When planning to buy a bank owned home, the first step should be getting pre-approved by your lender. Most banks won't even entertain an offer unless it is accompanied by a pre-approval letter from a credible lender. They do this to weed out buyers who may be " fishing " and not actually be able to close the deal on a bank owned purchase. Also be prepared to have to get pre-approved again from the sellers lender of choice. In more and more cases, the bank that is selling the home is requiring the buyer making the … [Read more...]
One Secret To Getting A Great Deal In Big Bear
July 24, 2009 by Leave a Comment
Focus your search for Big Bear properties that have been on the market for 6 months or more. Why? 1. More seller motivation. 2. Less buyer attention (your competition). 3. Probability of finding something undervalued is much better. Here are a few properties as examples. This property was listed on 1/19/2007 for $929,000. It had been in the market 908 days but is now in escrow. At 3300 sqft, it sold for comparable price to those 2200 to 2700 sqft homes in the Castle Glen area. This property was … [Read more...]
REO Repairs? It Never Hurts To Ask
June 30, 2009 by 1 Comment
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...]
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...]
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...]
