Big Bear Real Estate Blog

Coldwell Banker Bank Owned Property

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Big Bear Bank Owned Properties; Newer Construction

Many of the foreclosed properties in Big Bear are older, run down cabins that need a lot of work. Being a a second home community, buyers usually don't want to purchase a property they need to spend all their free time fixing up. Lucky for them there are some newer (even brand new) Bank Owned Properties currently on the market. Some of these homes were built by speculators that missed the "hot" market, others are re-sales that had previous owners lose them to the bank.

The advantage to these properties is the energy efficiency level (windows,insulation and heating units), plumbing and electrical systems shouldn't need to be upgraded as they were built to stricter codes than older homes. There may be some minimal work to do on these properties, but it should mostly be cosmetic.

Less time working on your property= more time to enjoy Big Bear. Isn't that why you want to buy up in the mountains anyway?

BUILT IN 2007

1275 SAN PASQUAL -Brand New Log Style Cabin. Nice quiet cul-de-sac location in Moonridge. Close to Bear Mountain Ski Resort. 3 bedroom, 2 bath over 1700 square feet. Two car garage. Quality construction.

Listed at $449,000 Never Sold Before

BUILT IN 2006

39737 FLICKER -Brand New 3500+ square foot Log Style home on the North Shore of Big Bear Lake. Close to downtown Fawnskin, walking distance to the lake. Great views of the lake, ski slopes and even San Gorgonio. Beautiful log accents, and nice floor plan. Master downstairs other bedrooms and upstairs. Has a game room with a wet bar and a loft.

Listed at $899,900 Never Sold Before

45385 3RD STREET -Looking for an affordable get away property. This 2 bedroom cabin is brand new. It is in the east side of the valley, in the Baldwin Lake neighborhood of Big Bear. About 15 minutes to the ski resorts and Big Bear Lake. If you are looking for an affordable place to get up to the mountains, look no further.

Listed at $119,900 Never Sold Before

BUILT IN 2005

940 WILLOW LANE -Barely used manufactured home in Erwin Lake. This 2 bedroom and 2 bath cabin has a nice floor plan. It's clean, affordable and only 15 minutes from the action.

Listed at $138,000 Last Sale $175,000 5-26-06

BUILT IN 2004

266 LOFTY VIEW -Very clean home in Valley View Estates, a nice Big Bear City neighborhood. Underground utilities and nice homes all around. Lots of upgrades including granite counter tops, marble accents and knotty pine cabinets. Nice open great room. Four bedrooms and three baths, over 2200 sq. feet. Ready to go.

Listed at $399,900 Last Sale $349,900 5-25-06

45375 4TH STREET -Affordable cabin on a double lot. 15 minutes to ski resort and Lake. Needs a little TLC but has potential.

Listed at $109,900 Never Sold Before

BUILT IN 2003

722 SUMMIT BLVD. -Commercial two unit property. Two Bedrooms and Two Bath 960 sq foot cabins. Newer log style construction. Walking distance to the slopes, located a block away from Snow Summit Ski Resort. Could make a great investment property for someone who wishes to rent one unit and keep one for themselves.

Listed at $445,900 Last Sale $695,000 11-11-05

Financing Difficulties

By Israel Barden

Originally posted at www.bigbearilluminated.com

In today's uncertain market, never count your chickens until they are hatched. Even if the buyer seems rock solid, the carpet can be pulled out from under your feet at a moments notice. Lenders are canceling programs at a rate that is difficult to comprehend. They will preapprove your buyer at one rate, only to change it the next day.

A perfect example of this happened to me this week. My buyer was, in my opinion, very solid. He has a long term job and is paid a good salary. As I always do, I asked questions to ascertain his ability to buy on our appointment together. He has already been approved for an FHA loan on a home off the mountain he decided against purchasing. He was very certain he would have no problem getting preapproved again through the same lender as nothing had changed but the location of the home. As a matter of fact, the new place was significantly less.

Our first day out, we found a house which he really loved. It was a great property, well priced, in a very sought after neighborhood. We made a solid offer and it was accepted. The battle is half over, right? Nope. The next thing we know, he isn't eligible for the FHA loan because his job is too far away from the house. I didn't know that you had to be in an area within a certain distance from your job. I should have suspected. I closed a property with a CalHFA loan a few months back and they made us jump through so many hoops I felt like a circus animal. So the FHA loan was out.

