Tony's Big Bear REO Blog

Your Free List of Bank Owned Property in Big Bear For April, 27, 2009

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.

ML #		Price		Address		Area		Bd		Baths		SF Apx Ttl
	290691		$58,300		403 HIGHLAND LANE		SUGARLOAF		0		1		463
	290546		$65,900		505 PINE LANE		SUGARLOAF		2		1		690
	290244		$69,900		46572 ARASTRE ROAD		BALDWIN LAKE		3		2		972
	290522		$76,900		603 PINE LANE		SUGARLOAF		2		1		976
	290289		$85,000		487 IMPERIAL AVENUE		SUGARLOAF		2		1		600
	282444		$85,000		516 LOS ANGELES AVE		SUGARLOAF		3		1		1086
	282644		$86,900		879 PINE LANE		ERWIN LAKE		2		1		784
	290719		$88,350		2080 4TH LANE		ERWIN LAKE		1		1.5		780
	290487		$88,920		426 LEONARD		SUGARLOAF		2		1		708
	290771		$93,765		729 W COUNTRY CLUB		BIG BEAR CITY		2		1		952
	290738		$95,900		2126 FOURTH LANE		ERWIL LAKE		3		2		1056
	282650		$99,798		1024 GREENWAY		BIG BERA CITY		2		1		960
	290294		$104,500		614 MERCED LANE		BIG BEAR LAKE		1		1		588
	290178		$107,900		45395 7TH STREET		BALDWIN LAKE		3		2		1586
	290805		$109,000		328 W FAIRWAY BLVD.		BIG BEAR LAKE		2		1		1020
	290462		$114,900		140 HIGHLAND		SUGARLOAF		2		1		864
	282798		$115,000		511 SANTA BARBARA		SUGARLOAF		3		2		1196
	290264		$119,800		901 WEST		ERWIN LAKE		3		2		1120
	290208		$129,900		45941 PARKWAY		BALDWIN LAKE		3		2		1448
	290629		$135,000		904 PETER AVENUE		BIG BEAR CITY		2		1		912
	281847		$139,900		2176 1ST LANE		ERWIN LAKE		3		2		1000
	290604		$141,000		324 HIGHLAND		SUGARLOAF		4		2.75		1600
	290517		$157,200		827 KERN		SUGARLOAF		3		1.75		1454
	290796		$157,900		221 TURLOCK		BIG BEAR CITY		3		2		1600
	273377		$159,900		1837 BALDWIN LAKE RD		BALDINLAKE		2		2		1050
	282099		$164,500		2364 STATE		ERWIN LAKE		3		1		1144
	282363		$164,900		46807 SKYVIEW DRIVE		LAKE WILLIAMS		3		2		2198
	281846		$169,900		813 CYPRESS LANE		ERWIN LAKE		3		2		1202
	290788		$179,787		43332 BOW CANYON ROAD		MOONRIDGE		2		1		875
	281910		$179,900		805 CYPRESS		ERWIN LAKE		3		2		1202
	290665		$184,500		1895 BALDWIN LAKE		BALDWIN LAKE		4		3		1675
	290807		$188,000		39168 STARVIEW LANE		BIG BEAR LAKE		4		1.5		1290
	290659		$189,900		2184 2ND LANE		ERWIN LAKE		3		2		1160
	290541		$197,900		46219 SELENIUM LANE		BALDWIN LAKE		4		2.75		1719
	281071		$219,000		39164 MOHAWK		FAWNSKIN		3		2		1854
	290474		$245,350		488 DIVISION		BIG BERA CITY		3		2.5		1686
	290570		$246,910		42677 CEDAR AVE.		MOONRIDGE		2		1		1595
	290554		$249,000		41545 BROWNIE		BIG BEAR LAKE		4		1.75		1863
	290615		$249,900		42991 FERN AVE.		MOONRIDGE		5		3		2304
	282415		$254,900		420 CRYSTAL LAKE		FOXFARM		3		2		1040
	290770		$257,400		42751 PEREGRINE AVENUE		MOONRIDGE		3		2		1383
	282703		$259,000		45451 FOURTH STREET		BALDWIN LAKE		3		2		1365
	290810		$263,000		128 CRATER LAKE DRIVE		FOXFARM		3		2		1360
	290638		$270,300		507 VILLA GROVE		MOONRIDGE		3		2		1236
	282364		$306,000		1817 SHAY		BIG BEAR CITY		3		2.5		2409
	290797		$328,600		46253 SELENIUM LANE		BALDWIN LAKE		3		2		1002
	282352		$364,750		869 CAMERON		BIG BEAR LAKE		4		2.5		2881
	290785		$375,000		43145 SHEEPHORN ROAD		MOONRIDGE		3		2		1530
	282731		$379,950		1633 MALABAR		BIG BEAR CITY		3		2.5		1910
	290501		$402,800		46838 SKYVIEW		LAKE WILLIAMS		4		3		2787
	282740		$429,000		405 WAGON WHEEL		BIG BEAR CITY		5		3		2690
	290794		$474,800		1629 E BIG BEAR BLVD.		BIG BEAR CITY		3		2.5		2385
	290478		$555,100		42694 EDELWEISS		FOXFARM		6		5		3464
	290467		$574,800		42756 TANNENBAUM PLATZ		FOXFARM		5		3		3664
	282535		$649,000		717 JEFFRIES RD		BIG BEAR LAKE		6		8		5304
	290257		$721,900		1099 HERITAGE TRAIL		ERWIN LAKE		4		3.5		4068

