When buying an REO property, the first thing that happens after your offer is accepted is, the bank makes you sign their addendum. The banks addendum often has terms and conditions that supersede the provisions set forth in the C.A.R. contract the original offer was presented on. For example, the bank usually shortens the contingency period from 17 to 10 days. One of the first things you notice as you read the addendum is the bank stating the home is being purchased " As Is ", which is usually stated in a can't … [Read more...]
Big Bear Foreclosure Numbers – May 2009
June 28, 2009 by Leave a Comment
If the foreclosure market has anything to say about how long this down market will last, don't expect things to get better anytime soon. Foreclosure filings in Big Bear were up 20% in May 2009 compared to April 2009. And year over year, foreclosure filings were up 53% as compared to May 2008. Foreclosure filings, which are made up on Notices of Default (NOD), Notices of Trustee Sale (NTS), and Trustee Sales, are a good indicator of the future health of any real estate market. Accordingly, the real estate market … [Read more...]
Hurry Up To Wait – Buying A Big Bear Bank Owned Property
June 27, 2009 by Leave a Comment
By now just about everyone has heard about how frustrating short sales can be. Waiting week after week for any new news. It seems like many buyers look at bank owned listings just to avoid a short sale nightmare. I just wanted to share a story on a bank owned property that my client currently has in escrow. This was a very aggressively priced property in Big Bear Lake. Going in my client (who is very real estate savvy) and I knew there was going to be more than one offer. We wrote a very aggressive first offer, … [Read more...]
Big Bear Real Estate Monday Market Update For 6/8/2009
June 8, 2009 by Leave a Comment
Below is your weekly update for the Big Bear real estate market as of 6/8/2009. Property Type Listings for Sale Change from Last Week Pending Sales Change from Last Week Sales Year to Date Change from Last Week RESIDENTIAL 898 -12 167 +3 300 +24 VACANT LAND 375 -1 15 +2 12 0 CONDOS 61 0 4 +1 10 0 GOVERNMENT LEASE 15 0 1 0 0 0 COMMERCIAL & RES INVESTMENT 61 0 3 0 8 0 BUSINESS OPPORTUNITY 13 0 0 0 1 0 TOTAL 1423 -13 190 +6 331 +24 These are the quick stats for the week - 36 new residential … [Read more...]
Multiple Offers? Keep It Clean.
June 7, 2009 by Leave a Comment
Recently, it seems like every property that I write up has at least two other offers that I have to compete with. While the market is still not where it was, there seem to be plenty of buyers going after the best deals. If you are a buyer who is planning on getting a " deal ", you need to write your offer as clean as possible if you are to have any chance at success. By " clean ", I mean nothing extraneous. If something doesn't have to be there, cut it out. When you are in direct competition with other buyers, the … [Read more...]
Big Bear Home Sales – May 2009
June 6, 2009 by Leave a Comment
Big Bear Home Sales Home sales in Big Bear took a hit in May 2009, falling nearly 14% from May 2008 numbers - 65 in May 2008 vs. 56 in May 2009. This is the first month in 2009 where the monthly home sales were less than the same month last year. A sign of things to come? Compared to the April 2009 home sales, they were down just about 8% (61 vs. 56). Year to date, sales are are still up about 23% from 2008, but that number is rapidly decreasing (231 vs. 285). Keep in mind, sales in 2009 were close to 50% … [Read more...]
Big Bear Real Estate Monday Market Update For 6/1/2009
June 1, 2009 by Leave a Comment
Below is your weekly update for the Big Bear real estate market as of 6/1/2009. Property Type Listings for Sale Change from Last Week Pending Sales Change from Last Week Sales Year to Date Change from Last Week RESIDENTIAL 910 +1 164 +4 276 +16 VACANT LAND 376 +4 13 +1 12 0 CONDOS 61 +4 3 -3 10 +2 GOVERNMENT LEASE 15 +1 1 0 0 0 COMMERCIAL & RES INVESTMENT 61 0 3 0 8 0 BUSINESS OPPORTUNITY 13 -1 0 0 1 0 TOTAL 1436 +9 184 +2 307 +18 These are the quick stats for the week - 30 new residential … [Read more...]
What Do You Mean We Already Have An Offer?
May 27, 2009 by Leave a Comment
Yeap, that's exactly what some of our sellers are asking us after their property has only been on the market a few days or weeks. It is a fallacy that there are very few buyers looking to buy in Big Bear. The truth is there are very few buyers in Big Bear who want to overpay. Conversely, most of the homes listed for sale today are overpriced. So buyers will just sit and wait until the properly priced properties come up. The fact of the matter is that there are plenty of buyers looking to buy these days. But, … [Read more...]
The Termite Inspection Report – More Than Just A Negotiable Item
May 26, 2009 by 2 Comments
Would you agree to do repairs on a property without actually knowing how much they are going to cost? I think "no" would be the most popular answer. Yet, many sellers in Big Bear agree to pay for a termite report & clear section 1 without knowing how much it is going to cost them. What is a termite report & clear section 1? Termite reports are performed on nearly every home sale in Big Bear. In this inspection, licensed inspectors will look for any active infestation of termites, dry rot, or fungus … [Read more...]
Big Bear Real Estate Monday Market Update For 5/25/2009
May 25, 2009 by Leave a Comment
Below is your weekly update for the Big Bear real estate market as of 5/25/2009. Happy Memorial Day to All! Property Type Listings for Sale Change from Last Week Pending Sales Change from Last Week Sales Year to Date Change from Last Week RESIDENTIAL 909 +5 160 +4 260 +8 VACANT LAND 372 -3 12 0 12 0 CONDOS 57 0 6 0 8 +1 GOVERNMENT LEASE 14 0 1 0 0 0 COMMERCIAL & RES INVESTMENT 61 -1 3 +1 8 0 BUSINESS OPPORTUNITY 14 0 0 -1 1 +1 TOTAL 1427 +1 182 +4 289 +10 These are the quick stats for the … [Read more...]