His lender felt like she could get it done with a conventional loan, so we went that route. For the FHA loan, he only needed 5% down. Guess what, for a conventional loan there are zero 95/5 LTV's available. There was a possible scenario where the seller would carry 10% for two years with monthly interest only payments, but he wasn't interested. So, we investigated 90/10 LTV loans. It took several days, but we finally found one, but they raised the interest rate from 6.1% to 7.8%. The difference in the monthly payment was around $300 dollars. That is a huge raise in a monthly payment for most people. This pretty much sank the deal. We eventually found another loan but they wanted 20% down and he just didn't have it.

So, in a nutshell, be prepared for anything in these crazy times. I have had some deals I thought would never work, go through and some that I felt were sure bets, fall to pieces before my eye's. It's almost enough to make a grown man cry. In the end, I was very happy that my buyer did everything he possibly could to make this work. So many times, people will just make us work our tails off with no intention of really sticking it out. In the end, I know we both did our best and hopefully, when things get better, he will remember my efforts and use me again.

The Power of Local Knowledge

- Israel Barden

With the market being like it is, more and more Realtor's are attempting to sell real estate in market's that they are not familiar with. Even though it is most likely in their client's best interest's to refer them to a local agent who can make better informed decision's on market condition's and actually be able to show up for thing's like home inspection's.  They are so desperate for a sale that they will drive up here from two hour's away and make offers and take listing's in an area they know nothing about. In my opinion, they are doing their client's a grave disservice.

To illustrate my point, I am going to relate my experience yesterday with a home I put into escrow. I received an email inquiry from a couple who saw one of my listing's on the Internet. Within a few moment's I was able to ascertain that my listing, in fact, was not what they were looking for. They wanted a home that they could rent out in the winter time and my area was not in the best area for rentals. Which brings up my first point, due to my intimate knowledge of our market I know exactly which area's have the best rental potential and desirability. This is something a Realtor with only limited knowledge could have no way of knowing.

The couple had sent me a list of around eight house's they saw on the Internet that they thought they would like. " Great " I told them. "How about we look at the one's you like best and then we can look at the five home's I feel are the best for your needs". Guess what? They narrowed their choice's down to three favorite's and all three were one's that I had picked to show them. Again, without having seen, in person, all the house's on our MLS, there is no way an out of area agent would have the ability to show them exactly what would fit their needs. The agent would be guessing just as much as the client, because we all know the picture's never tell the whole story.

When we were getting close to writing an offer, my client's told me that they wanted to wait until Monday to speak once more with their lender. Due to my local knowledge, once again, I knew that the one they liked the best out of the three wasn't likely to last until Monday. I knew enough about recent sale's in Big Bear to know that the area they liked was highly desirable and most good properties sell very quickly there. I told them that if they decided on either of the other two, they could most likely wait until Monday. While they believed me, they still decided to wait until Monday. As soon as they left my office, I called the other agent on the phone and asked him to please let me know if anyone else was getting close to writing an offer. Guess what? Fifteen minute's later, he called me and said another agent had asked for the disclosure's. I called my client's and told them " It's now or never ". They came in and wrote a full price offer that was strong in every facet. We didn't ask for anything out of the ordinary and put down a good deposit. An agent without my local experience wouldn't have known that home's in that area are flying off the shelves if they are priced well. I did.

In short, due to my watching the market everyday and keeping track of every sale and new listing, I am able to be of enormous benefit to my client's. I would be nowhere near as effective in a market I didn't watch like a hawk. I almost feel bad for folk's who use out of area agent's. More often than not, they are costing themselves a pretty penny.

Originally posted at www.bigbearilluminated.com

Big Bear Bank Owned Properties (REO's) Listed Over 25% Lower Than Last Sale.

Bank Owned Properties in Big Bear seem to be just in two different groups. Some seem to be priced to sell, and others aren't. A good way to judge the listing price of the property is to look at the last sales price and date.

If you can purchase the property at a substantial percentage below the previous sale, for the most part you should be getting a fair price. Now of course as with all real estate, each property needs to be scrutinized individually. But as a general rule of thumb, a property priced 25% or more below it's 2006 (or earlier) sales price should be a good value.

Here are five Big Bear Bank Owned Properties that meet that criteria.

