Market is Heating Up For Bank Owned Real Estate in Big Bear Lake

by Joe Pecoraro

***In an effort to keep you all up to date on Big Bear Bank owned properties, we will be giving you updates approx. every two weeks.****

During the past two weeks we have seen two bank owned properties in Big Bear go into Escrow.  We featured one of the properties on this blog back on December 10th.  Do you remember the Property that was listed 30% below the previous sale?  Well a smart buyer saw the value and made a successful offer on the property.  It is now in Escrow and we will keep you posted on the closing price.  There is a good chance that the buyer got the bank down even further than their asking price. 

The second property that went into escrow was in the North/East section of Big Bear City.  This property was such a good deal that we didn't even have time to tell you about it.  The listing price was over 35% below the previous sale back in February 2006.  Hopefully you are beginning to see a trend here. 

Along with the two properties that went into escrow, we saw six price changes on bank owned properties in the Big Bear Valley.  Another property we brought  to your attention back on December 10th (remember the Bank Error in your Favor?) was one of the six that were reduced.  If you thought a $37,500 bank error in your favor sounded good, how about $55,000?  That property has now been reduced to $520,000 which is $119,000 less than the previous sale. As you can see, there are many motivated banks out there looking to clear their Big Bear Real Estate off their books. 

Finally, we saw one bank owned property in Big Bear actually close escrow.  This property was a three bedroom, two bathroom 1400 square foot single story with a two car garage located in the desirable neighborhood of Fox Farm in Big Bear Lake East.  The previous owner paid $375,000 for the place in September 2006.  The new owners got the home for almost 17% below the previous sale.  They paid $312,900 for the place on Pineview Lane.  Just another example of how bank Owned properties can turn into a really sweet deal for you.

Contact us today for a complete list of Big Bear bank owned properties as well as other great deals in the beautiful Big Bear Valley.

Until next time....