tony@tonycard.com

Bank Owned, REO Property is Selling In the Big Bear Valley

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 should he 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

 

Bank Owned or Short Sale, What is right for me?

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 Big Bear Bank Owned Properties

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.

	ML #		Price		Address		Area		Bd		Baths		SF Apx Ttl
	290691		$58,300		403 HIGHLAND LANE		SUGARLOAF		0		1		463
	290244		$69,900		46572 ARASTRE ROAD		BALDWIN LAKE		3		2		972
	290546		$71,900		505 PINE LANE		SUGARLOAF		2		1		690
	282552		$74,500		824 W SHERWOOD		BIG BEAR CITY		2		1		570
	290122		$79,900		456 CEDAR LN		SUGARLOAF		2		1		570
	290289		$85,000		487 IMPERIAL AVENUE		SUGARLOAF		2		1		600
	290719		$88,350		2080 4TH LANE		ERWIN LAKE		1		1.5		780
	290487		$88,920		426 LEONARD		SUGARLOAF		2		1		708
	282644		$92,900		879 PINE LANE		ERWIN LAKE		2		1		784
	290738		$95,900		2126 FOURTH LANE		ERWIN LAKE		3		2		1056
	290294		$104,500		614 MERCED LANE		BIG BEAR LAKE		1		1		588
	282650		$105,051		1024 GREENWAY		BIG BEAR CITY		2		1		960
	290178		$107,900		45395 7TH STREET		BALDWIN LAKE		3		2		1586
	290462		$114,900		140 HIGHLAND		SUGARLOAF		2		1		864
	290264		$119,800		901 WEST		ERWIN LAKE		3		2		1120
	290208		$129,900		45941 PARKWAY		BALDWIN LAKE		3		2		1448
	290629		$135,000		904 PETER AVENUE		BIG BEAR CITY		2		1		912
	281847		$139,900		2176 1ST LANE		ERWIN LAKE		3		2		1000
	282798		$139,900		511 SANTA BARBARA		SUGARLOAF		3		2		1196
	290604		$141,000		324 HIGHLAND		SUGARLOAF		4		2.75		1600
	290555		$159,000		42798 ALTA VISTA		MOONRIDGE		2		1		864
	273377		$159,900		1837 BALDWIN LAKE RD		BALDWIN LAKE		2		2		1050
	282099		$164,500		2364 STATE		ERWIN LAKE		3		1		1144
	282363		$164,900		46807 SKYVIEW DRIVE		LAKE WILLIAMS		3		2		2198
	281846		$169,900		813 CYPRESS LANE		ERWIN LAKE		3		2		1202
	281910		$179,900		805 CYPRESS		ERWIN LAKE		3		2		1202
	290665		$184,500		1895 BALDWIN LAKE		BALDWIN LAKE		4		3		1675
	290517		$187,200		827 KERN		SUGARLOAF		3		1.75		1454
	290688		$187,225		632 CRESTWOOD		BIG BEAR LAKE		3		2.5		2044
	290588		$189,000		465 GEORGIA		BIG BEAR LAKE		2		1		964
