Phenomenal North Georgia Foreclosures Do Exist! Real Estate Bargains in Big Canoe
Every once in a while as I scan through the FMLS listings I come across a great deal! Last month in Big Canoe , I found a 1 bedroom, 1 bath Disharoon Ridge condo foreclosure with the rock slide in the back yard. It was fully furnished with TVs, linens, and custom window treatments. The listing price was only $75K! My heart went pitter pat with visions of a “vacation home” only 2 miles from my home but my brain told me to sell the heck out of it before I put myself into debt! So I got on the phone and called my list of folks looking for good deals. Many were interested but just didn’t have the money or couldn’t make it up for a couple of weeks. No worries, I knew I would find someone.
That day an aquaintence told me that she was moving out of her house and needed a home in a few weeks. The light bulb went off and she was ready to buy it!! Since it is a foreclosure there was a matter of urgency so we put an offer together to get the ball rolling. I presented it to the listing agent but he told me he had just listed it on an auction site. This was not familiar territory for me so I called my broker who immediately put me in touch with Donna the “Real Estate Auction Guru.” She briefed me on the tricks of the trade and I felt pretty confident.
I registered my client on the auction site right away. We had to wait a few days as the auction doesn’t get heated until the last 5 minutes. Of course it’s just like E-Bay, but I was bidding with someone else’s money and it was because she needed a place to live, not just for an investment. Yes, I was very nervous but also very prepared. We talked strategies and I had everything set up for auto-bid to help keep up with the “snipers” who jump in and bid at the last second. The big night was more fun than the Kentucky Derby. All went well and just as I was getting bored a sniper came in and started bidding like crazy. After the auction was over we won the bid however we didn’t meet the reserve which is the minimum price that the seller will accept. The auction site emailed us the reserve price and we had a choice to take it or bid again. We accepted reserve price at 60K!
My client saved 15K and ended up with a 60K fully furnished condo in Big Canoe with a rushing waterfall slide in the back yard!! I listened to my client, found her exactly what she wanted, and made it happen. It was more work than a regular sale, but I learned a whole new skill in the process! The bottom line is that everyone was happy in the end. Amazing deals are out there!!
~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.
May 29th, 2008 at 8:05 am
Inspiring Blog! My parents used to have a condo in Big Canoe and I miss going there. Do you ever post deals like that on your site? How can I get on your list?
May 29th, 2008 at 9:16 am
I really enjoyed that story. I expect they are happy with price. Are you seeing any other opportunities? It seems the BC condo’s were always a little cheaper because of the high carry cost. Is it true that they have have their own fees in addition to POA fees. Also, do they not have to pay a separate septic fee. I always assumed the monthly carry was about 400 for these for fees before the mort and taxes.
May 29th, 2008 at 1:49 pm
Deas – Your numbers sound about right, and there is a condo fee on top of the POA dues. I’ll ask Karin for more details when she gets home. There are plenty of “good” deals in Big Canoe right now, but not as many “amazing” deals like the condo sale. If we see another deal like that condo, we’ll let you know!
May 29th, 2008 at 11:19 pm
Deas,
I read your comment and decided to write a follow up blog! I’m sure a lot of other readers have your same questions. Hope it helps. Thank you for reading our blog.
May 29th, 2008 at 11:23 pm
Hi Lisa,
I usually do not post the foreclosures because they are not my listings but I know most of them in Big Canoe. Some are great deals and some are not worth the hassle. Give me a call and I’ll be happy to send you some info.
May 9th, 2011 at 4:19 am
When I originally commented I clicked the -Notify me when new feedback are added- checkbox and now each time a comment is added I get 4 emails with the same comment. Is there any manner you can remove me from that service? Thanks!