How To Get Your Gatlinburg Cabin Accepted
First Thing Know Your Cabin Type and Competitor
One and two bedroom Smoky Mountain cabins I call starter cabins. These in many cases will be the first Smoky Mountain Log cabin you buy. These are the most common cabins. Many of them will be bought for cash and they can be located in Gatlinburg, Pigeon Forge or Sevierville. They typically cost between $300,000 and $500,000.
Three and four bedroom cabins are what I call the first investment cabin. They can be also located in Gatlinburg. Pigeon Forge or Sevierville. They typically cost between $500,000 and $800,000. Usually there is less competition for these cabins.
Cabins that are five bedrooms and up are for the serious investor. They start at $900,00 and up. They are financed with jumbo loans or cash. These buyers are not as plentiful but they are affluent and sophisticated. These will mainly be in Gatlinburg,
Cabins with indoor swimming are also for very serious buyer. They are buying for rental income maximization. These cabins are cost typically between $800,000 and $1,200,000 and have either three or four bedrooms. The majority of these are located in Pigeon Forge.
Terms Not To Put In Your Offer To Buy Your Smoky Mountain Log Cabin
- Do not put contingent on selling another property. If you need to sell another property first then don't make an offer until you sell the other property first.
- Do not waive the financing contingency if you are financing
- Do waive the inspection.
- Making the offer sight unseen subject to liking the Gatlinburg Smoky Mountain Log cabin for sale instead see my suggestion below.
- Escalation clauses
- Do Not discount your offer price if you are paying cash. Many other offers on the cabin probably are also paying cash.
- Be reasonable with repair requests after the cabin inspection don't ask for every scratch, dent or lightbulb to be repaired.
These terms may help get an accepted offer for your log cabin but they all come with extreme risk and could cost you thousand of dollars. Do NOT do them.
What To Put In Your Gatlinburg Cabin Offer
- The offer price for your Gatlinburg cabin should be based on two things 1) what similar number of bedrooms in your cabin's subdivision sold for most recently and 2) Gross Rental Income less cabin management fee divided by market capital rate
- Inspection Time of Ten to fourteen days
- Financing Contingency if financing
- Request to see rental reports from the cabin management company
- TN Realtors Investment Property Addendum
- If you or your Realtor were unable to view the property for what ever reason put a contingency similar to this " Contingent on viewing by the realtor and or buyers by xx date and the subject property found to be in similar like kind condition as shown in the MLS photographs."
Tips From REALTOR.COM
Realtor.com has an article with some good suggestions about writing your offer that apply whether you are buying homes for sale in Pigeon Forge TN or log cabin for sale in tn. I strongly believe these guidelines apply to all Smoky Mountain real estate.
This is the link to the article Realtor.com Tips