All Forum Posts by: Collin Hays

Another thing that wiped out homeowners from the fires is that there was no way financially that some could rebuild according to new codes.  I heard stories of compliant foundations alone were in the $150K range, for a 1000 square foot house not insured for much more than that.

Many people just walked away.  If you do a quick search for lots available in the Gatlinburg area, you’ll still find scores of these such lots for cheap:  They can no longer be feasibly built on.

As we are seeing with COVID, no one is really immune to anything like they might think. If you buy a STR you are going into business. If you are running on fumes financially, it could be a colossal disaster waiting to happen.

“You don’t know who’s got their swimsuits on until the tide goes out.”

 When 2000 homes burn in 10 mile radius, EVERYONE is underinsured.  

We had a 1100 square foot home insured for $210K, quite sufficient to rebuild before the fire.  In fact we felt it was probably over-insured.  

It took $330K plus to rebuild, plus 2 years of lost income. And the mortgage payments continued.  Probably a $230K hit for me.

I hope this doesn’t sound too harsh, but this current pandemic is laying bare the fact that if you do not have ample cash reserves, you’re finished, because you are over-extended and have a good bit of hiney showing.

You should not only be able to muster 20% down, but have $30K in dry powder.  This situation is not a once in a lifetime event:  Just three years ago, many folks in the smokies were financially devastated by the fires, including me.   In fact, many were RUINED financially and for things beyond their own control.

If you finance the home as a principal residence, you have to be prepared to commit fraud, as your lender is likely going to require a notarized and/or sworn statement that this is your principal residence.

Good luck to you and stay safe.

Avery, what are you seeing out there in terms of new listings, delayed/cancelled closings due to the CV crisis?

TRIP INSURANCE.  You know, that stuff VRBO almost forces you to buy when you make a reservation?

So while VRBO is steadfastly denying trip insurance claims for refunds to to CV-19, they are simultaneously doubling down on homeowners to make refunds, chiding homeowners and painting them the bad guy.

What we are doing as part of our COVID-19 emergency policy

A full refund of our fees: We are refunding 100% of the money we make through traveler service fees when you must cancel a trip due to COVID-19, whether the cancellation is government-mandated or because you’re prioritizing the health of your family and loved ones. This is in effect for all stays booked before March 13 with a stay night between March 13 and April 30. You don’t have to do anything to collect the refund, it will happen automatically over the next two weeks. No need to call and confirm.

Minimum of 50% refund: We have notified partners to abide by our COVID-19 emergency standards, which set a 50% refund minimum if different stay dates cannot be found, in order to avoid penalties in our marketplace. This is applicable for all canceled stays with a night that falls between March 13 and April 30, 2020, even on trips that are outside the set cancellation policy.

After throwing everyone at the lap of the greedy homeowner, I think it is worth readying VRBO's blanket statement on the trip insurance refunds that they sold:

Position Statement - Coronavirus Outbreak

The Coronavirus outbreak is considered a foreseeable event under any plans purchased on or after January 29, 2020. That means you could be covered if you are diagnosed with Coronavirus, but foreseeable events such as becoming quarantined due to the Coronavirus will not be covered. Please note, our plans will not cover fear of travel. Customers are strongly encouraged to read their Description of Coverage or Insurance Policy for details regarding their available coverage.

I've seen pretty much everything now.

Guys I jumped the gun a bit in my glee. I’ll report back when I lock something in.  It won’t be today.

I think Craigslist is your best bet. Or pay the timeshare folks a commission to rent it.  

How much "time" do you have to offer guests?  A week or two?

LOL well technically yes, but I could lock into the 2.7 range today.  He wants me to wait until next week to get to 2.5. 

I feel good it's going to happen.

This indeed is a Credit Union and they keep the loans in-house.  The refi-d my principal mortgage about a year ago for 3.5% 30 year fixed.  They have recently jumped into RE and business lending and I think they are possibly over-aggressive. But that's their deal, not mine.

We are NOT yet at 2.5% but my representative feels we will get there.  I'll keep everyone posted.