Sorry for being a little late with these. The number of Big Bear properties that went back to the bank (future bank owned listings) in June 2009 was an all time high at 52, 8 more than the previous high of 44 set in May. In total, the foreclosure filings for the month of June 2009 were down 2% from May 2009, but up 34% from the June 2008 numbers. Keep in mind, foreclosure filings are made up of Notices of Default, a recorded document that is the start of the foreclosure process, Notices of Sale, a recorded … [Read more...]
Don’t Be Bullied When Buying A Bank Owned Property In Big Bear
August 1, 2009 by 1 Comment
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...]
Big Bear Home Sales – June 2009 And Second Quarter 2009
July 5, 2009 by 3 Comments
Big Bear Home Sales Home sales in Big Bear rose over 37% in June when compared to the May numbers (77 v. 56), and over 24% when compared to June 2008 (77 v. 62). This is great news for the Big Bear real estate market. In fact, June was the best month for home sales that we have seen since Sept. 2008. 25, or 32%, of the 77 home sales in Big Bear were bank owned. This is a little higher than last month, but still well below the 50% mark we were seeing earlier in the year. 5 of the sales, or 6%, were short … [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...]
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...]
Recent Sales Numbers Around the Big Bear Valley Area
June 7, 2009 by Leave a Comment
We're halfway through 2009 so I figured it would be helpful to give you an update on the activity over the first two quarters of the year. I've broken down some data for the different areas of Big Bear and here's what stands out in my opinion. Big Bear Lake Sales- 19 out of 57 buyers paid cash so far this year in Big Bear Lake. This includes Lakefront Sales. 19 were Bank Owned (REO) properties. Average Days on Market was 139. Average Price per Square Foot was $241.14/ft. As of today, there are 208 homes for … [Read more...]
Did The Listing Expire On Your Big Bear Home?
June 2, 2009 by Leave a Comment
It's a tough market for sellers. If you are one of the home owners that has been on the market for over 6 months and your listing has expired (at least once), you are probably frustrated with the situation. You're probably wondering why your agent doesn't hold an open house. You might be asking about the photos on the property fliers and wondering if a better photo would have brought a buyer. You may be considering offering an additional commission to the first agent that can sell your overpriced home. You might … [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...]
