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Hello - My sister and I live in Michigan and inherited our father's home, a walkout ranch on Lone Mountain in Lone Mountain Shores, Tazewell TN. Lone Mountain Shores is an association community but our home is just outside of the association, so its restrictions and dues to not apply. The home sits on 3.68 partially wooded acres with an additional 2.88 acre lot adjacent to it that we would like to sell together. The mountain views are breathtaking from every room and in addition, the 5 plus acres are on 700' of frontage on Norris Lake Reservoir. Because the home sits high enough on the mountain for terrific views, the water frontage is on somewhat of a steep decline, but certainly accessible. Five miles from driveway to driveway, is Woodlake Golf Club, a Par 72 Championship Golf Course - called "one of America's best new courses" by Golf Digest in 2000. After reading your posting, I thought this might be something you would be interested in. I'm not a realtor but we're looking into listing the home soon. If you would like more information or photos, please email me at dmswanson@comcast.net or call me at (616) 897-4947.

I know of a foreclosure on Douglas lake but it has so much structural damage that it will take between $75000 and $150,000 to make it a home of comparable value to homes in the neighborhood. So it depends if you are looking for a fixer-upper or move-in condition home. Most foreclosures are fixer-uppers and will require quite a bit more to bring up to code or be in move-in conditon. If you don't mind going further out from the city (30+ miles), you can find properties near or on the water for under $200,000 that might be in better condtion.

Many Buyers feel that now is the time to buy a foreclosed home. However, in most cases, mortgage companies have not lowered the amount that is due on the loan and they want the best and highest offer. So, just because someone is being foreclosed on doesn't mean you will get a great bargain. Often, these homes have been damaged by the owners or renters and require lots of work. It all depends on how much equity the previous owners have in the home and how willing the bank is to get rid of the loan.

Sometimes, you can purchase a home in foreclosure as a short sale. Basically, this is where the bank is forgiving some of the mortgage amount owed by the Sellers and they still have the right to sell the property at a lower amount than what is owed on the property. It is a bit complicated to explain here, but you can google 'short sale' and get all the info you need. A Realtor can locate these homes available as short sales if they are listed as such on the MLS.

If you'd like more information, please feel free to call or email me.

Sincerely,
Mary Kidwell
The Real Estate Market
865-357-7070
865-603-2706
marykidwell@comcast.net

Dear Steve:

I have to agree with Mr. Bob Evridge regarding foreclosures. I have shown numerous foreclosures to varies buyers and I have got the same reaction, "way to much damage." The foreclosure's that are in the high end are few and far between in our area. However, there are a number of nice lakeview homes in our area that are in your price range. Here are a few MLS numbers for you to get started with: http://public.kaarmls.com/deboraharace 649927, 649977, 658673, 655164, 648416, 648646.

Thank you for your time,

Deborah Arace
Century 21 Howe Realty & Auction
800-337-9356 http://www.c21howe.com

Steve,

There is a magical myth that one can get a real steal in a foreclosure. I think that may be true in some parts of the country. The foreclosures I have seen in Knoxville rarely would qualify for "steals." Here is why.

Knoxville has a very diversified economic community. While we have suffered somewhat due to the economic condition of the country, it is my opinion that Knoxville has not been hit nearly as hard as other parts of the country. Therefore the quality of the foreclosures do not tend to be as high as other areas.

It has been my experience, when it comes to buying a foreclosure, you can either pay now or you can pay later. Most foreclosures either need a bunch of work due to deferred maintenance and/or have suffered the full force of the previous owner's anger at losing their home. This is the one you will be paying for it later. You will pay for it in the repairs that you will be making in addition to the purchase price. Or you can look for a property that is already in good shape and requires little in repairs. This is the pay for it now because the price will be higher. With mortgage rates being as low as they are paying now might be a better investment. The two approaches usually come out roughly equal in the end. This doesn't even begin to consider the non monetary cost in completing the repairs.

Another point is that in looking at foreclosures you are going to be competing with professional investors who spend 24/7 looking for the prime properties. More often than not they even beat real estate agents to the door. The ones that do make it to the listing stage usually have several offers on them in the first day or two. Then you get into a silent bidding war.

Having said all of this, I do have to say that it is still possible to find that rare gem that is steal. It is also possible to find a four leaf clover in my front yard.

My advice would be to look for your property with an open mind and try to find the best value for the money regardless of whether or not it is a foreclosure. There are a lot of properties available to choose from now.

The best way to do this is to find yourself an agent to represent you in your search. Those of us who are professional house hunters can reduce your stress and time in looking by finding something to meet your needs and budget. We do this every day. If there is one out there we will find it. As a buyer our services to you would usually be free of charge because the seller will pay our fees.

Don't forget to take into consideration the other things that are important factors...distance from work, shopping, etc. and whatever else is important to you, size, upkeep and other needs. Your agent can help you identify and separate your wants from your needs.

Best Wishes,

Bob Evridge
Dream Facilitator

REALTOR®, Broker, e-PRO,GRI
Hop Bailey Co.
310 Forest Park Blvd
Knoxville, TN 37919
"The Extra Mile Is Never Extra"
865-660-0198 DIRECT
865-684-4899 FAX
MailTo:Bob@BobEvridge.com
http://www.BobEvridge.com

Out of the 12 in the $200,000 to $275,000 listed, 4 are pending. Look above $200,000 when looking for a foreclosure - they don't usually expect to get full price. Let me know if I can help.

Hi Steve,

There are 24 foreclosures listed for sale in the Knoxville area between $150,000-$200,000. Some of them are quite new and look to be in great condition. As far as getting them on the water, you would have to be a little further out from Knoxville--say half an hour...there are 25 homes on the market on the water under $225,000 around Knoxville... Let me know if you would like me to send them to you to get an idea of what is currently available.

Thanks!

Adelina Rotar
Realty Executives Associates
10255 Kingston Pike
Knoxville, TN 37922
865-693-3232
865-603-8483
Adelina@AdelinaRotar.com