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For some reason, many foreclosures and short sales are not under the foreclosure / short sale section in the database.  We can do a manual search for you.  Contact us today!

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Disclaimer

All information contained herein deemed reliable but not guaranteed. Buyers should personally verify all information.  This REO list of land foreclosures and short sales were gathered from the Smoky Mountain's MLS database.  This REO list is updated several times a month. This foreclosure list being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.  We tried to identify as many as we could but we may have missed a few of them. You do not have to work through us to purchase any of these REO properties.  You can either go through the listing agent or any agent of your choosing.  Looking for a Pigeon Forge short sale or Gatlinburg land foreclosures?  We will try to keep this list as up to date as possible.  If you would like to work through us, simply call or email us today!

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Our definition to a "Short Sale": 

A "Short Sale" is a pre-foreclosure.  It is when a seller can no longer afford their home and can prove to the bank their financial hardship.  The bank will review their situation and then approve/disapprove a short sale in lieu of foreclosure. 

 

The bank then agrees to a price.  In a true short sale, the seller will make no money in the sale.  The bank accepts a huge loss and will agree to let the seller out of their obligation to them.  The asking price is usually a pre-determined starting point.  We tell our clients to expect multiple offers and to treat an offer like you would in a silent auction.  The bank will usually look over all the offers over a period of time.  They then typically choose the best one.  Sometimes it is a choice over price and others are over; time to closing or amount of contingencies in the contract.  A buyer needs to put in their best offer.  Counter offers are extremely rare.

 

You should only consider a short sale if you are extremely patient.  A seller can say yes to an offer but the bank can take a month or so to respond.  Banks take their time, hoping for better offers to come in.  The last short sale offer we submitted took two days for the seller to agree and one and a half months for the bank to agree.  Calling the agents, the seller and/or the bank will not speed up the process.  You can get an amazing deal with a short sale but only if you can wait. 

 

The bank will do their own appraisal of the property.  The asking price can actually go up.  You will not know if the deal will go through or not, all the way to the day of closing.  Again, patience is the only way to get one of these deals.

 

I hope this helps.  I probably just confused you further. 

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David and Autumn Hackney are Members of:

 Great Smoky Mountains Association of REALTORS ®

Tennessee Association of REALTORS ®

National Association of REALTORS ®

David Hackney is a Member of:

Knoxville Area Association of REALTORS ® MLS

Gatlinburg TN Cabin and Chalet Foreclosures
Pigeon Forge TN Cabin Foreclosures and REO Property
Sevierville TN Cabin Foreclosures - Bank Owned Homes

Article 10 of the NATIONAL ASSOCIATION OF REALTORS® Code of Ethics. Article 10 imposes obligations upon REALTORS® and REALTOR-ASSOCIATES®, but it is also a firm statement of position and philosophy on housing opportunity for all people.

 

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