Home Buying in Gatlinburg>Question Details

Jo Anna Rice, Home Buyer in Beech Grove, IN

I am thinking of buying a condo in the Gatlinburg, TN area. I will want to pay cash. What are the benifits of a cash sale?

Asked by Jo Anna Rice, Beech Grove, IN Mon Jul 11, 2011

I haven't decided if I will sell my current home right away and use the condo as a vacation home, or move there as soon as possible. Is a foreclosurer a smart avenue to look into? I saw a condo I'm interested in, but the listning states it is a foreclosurer.

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You should talk to your financial advisor on what is the best way for you to aquire the new property. Remember that condo's in this area are mainly used as vacation rental properties. You will need to look closely at any condo complex. The financial documents, the board of directors , and the number of foreclosures the complex has had.
0 votes Thank Flag Link Mon Jul 11, 2011
A CASH offer is a stonger offer; if you are competing with multiple offers, it will make yours look better.
It can also mean a shorter Escrow and you won't have a LOAN CONTINGENCY.
If it is your principle residence, you will the Tax deductability of the interest on the loan.
It will mean more EQUITY in the property which might serve you down the road.
If your Equity is at least 20% you won't have PMI

Foreclosures are generally 20-30% cheaper than "regular" sales, but they ofter need some repairs.
The neighbors like it when a Foreclosure is bought because the yard has been neglected

Don't forget, that with a Condo, you get an HOA in the deal. (I am not a fan of HOA's). If you are thinking about this, go out to the complex, walk around and meet residents and ask them about living there and the HOA. Never more important than this senario.

Please contact a local Realtor to protect and guide you.

Good luck and God bless
0 votes Thank Flag Link Mon Jul 11, 2011
Cash sales can close faster and "sometimes" you can get a little better deal.... "Sometimes" But keep in mind, all deals are cash at closing to seller.

Brenda Jolly
Real Living Southland
Web Reference: http://www.brendajolly.net
0 votes Thank Flag Link Mon Jul 11, 2011
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