Your Free List of bank Owned Homes In Big Bear Lake, CA
Here is the updated list of bank owned homes for the Big Bear Valley for the week of April 26,2009. There were some
really good deals listed this week in a wide variety of price ranges and the buyers are out. One of the bank owned properties
that listed on friday has two offers on it. Another bank owned property listed also on friday and it has one offer on
it and we have had fifteen calls on it today. Some of these bank owed properties are a real good deal and they go quick.
If you see something that you like, don't wait and don't hesitate. Trust me, it will be gone.
In 2003 I started selling
Real Estate for the Tim Wood Group at Coldwell Banker in Big Bear.I remember those days well.When you wrote an offer on Big Bear property, you worked with the seller to try and write the cleanest and strongest
offer possible. It was not uncommon to see multiple offers on these listings and you wanted your offer to stand out as being
the best offer presented to the seller.
The market has changed tremendously since 2003 yet there are some similarities.With the decline in the stock market, many investors have pulled their money out and are now buying Real Estate.They aren’t out in the market buying just any home.The buyers of today are looking for the
best deal possible.It’s not uncommon to see a bank owned property list in the Big Bear Multiple
Listing Service at a great price, only to find that it has multiple offers on it.Even though it’s
a Buyer’s market the structure of an offer is just as important today as it was back in 2003.The
Big Bear multiple listing services have 928 residential listings and out of that 928 listings, 55 of them are bank owned properties.What is really interesting is when you take a look at what is selling this year.Since January 1,
2009 there have been 218 residential sales recorded through the Big Bear Multiple Listing Service.Of the
218 home sales, 98 of the sales were bank owned properties.Almost 50% of the home sales in the Big Bear
valley in 2009 have been bank owned properties.
What does this mean if you are a home owner in the Big Bear Valley?How does this
affect you if you want to sell your cabin?Here is a good example of what I’m talking about.I’m working with a seller right now who doesn’t understand that he is competing with bank owned properties.His thought process is that not only did he pay more for the home that it is listed for, but he also spent a lot of
money in a re model.He doesn’t understand that it doesn’t matter what he paid for the property.He hasn’t figured out that it doesn’t matter how much money he has spent on the property.If
he is going to be successful in selling his property, it is going to come down to price.The question is
what price he needs to price his home at so that he can compete with the bank owned properties.What price
does he need to place on his home so that it stands out as being the best deal out there?Until he is ready
to make that kind of price adjustment, the house is not going to sell.
As a buyer who is looking to get a great deal on a property, there
has never been a better time than now to buy.Interest rates are at an all time low and there are some
great properties for sale.
For more information on real estate in the Big Bear valley, give me a call at 909 866 3481 or email me at tony@tonycard.com
Just recently I had two
new clients contact me because of my blogging on Real Estate in the Big Bear Valley.Both clients came
to Big Bear to look at property and both clients made offers.In both cases, the clients were able to articulate
to me what they were looking for.Once I had this information, I went through the current Big Bear inventory
and pulled up five of the best homes out there that fit their parameters.In both cases, the first house
that I showed the client was the home that they bought.The biggest differences between the sales were
that one home was a bank owned, or REO property and the other was a Short Sale.So, what’s the difference?
A sale of a bank owned,
or REO property is a much quicker process that the sale of a Short Sale. The bank has already gone through the foreclosure
process and owns the property.Once the foreclosure process has completed, the property is placed on the
market at usually a reduced price and sold. It sounds very simple.But if you chose
to buy a bank owned, or REO property, you need to be aware that the bank is running the show and they will dictate the terms
of the sale to you.One of the biggest problems arise from the sale of a bank owned property is the
close date.In a normal transaction, the seller receives an offer with an escrow time frame of 30 days.The 30 days doesn’t start until the seller signs off on the offer and it is returned it to the buyer’s
agent.If you make an offer on a bank owned property and the bank accepts your price, the next step will
be the bank addendum.This addendum lays out what the bank will and will not pay for.The
addendum also states what day they expect the escrow to close on.This date is not 30 days from when the
bank signs off on the final paperwork.The close date is based off of the date placed on the original offer.The signed paperwork from the bank could take up to 14 days to get, but the close date does not change.So, if you make an offer on a bank owned property, make sure that you build plenty of time into the escrow to accommodate
these delays from the bank.