	290659		$189,900		2184 2ND LANE		ERWIN LAKE		3		2		1160
	290541		$212,000		46219 SELENIUM LANE		BALDWIN LAKE		4		2.75		1719
	281071		$219,000		39164 MOHAWK		FAWNSKIN		3		2		1854
	290474		$245,350		488 DIVISION		BIG BEAR CITY		3		2.5		1686
	290615		$249,900		42991 FERN AVE.		MOONRIDGE		5		3		2304
	282703		$259,000		45451 FOURTH STREET		BALDWIN LAKE		3		2		1365
	290554		$259,000		41545 BROWNIE		BIG BEAR LAKE		4		1.75		1863
	290570		$259,900		42677 CEDAR AVE.		MOONRIDGE		2		1		1595
	290638		$270,300		507 VILLA GROVE		MOONRIDGE		3		2		1236
	282364		$306,000		1817 SHAY		BIG BEAR CITY		3		2.5		2409
	282352		$379,750		869 CAMERON		BIG BEAR LAKE		4		2.5		2881
	282731		$379,950		1633 MALABAR		BIG BEAR CITY		3		2.5		1910
	290501		$402,800		46838 SKYVIEW		LAKE WILLIAMS		4		3		2787
	282740		$429,000		405 WAGON WHEEL		BIG BEAR CITY		5		3		2690
	290467		$574,800		42756 TANNENBAUM PLATZ		FOX FARM		5		3		3664
	290478		$584,250		42694 EDELWEISS		FOX FARM		6		5		3464
	282535		$649,000		717 JEFFRIES RD		BIG BEAR LAKE		6		8		5304
	290300		$664,900		42292 CASTLE CRAG		FOX FARM		4		3.5		3480
	290197		$699,000		42381 EAGLE RIDGE		FOX FARM		4		3.5		3584
	290257		$759,900		1099 HERITAGE TRAIL		ERWIN LAKE		4		3.5		4068
	290283		$770,000		384 MEADOW CIRCLE		BIG BEAR LAKE		3		2.5		1878

682 Holmes, Sugarloaf CA 92386

 

682 Holmes just came on the market in Big Bear at the remarkably low price of $229,000.00.  The cabin was built in 1977 and has over 16oo square feet of living space.  There is plenty of room between you and the guy next door.  This home sits on a 50 X 100 foot lot and when you buy this home, you get the 25 X 100 foot lot next door. 

The kitchen was remolded soon after my clients bought the place.  Besides the new appliances, the kitchen has all new cabinets, counter tops, wood flooring and lighting.

This is a very workable kitchen with the down draft stove top.

Big open living room with wood burning insert in the fireplace.  One bedroom is over the one car garage and the other two are upstairs.  Besides the three bedrooms and 1.5 baths, there is a cozy loft.

 

The back yard is completely fenced with 5 foot dog eared fencing and you have some nice decks to entertain on.

