About Sevier County, TN

There is something extraordinary about an Eastern Mountain Stream. The swift waters tumble and careen over rounded boulders that have been smoothed after eons of erosion.

The rivulets flow cold and clear, rife with fish and salamanders and other aquatic creatures that depend on the continuous flow of sustenance. Plants thrive in the luxuriant and moist environment of the stream bed and animal are attracted to both drinking water and plentiful fodder in stream locales.

Although these photos capture some of the visual beauty of the mountain stream, they are a poor substitute for the actual sight of the splashing, dancing torrents sparkling in dappled sunlight. Nor can they convey the fresh organic perfume of the river valley, or the cacophony of sounds generated by the splashing and crashing of liquid over stone!

And although a photo of water cannot refresh the body, it can certainly rejuvenate the spirit!

Photos courtesy of Richard Weisser and SmokyPhotos.com

All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of ERA United Realty and Coweta Fayette Real Estate of ERA United Realty Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and Lake West Point Lots.

I watched the best show last night--CNBC's "House of Cards"...it was a fascinating look at how we got into the current mess, complete with interviews of the folks who made the decisions that started it all (and they remain totally unrepentant, I might add!) The show goes through the origins of the loans, the development of lucrative bundling of the loans that produced a huge demand for them--and how young people who had literally worked as "pizza delivery" people a month earlier were making 20K a month selling these loans. They then were packaged up, rated AAA and sold to municipalities looking for safe investments--enter Norvik, Norway. This is well worth the couple of hours to watch--highly recommended!

CNBC HOUSE OF CARDS

Here is a current market report for 2-bedroom 2-bath homes sold in the Gatlinburg area (Gatlinburg, Pigeon Forge and Sevierville) in the last 90 days. Before you digest this information, there's a couple of things you should be aware of:

1. "DOM" or Days on market is somewhat fluid, as it will revert back to zero if a listing changes Realtors, or if it is withdrawn from the market for a day. So, a property could have actually been on the market much longer than it shows currently.

2. "Bedrooms" is also a term somewhat open for interpretation in our market. According to a recent ruling by the local MLS, no property can be listed as having more bedrooms than it has a septic permit from the health department for. This is a new development, however. So, there could be a home with 2 "bedrooms" and 2 "bonus rooms" (used to be called bedrooms) that could show up in the same search, kind of comparing apples and oranges:)

I'm going to say it, WE'VE REACHED THE BOTTOM! I've been thinking it since the first of the year but now I really believe that in 6 months the media will be saying it too. I've been waiting because I didn't want to sound like somone with their head in the clouds. Some guy who says the market is on the verge of a turn around (turn around being a little subjective, I believe stabilization to be a turn around at this point) every 4 or 5 months just to have to eat crow and start all over again.

Looking at the number of foreclosures and short-sales (and the sellers who qualify for a short-sale) in our market leads me to believe that the end of the malaise is near.

Of course, by then all of the truly exceptional deals on property will have been snatched up by investors. That's OK because I'm ready for someone to ring the bell and say 'yep their it was 6 months ago and now we can move on with the rest of the economic recovery.

A year ago, many even experienced real estate professionals had no idea what a short sale was, but times have changed for sure! As we navigate our way through the troubled waters of today’s economic challenges, we’re learning fast about all kinds of new things, including the ubiquitous “short sale” option. As you know, a short sale is a deal where the lender(s) holding the mortgage on a property agree to consider offers less than what is owed. Having worked with several of these situations in the last few months, here are some other things to consider about short sales:

• Furnishings , appliances and fixtures are considered “personal property” and are not a part of the mortgage on the property. They remain the property of the owner, and can be removed from the home unless other arrangements are made. Typically, an addendum to the contract is made for a separate purchase of the personal property (sometimes for $1), and this list should be itemized. This is especially important in an market such as ours in the Gatlinburg area, because many investment properties are sold “furnished”.

• The listed “price” may not be the price at all….depending on where in the process of negotiation with the bank the deal is, the “price” on the MLS could be the original list price of the property, the amount that the owner needs to get to cover his debt and closing, or the price that the bank has already agreed to accept. This sometimes takes some research to determine!

• The bank is in control! Unlike normal negotiations where sellers and buyers are the principals, in a short sale it is the lender’s decisions and opinions that matter. Sometimes owners will be working directly with their lender, sometimes the Realtor will be.

• At any time during the negotiation of a short sale, even if there is a signed contract, the property may go into foreclosure. Once this occurs, the signed contract may be voided, and the property may go into a kind of “limbo” state –where pretty much nothing can happen for a while. This is very frustrating when there are buyers ready to buy and sellers ready to sell.

• Short sales can take a long time. Depending on the lender, responses can take weeks and weeks. One way to shorten this is to look for properties where the lender has already agreed to a price it will accept.

• Short sales are not for the faint of heart! Although there are tremendous deals to be had in this arena, some buyers do not want the excessive time frame and hassles involved in negotiating the deal. While many of the tasks associated with this fall to the real estate professional, it still is a major investment of time and sometimes tied-up deposit money that is not attractive to everyone. And remember, this is a fluid situation—things can change rapidly from minute to minute, so patience is required!