A Short Sale is handled much different and has its own issues that need to be addressed.If you
plan to make an offer on a Short Sale, you want to make sure that the listing agent has done his homework.What
I mean by homework is, you need to make sure that the seller qualifies to sell his home as a short sale.You
want to make sure that the seller has provided all of the documentation that is going to be required to the bank.Once you know that the seller qualifies for the Short Sale, you can then place your offer.Once
you place the offer, be patient.It can take anywhere from a week to thirty days to have the negotiator
assigned.Once you have the negotiator assigned, you still wait for the Brokers Price Opinion.The BPO is done so the bank can get an idea as to the value of the home.If the BPO value and the
offered price are close, the bank normally takes the offer.If you chose the short sale route, the biggest
thing that you need to do is be very patient and be ready to act when the bank approves the Short Sale.
Your Free List of Bank Owned Property in the Big Bear Valley
This is your free list of bank owned properties in the Big Bear Valley as of April 18,2009. If you've been following
the weekly lists that I have been posting, you will see that the prices continue to fall. Back in February, the least
expensive bank owned property on the market in Big Bear was $72,900. Today, that starting price for a bank owned property
that you can move into has dropped to $58,300. There are some resale properties for even less money but they are tear
downs.
Here is your list of bank owned properties as of April 18,2009. Please contact me at tony@tonycard.com if you have any questions or need more information on any of these properties.
The other day, I was driving by one of the finer restaurants in town when I noticed a sign that they posted in front
of the business, advertising meals for under $20.00.Knowing this particular restaurant, I was a little
surprised to see them discounting their prices and then advertising them in this manner.But then
I started thinking about my line of work. Price is key!
As I’m a Realtor, working with the Tim Wood Group at Coldwell Banker, we are constantly marketing properties in Big Bear that are good values.It’s
hard to believe, but there are homes for sale in the Big Bear Valley with an asking price as low as $40,000.00.This is great news if you’ve been saving and you’re ready to buy in the Big Bear
market.There was a time when you couldn’t touch a home in Big Bear for under $150,000.00.Today, there are 91 homes priced between $100,000.00 and $150,000.000, and 40 homes in Big Bear that have been priced
between $40,000.00 and $100,000.00.
Even
with the changes in the mortgage industry, there are still some great loans out there.I have one lender
telling me that he can get loans with 10% down and no problems getting PMI insurance.If you’re buying
a full time home, you have the option of using a FHA loan.Some of the banks offer special financing deals
with 3% down on a primary residence and 6% down on a second home.
If you’re in the market for either a full time home or vacation home, don’t let
this fantastic opportunity pass you by.
Please give me a call or send me an email if you have any questions or would like to get a list of
homes in Big Bear that are for sale.
Your Free List Of Bank Owned Homes in Big Bear Lake, CA
The
number of bank owned, REO properties in Big Bear has continued to hold between 50 and 60 homes. As I write this blog
article, there are 891 residential listings in the Big Bear MLS and out of that 891 listings, only 50 of them are bank owned
properties. The number of bank owned properties listed in the Big Bear MLS are a small percentage of the overall listings,
yet they account for 60% to 70% of the total sales.
Short sales are slowly picking up steam and
selling in Big Bear. As time goes on, I think that you're going to see a lot more short sales sell as the banks seem
much more eager to work through a Short Sale. Currently, the Big Bear MLS has 100 homes listed for sale as short
sales and another 17 are in escrow. Since January 1, 2009, we have seen 15 short sales close. Look
for that number to increase in the very near future.
Below is your list of bank owned, REO homes in big Bear for
sale as of April 4, 2009
As a member of Chuck Hurd's Real Estate Group, my goal is to demonstrate that professionalism truly
exists in the real estate industry, and my commitment is to prove this with every time we speak. Please enjoy my site,
and please don't hesitate to contact me if I can assist you in any way.