 

If you have any questions about this property or would like to see it,pleasegive me a call at 909 436-8043 or email me at tony@tonycard.com

Your Free List of bank Owned Homes in Big Bear Lake, CA

Previously posted on www.tonycard.com

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

ML #		Price		Address		Area		Bd		Baths		SF Apx Ttl
290546		71,900		505 PINE LANE		SUGA		2		1		690
282552		74,500		824 W SHERWOOD		BBC		2		1		570
290218		77,000		306 VICTORIA LANE		SUGA		1		1		590
290244		79,900		46572 ARASTRE ROAD		BALD		3		2		972
290409		79,900		750 SANTA BARBARA		SUGA		2		1		720
290487		89,920		426 LEONARD		SUGA		2		1		708
282644		92,900		879 PINE LANE		ERWL		2		1		784
290122		95,000		456 CEDAR LN		SUGA		2		1		570
290294		104,500		614 MERCED LANE		BLC		1		1		588
282650		105,051		1024 GREENWAY		BBC		2		1		960
290178		107,900		45395 7TH STREET		BALD		3		2		1586
290462		114,900		140 HIGHLAND		SUGA		2		1		864
290289		120,000		487 IMPERIAL AVENUE		SUGA		2		1		600
290208		129,900		45941 PARKWAY		BALD		3		2		1448
290629		135,000		904 PETER AVENUE		BBC		2		1		912
290574		138,900		658 MORENO		SUGA		3		2		1148
281847		139,900		2176 1ST LANE		ERWL		3		2		1000
282798		139,900		511 SANTA BARBARA		SUGA		3		2		1196
290604		141,000		324 HIGHLAND		SUGA		4		2.75		1600
290361		149,900		1005 SEQUOIA		BBC		3		1.75		1412
290506		160,000		40248 GUINAN		BLC		2		1		1072
282363		164,900		46807 SKYVIEW DRIVE		LWIL		3		2		2198
282099		169,900		2364 STATE		ERWL		3		1		1144
290351		169,900		859 CYPRESS LANE		ERWL		3		1.75		1360
281846		169,900		813 CYPRESS LANE		ERWL		3		2		1202
281910		179,900		805 CYPRESS		ERWL		3		2		1202
290517		187,200		827 KERN		SUGA		3		1.75		1454
290588		189,000		465 GEORGIA		BLC		2		1		964
290541		212,000		46219 SELENIUM LANE		BALD		4		2.75		1719
281071		229,000		39164 MOHAWK		FAWN		3		2		1854
290557		239,000		225 IMPERIAL AVENUE		SUGA		3		2		1560
290037		239,900		416 COUNTRY  CLUB		BBC		3		2		1569
290357		247,900		154 POPLAR		FOXF		3		2		1480
282703		259,000		45451 FOURTH STREET		BALD		3		2		1365
290554		259,000		41545 BROWNIE		BLC		4		1.75		1863
290570		259,900		42677 CEDAR AVE.		MOON		2		1		1595
290474		261,000		488 DIVISION		BBC		3		2.5		1686
290615		279,900		42991 FERN AVE.		MOON		5		3		2304
282364		306,000		1817 SHAY		BBC		3		2.5		2409
290325		370,500		1354 LA CRESCENTA		MOON		3		2.5		1788
282731		379,950		1633 MALABAR		BBC		3		2.5		1910
290501		402,800		46838 SKYVIEW		LWIL		4		3		2787
282740		429,000		405 WAGON WHEEL		BBC		5		3		2690
290478		584,250		42694 EDELWEISS		FOXF		6		5		3464
290467		589,800		42756 TANNENBAUM PLATZ		FOXF		5		3		3664
282535		649,000		717 JEFFRIES RD		BLE		6		8		5304
290300		664,900		42292 CASTLE CRAG		FOXF		4		3.5		3480
290197		699,000		42318 EAGLE RIDGE		FOXF		4		3.5		3584
290257		759,900		1099 HERITAGE TRAIL		BBC		4		3.5		4068
290283		830,000		384 MEADOW CIRCLE		BLE		3		2.5		1878