Bank Owned in Big Bear and Listed 30% below Previous Sale!

Why are REO's attractive to buyers? Where else can you find seller's willing to list their property over 30% below what they paid less than two years ago?  This cabin, close to the National Forest and the Ski Slopes is priced at exactly that.

Listing Price $361,900

Previous Purchase Price $519,000

Previous Purchase Date 1-17-06

This property is in the Big Bear Lake Central area of the Big Bear Valley.  It has a very nice setting close to the National Forest and only a few roads away from Snow Summit Ski Resort.  This is a very good example of someone that bought a property they could not afford.  Less than eight months after purchasing this property the Owner tried to put it back on the market at an incredibly high price ($655,000).  Why someone would think they can purchase a property in a slowing market and see over 20% appreciation eight months is anyones guess.  The fact is the property was never going to sell for more than it was bought for in January 2006.  So the seller tried to not only get out the property he was in danger of losing, but also wanted to make an insane amount of profit.  Naturally it doesn't make sense but it isn't an uncommon tactic by a distressed seller.  Now the bank owns the property and is offering it for $157,100 less than the last time it sold. 

Nobody said life was fair...