Listed over 33% below last sale price

• 722 SUMMIT - Commercial two unit property. Two Bedrooms and Two Bath 960 sq foot cabins. Newer log style construction. Walking distance to the slopes, located a block away from Snow Summit Ski Resort. Could make a great investment property for someone who wishes to rent one unit and keep one for themselves.

  Last Sale Date= 11-11-2005 Last Sale Price= $695,000 Current Listing Price= $459,900

Listed over 30% below last sale price

• 637 SUGARLOAF -With a little TLC this could be a great vacation cabin. It is in Big Bear City but not too far from big Bear Lake. It also has the attached garage that is hard to get in this price range of Big Bear City. With decent square footage and a master bedroom. This place is priced well.

  Last Sale Date= 7/20/2006 Last Sale Price= $300,000 Current Listing Price= $209,900

Listed over30% below last sale price

• 42707 LA CERENA -Charming older cabin in lower Moonridge with tons of character. Heavily treed neighborhood with seasonal creek that runs through property adds to the great setting. The perfect little mountain cabin, close to Bear Mountain Ski Resort.

  Last Sale Date= 1-23-2006 Last Sales Price= $285,000 Current Listing Price= $198,000

Listed over 28% below last sale price

• 901 E MOUNTAIN VIEW -Horse property with all the facilities. Sits on close to half an acre with views of Baldwin Lake and Gold Mountain. Backs to open land and would make the perfect little "mini ranch".

  Last Sale Date= 8/08/2005 Last Sale Price= $445,000 Current Listing Price= $319,900

Listed over 27% below last sale price

• 643 KERN -Located in Sugarloaf near highway 38. This cabin is about 15 minutes from the resorts and 10 minutes from Big Bear Lake. It needs a little work but would be worth the while.

  Last Sale Date= 6/23/2004 Last Sale Price= $233,500 Current Listing Price= $169,900

Big Bear Bank Owned Sale

This bank owned property just closed escrow today. I am posting it to shed a little light on how the market is dealing with bank owned properties at this time.

The home is located at 332 Downey, in a nice area in east Big Bear City. The home itself is 2,760 square feet and sits on a 10,539 square foot lot. It was built in 1973 and is in fair condition. It last sold in 2006 for $425,000.00. After it went into foreclosure, the current listing price was $249,900.00. It sold for $265,000.00, $15,100.00 more than it was listed for.

It just goes to show you, the market on bank owned properties is really heating up. The properties that are good deals are receiving multiple offers and are selling at or above list price. If you see a bank owned home that you want to purchase, be aware of this fact. If it is a good deal, be prepared to write a good offer. Many of the banks are just turning down low ball offers without even bothering to counter. If you are trying to make a low offer, at least make it as strong as you possibly can in every other facet. If you want a list of bank owned properties in The Big Bear Valley, please contact me and I'll get it too you ASAP.

Originally posted at www.bigbearilluminated.com

By Israel Barden

Big Bear Bank Owned Sale

-Israel Barden

This is a bank owned property I just closed escrow on this Friday. This home had suffered around 80k in fire damage last year. I did the comps and determined that this home would probably sell between 480k and 520k, if it was rehabbed. The home was priced at $229,000. My client started out at $200k with no contingencies, a 10 day escrow, and all cash. It turns out several other buyers liked it as well. The bank countered back with best and final on all offers. I told my client if he really wanted this home than he needed to figure out how high he could afford to go and then make a maximum bid. So, we bid $253,000, all cash and we got it. We were lucky due to an even higher offer coming in right after ours was accepted.

This just goes to prove a point I have been telling my clients all along. The good bank owned properties are going to sell quickly for either full price or above. If you try to low ball the good ones, you are only going to waste everybodies time and miss out on the property. If you really want it, make a good offer and be prepared to go even higher if you have too. If it is an undesirable home that has been on the market for months, that is a good candidate for a low offer. You are either going to get a great house for a fair price or you are going to get a fair house for a great price.

Originally posted at www.bigbearilluminated.com

Big Bear Bank Owned Homes And Bad Agents

-Israel Barden

Originally Posted At www.bigbearilluminated.com

I just wanted to rant a little bit about something that happened to me this weekend, and since this is my blog and I can do as I please, here goes:) I was out showing bank owned Big Bear homes to a very nice couple on Saturday. Since they were walk-in's and already had a list of homes they wanted to see, I didn't have time to plan out our excursion. Given time, I can usually call ahead and be ready with all codes etc. There are many bank owned properties up here that are listed by off the hill agents. They don't want to take the time or spend the money to join our board. This means that the houses don't have lock boxes that work with our supra keys. If we want to show the home, we have to call the listing office, find the listing agent, and then try to get the code from them. Let me tell you, it's a real pain.

