Follow Up on North Georgia Foreclosures in the Big Canoe Community

On May 30, 2008, Karin Elliott wrote -

As a follow up to last night’s blog regarding the amazing deal on the Disharoon Ridge condo foreclosure I have a few words of advice. Deas Nealy made a great point in his comment last night in reference to carrying costs. My buyer was already familiar with Big Canoe and the fees involved with the condos here. However for those of you that do not know, Big Canoe has a mandatory POA fee of $211 which covers all maintenance including roads, trails, fire department, security, gates, common areas, and the clubhouse. The condos have additional fees that vary depending on the section, but it is important to keep in mind that the fees include insurance, termite bonds, and exterior maintenance. These are items you would pay for anyway in a fee simple home. Before buying any foreclosure make sure you are aware of the fees involved. Even if you pay in cash you will have carrying costs.

The following rules are a bit like ordering from the Soup Nazi because the banks are not very flexible and only want serious buyers:

  • All foreclosure sales are sold “as is”, meaning that the bank will not fix anything that may be broken. All the negotiating is done up front and any due diligence period will be minimal. Have an inspector on stand-by during negotiations. Take notes on all repairs. The deal you get on paper may be wonderful but after the closing you may be overwhelmed with repairs. Over estimate the repairs by 15% or even more to be safe.
  • All offers must be submitted with a pre-qualification letter from a lender unless you plan to pay in cash. If it’s a foreclosure deal you are looking for then be prepared before you start.
  • Earnest money is typically non-refundable.

Big Canoe does not have a whole lot of foreclosures but when a good one pops up, they usually sell pretty quickly. I check for new listings every few days. If a foreclosure appears I try to check it out so I’ll be ready if anyone asks for one. Feel free to send me an email or give me a call and I’ll be happy to discuss it with you.

~Karin Elliott is a resident of the North Georgia mountain Community of Big Canoe. See all Karin’s Big Canoe Real Estate Listings here. Read more about living in Big Canoe in her blog Life in Big Canoe, Real Estate in the Mountains.

 

2 Responses to “Follow Up on North Georgia Foreclosures in the Big Canoe Community”

  1. Pam Says:

    For Big Canoe offers, the monthly fees seem like a bargain.

  2. Dan Says:

    Pam –

    My opnion is that Big Canoe residents get more for their dues than many other communities. I also think it’s important that there is always a sense of “moving forward” here. There always seems to be a project going on that is aimed at improving the quality of life for residents.

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IBA Mountain Homes is a realty group located in the North Georgia community of Big Canoe. Big Canoe® is a registered servicemark of Big Canoe, LLC. IBA Mountain Homes is not affiliated with the developer. IBA focuses on resales in Big Canoe including homes for sale, lots, and condos.

 

IBA created this blog to discuss living in Big Canoe as well as the North Georgia real estate market. We are full time residents of the Big Canoe community, and our job is real estate - thus the name of the blog! :) Our blog is opinion. Feel free to leave us a comment if you like, and as with anything on the internet, we urge you to always verify information independently.