Mon
Jan 18 2010
05:02 pm
By: Crappieman
539 Dickey Valley Road.....You all may remember the article written by Damon Lawrence of the RCN about this property which is a mediterranean style home on the Emory River about a 1-2 miles upstream from the ash spill. I recall in the RCN article the owner Mr. Armes blaming TVA for his fiancial problems in regards to the property. Mr. Armes stated that the home was still under construction and that he could not find a lender that would loan the money needed to finish the construction process due to the TVA ash spill. It is interesting to note that Mr. Armes has retained an auction company to auction off the property to the highest bidder. Here's the kicker...The auction company (Keller Williams Realty & Auction) is not disclosing the ash spill to potential buyers. Its funny how ethics flies out the window in the face of a potential profit. The auction is scheduled for 11:00 am Saturday, Jan 30.
Imagine the pending lawsuit when an out of state buyer lays down 10% cash and cannot obtain financing within the alloted 30 day period due to the TVA ash spill which was not disclosed to the buyer. Some realtors may not be concerned with TVA disclosures, however I assure you buyers, appraisers, and lenders are concerned about it. My guess is if there is an uninformed buyer willing to drop a few million $$$ on this property they will soon regret it and will probably tie up chancery court for some time trying to get out of their fraudulent contract and get their money back.
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This property is WAY upriver
This property is WAY upriver from the steam plant and the ash spill. It was in financial trouble and work had been stopped on it at least a year BEFORE the ash spill happened.
I hate to see anyone lose property but this was a case of over indulgence without the money to pay for it.
Its not that far upriver...
Its on the other side of the sand bar and before the little emory confluence. The Armes at one time were incredibly wealthy. I was crappie fishing at this property last year around October 2008 and there were 5-6 workers working on the exterior stucco facade of the home so I know for a fact that the one year theory is out the window. I don't believe over indulgence is a fair statement when this property was being built for investment and future sale. Perhaps you are right that the owner didn't have the assets to pull it off. But I'll never judge someone for incurring risk to turn a profit. My point was that the TVA ash spill has damaged this property's value and marketability just as it has every lake property on the river and that the auctioneer needs to disclose the ash spill to potential buyers.
Well, let me rephrase
Well, let me rephrase that... One of the contractors quit on it back then... He said he hadn't got paid for the work done.
Disclosure
I would guess if someone bought the property and had not heard of the ash spill, then i would say they not from this planet duh!!!!!I think its been disclosed to the world already!!!!!
Disclosure....
There are ethics guidelines for real estate agents and appraisers that demand disclosures of obsolescence that potentially adversely affects properties and their value and/or marketability. I don't think the media is a viable disclosure. Disclosures must be made in contracts and valuation documents. Your premise about disclosure would result in the loss of a license and and nasty fine. There are people on the planet that are not aware of Roane County's skeletons. There's a reason that lake property owners cannot sale or refinance their properties and its a little factor called disclosure. Which by the way is federally mandated.
update
Does anyone happen to know whether the auction took place or was it postponed due to weather? If so, what did it bring? Thanks...