to write the contract which protect you and allow for an easy exit if you should get under contract and find that you do not like or want to go forward with the purchase. For more information on Cabin Foreclosures in the area and how to take advantage of them please contact me or comment below.