Buying A Home In East TN
October 15, 2020
Buying a Home In East Tennessee By Sandra C Brown, Broker, GRI
These points cover the housing market for the East TN Counties of Sevier, Cocke, Jefferson, an Hamblen Counties
Until this year in East TN you could buy a starter in East TN for uner $100,000 There are still a few but typically need $20,000 in repair work. Investors with cash are now buying a them and are either turning them into rentals or upgrading them an reselling them for a profit.
Becareful who you use as a lender. One lender quit taking loans on anything but "cabins" starting at $300,000 this year. Another lender wll take your application but then will put it aside unless is over $250,000. You hae to screen your lender carefully.
We are also finding very hard to find contractors who will do the small jobs requested for an FHA 203B or FHA 203K loan because they can make more money building cabins . Just like your lender you hve to screen your contractor.
Hud homes still remain one of best places for a home buyer who doe not have cash to buy a home. The HUD homestore is is all about home ownership for the owner occupant