Cabin foreclosures, bank owned cabins, short sales in the Smoky Mountains. Gatlinburg Cabin Foreclosures, Pigeon Forge Cabin Foreclosures, Sevier County TN Foreclosures in the Smoky Mountains
Jay Fradd - Smoky Mountain Realtor servicing Gatlinburg, Pigeon Forge, Wears Valley, Townsend, Sevierville, Cosby, and the Smokies!

Cabin Foreclosures and short sales in the Great Smoky Mountains (Gatlinburg, Pigeon Forge, Sevierville,Wears Valley)

Below is a list of cabin foreclosures and short sale cabins in the Smoky Mountain Area of Sevier County (includes Gatlinburg, Pigeon Forge, Wears Valley, Sevierville, Bluff Mountain, Waldens Cree, & Pittman Center). The list below is comprised primarily of log homes and cabins for use as investment property and/or second & vacation homes. For a list of permanent residences that are foreclosures or short sales please contact me by calling (865) 809-8600.

* Data obtained from the GSMAR (Great Smoky Mountains Association of Realtors) and KAARMLS (Knoxville Association of Realtors). Data such as the availability of properties is not guaranteed as accurate along with any price changes. A best effort is made to maintain the accuracy of this page, but is not guaranteed. The listings within this page belong to other Brokerages and Realtors within the GSMAR & KAARMLS. This data is for information and statistic purposes to evaluate the number of foreclosures on the market, the areas of foreclosed properties and the price trends of those properties.

 

 

Example Cabin Foreclosure Bargains in the Smoky Mountains:

Black Bear Ridge Resort Cabin Foreclosure in the Smoky Mountains. Pigeon Forge REO, bank owned, foreclosure cabinThis cabin (pictured to the left) is a foreclosure cabin one of my clients purchased located in Black Bear Ridge Resort in Pigeon Forge, TN adjacent to Wears Valley. The tax market value from Sevier County is $709,400. The log cabin sold furnished originally for $765,000 on March 7, 2006. The cabin then went into foreclosure. Once the property was listed in our MLS my cleint puchased the foreclosed cabin (which was unfurnished) for $293,000 on January 30, 2009. They paid approximately 38.30% of what the original owner paid in 2006 and 41.58% or $414,400 less than the tax value of the property! The cabin was a 6 bedroom, 6.5 bath cabin with 4,704 square feet - calculating at a sale price of $62.29 per square foot! View pictures of cabin as a foreclosure or rent the cabin now managed by Majestic Mountain Vacations.

This is one of the widest margins between the foreclosed sale value and the original purchase price, but there have been other similar sales within the market and current opportunities for nearly the same scenarios. See the Sevier County Courthouse tax record below for the details on the sale mentioned above.

For a detailed article about the differences between a short sale and foreclosure please view my blog.

The recent housing bubble bursting has had a notable effect on the investment cabin market in the Smokies. The cabin rental market has not been impacted as significantly as some of the primary resident markets across the nation, but an impact has been felt nonetheless. With bank owned and foreclosed investment cabins being listed for sale well below market value it has caused owners in good standing with their lender to be forced to drop their price to remain competitive in the market.

The majority of cabin foreclosures and short sales in the Gatlinburg, Pigeon Forge, and Sevierville areas are located within a few developments such as:

  • Alpine Mountain Village - Pigeon Forge
  • Bear Creek Crossing - Pigeon Forge/Sevierville Area
  • Black Bear Ridge Resort - Pigeon Forge
  • Brothers Cove - Waldens Creek area
  • Chalet Village - Gatlinburg
  • Covered Bridge Resort - Pigeon Forge/Waldens Creek area
  • Hidden Springs Resort - Pigeon Forge
  • Mountain Shadows Resort - Gatlinburg
  • Settlers Ridge - Gatlinburg
  • Sherwood Forest Resort - Pigeon Forge
  • Sky Harbor - Gatlinburg/Pigeon Forge Area

The above development listings are not inclusive of all areas with foreclosures, but are the developments where they are most prominent.

With foreclosed properties banks typically have a methodical process of dropping the price at a certain determined time and amount if the home has not sold. Banks do not want to hold onto properties for an extended period of time. They typically will not "give away" a property either though. Finding the perfect balance, knowing when to make an offer on bank owned property and their bottom dollar is something Jay strives to achieve when representing a client purchasing REO property in the Smokies.

Jay has access to and is a subscriber to the database of the leading source in the United States that tracks properties in different stages of foreclosure. This includes special software with databases informing him where a property is in each stage of the foreclosure process, who to contact, the amount owed on the property, location maps of the properties and much more! A brief example can be seen in the photo to the right (showing the foreclosed properties in the Smoky Mountains). If you are searching for a bargain on an investment cabin rental in the Smokies, Jay would be happy to work with you and provide his help during each process.

For information about foreclosures, bank owned properties, and auctions for a particular area in the Smoky Mountains please contact Jay Fradd at (865) 809-8600 for the areas below:

  • Gatlinburg TN Cabin & Chalet Foreclosures & Short Sales
  • Pigeon Forge TN Cabin Foreclosures & Short Sales
  • Sevierville TN Cabin Foreclosures, Bank Owned Homes & Land
  • Waldens Creek TN Cabin Foreclosures & Short Sales
  • Wears Valley TN Cabin Foreclosures, REO, and Short Sale Properties
  • Douglas Lake - Dandridge Area - Foreclosures and Short Sales
  • Jones Cove TN Foreclosures & Short Sale Properties
  • Blount County TN Foreclosures & Short Sale Property
  • Cocke County - Cosby, Newport, Parrotsville, Del Rio - Foreclosures, REO, and Short Sales
  • Sevier County Bank Foreclosures - Cabin and home foreclosures in the Smoky Mountains - Sevierville, TN

 

Gatlinburg TN Cabin Foreclosures including Pigeon Forge, Sevierville, and the entire Smoky Mountain region

View from Pigeon Forge Cabin Foreclosure in Sherwood Forest Resort

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