So, there we are, standing in front of a large house in Big Bear City. Of course there isn't a lock box I can use. It's one of those combo lock boxes. I call the list office and, guess what, the listing agent isn't in. The receptionist doesn't know the code and can't be bothered to find it. She does, however, agree to transfer me to the listing agents cell phone. Of course, the listing agent doesn't answer. It's Saturday afternoon, the busiest and best time for selling real estate, and the listing agent can't be bothered to answer her phone. I leave a message telling her that I am in front of the property and to please call me back so I can show it. We wait around 10 minutes, still no call back. We decide to go to lunch and wait for her call. Lunch is over, still no call back. I try again. No luck. It's been two hours and the other agent can't be bothered. She is really doing a disservice to her client. I wonder how the bank would feel if they knew the listing agent that works for them has made the house unshowable to local agents and refuses to answer her phone or her messages. It is now Monday at 12:30 pm and she still hasn't called me back.

As Realtors we have a duty to our clients to represent them to the best of our abilities. Taking a listing in an area where you are not a board member is not a good idea. Not having the home on the local MLS, is not doing the right thing. Not answering calls so the home can be shown is not doing the right thing. Never calling back an agent who has clients interested in your listing is just plain wrong. Maybe the home has multiple offers on it, or is pending. Keeping it as " Active " and not returning calls is showing a complete lack of professional courtesy.

I just want anybody reading this to know, if you list your Big Bear home with me, I will do everything in my power to get it sold. I will have a working lock box on it right away. I will have a sign put up right away. I will put your property on numerous websites. I will answer my phone if humanly possible. If I can't answer that instant, I will call back the second I am off the other line. I guess that is the difference between a full time, professional Realtor and a weekend warrior.

Bank Owned Bargain

-Israel Barden

Originally posted at www.bigbearilluminated.com

We just listed this bank owned property located in Erwin Lake. This manufactured home is a great buy at only $138,000. It is almost 1,000 square feet and looks like it is brand new. The paint looks fresh and the carpets have been recently cleaned. It even has washer and dryer hookups. Don't let this one pass you by. It would be perfect for both a vacation cabin or full time living. Call or email me today for an appointment to take a look at this great deal.

Is The Housing Crisis Over?

By Chris Atkins

Original Article Posted Here

Have we officially hit the bottom of the housing slump?

Looking back at housing starts since 1972 shows that each time they have gone below the one million mark, it proved to be the bottom of a recession.

While there is no guarantee that todays market will follow the trends of the past, it is a strong indication that things may be turning around soon.

A recent article in the Wall Street Journal mentions Massachusetts Institute of Technology's Real Estate Professor Bill Wheaton as suggesting that fears about the real estate crash were overdone and he points to a private portfolio manager in London who said the homebuilding stocks on Wall Street were at last a "buy."

In the Journal editorial, Mr. Moulle-Bertaux suggests that the housing market will revive, as more first-time buyers are lured in by falling prices and lower mortgage rates. “Homes on average are back to being as affordable as during the best of times in the 1990s,” he writes. “Numerous households that had been priced out of the market can now afford to get in.”

Readers, are you tempted?

Big Bear Bank Owned Home

-Israel Barden

This bank owned home was just listed by Keller Williams a little bit ago. It is located in Big Bear City in a heavily treed lot, on a quiet street. At 1,310 square feet, this home has three bedrooms and 2.5 baths. The yard is a roomy 5,000 square feet and is fenced in the back. Overall, it is in good condition with only a little work needed to transform it into a perfect vacation cabin or full time home. This home last sold for $300,000 in 2005. It was upgraded with new paint and flooring before it went into foreclosure. It is currently listed at $265,000. If you would like to get more information on this home, or any other listed on the Big Bear MLS please don't hesitate to contact me at your convenience. There is a search function located on the right hand side of this sight that will allow you a free search of the Big Bear MLS. If you see something that piques your interest, please let me know and we can schedule a time to look at it.

Originally Posted At www.bigbearilluminated.com