Life in Big Canoe, Real Estate in the Mountains

I heard on the news yesterday that the United States has now reached the 1 million mark in foreclosures. Nevada, California, Arizona, and Florida are leading the nation in foreclosures but Georgia is not far behind. Where this is grim news for most, it is a big opportunity for others. This breaks us up into 3 camps; Those that are in foreclosure, those that are trying to stay out of foreclosure by either selling their homes or buckling down on their spending, and finally those with buying power who are looking to get a great deal on a house. Ahead we’ll look at all three camps to see where the opportunity lies in the Big Canoe real estate category.

First Camp-Big Canoe Foreclosures

Nobody likes to see a foreclosure in their neighborhood because first of all these homes were once filled with neighbors that have fallen on hard times, and secondly the home values drop slightly from a comparable point of view. Usually the homes that are in foreclosure are homes that have already been on the market and didn’t sell in time. Sadly, this is becoming more and more common throughout the US. If you have foreclosed you still need a place to live you may consider leasing a home. You can probably get a home similar in size to what you had for less monthly output. Big Canoe has long term leases that run about 850 per month to $2,500. Feel free to ask me about it.

Many of you have shown express interest in purchasing foreclosures and I have had my eyes wide open. Because of high demand, they sell very quickly, as-is, with no disclosures. The electricity us usually turned off so even the buyer can not check the HVAC, appliances, and fixtures. Most of the time it isn’t a problem because the house sells low enough to cover most of the repairs. Currently Big Canoe (according to FMLS) has one foreclosure listed. It is a 3 bedroom 3 bath weekender listed at $233,777 but it has been up for a few weeks already.

Second Camp-Holding tight through this Market

The Sellers that are making their mortgage payments have no intention of putting their homes up on the market right now because they know the market is so recessed that they will be lucky if they get what they paid for it. The Buyers are also being cautious and waiting for the perfect scenario of low rates and dynamite prices. Both Buyers and Sellers are battening down the hatches and riding out the storm.  I feel certain the prices will go up and that some stability will arise after the election.

However if you are teetering on the verge of foreclosure, then DO list your home as low as you can list it. A low offer before foreclosure is a lot better than an a low offer after foreclosure. A Seller bringing cash to the table is not exactly ideal but think of it as, buying your way out of a much higher debt.

Third Camp- You have Buying Power Regardless of the Market!

The whole country is jealous of you but they all want you to buy their homes! If you are willing to buy now and hold on to the property for a few years I think you’ll be in very good financial shape. Even better news is that the homes that you are buying can be long term leased to the 1 Million former owners of the foreclosed homes. Most of them were used to a certain standard of living and though they can not purchase a Big Canoe home due to their credit, they can lease a home in the Big Canoe community with much less financial stress. Home prices are low and most of the time all offers are considered.

After reading this you have probably placed yourselves in one of these categories. The Big Canoe real estate options are open regardless of your situation. Please give me a call and I’ll be happy to talk with you.

Karin

http://ibamountainhomes.com