If you are considering purchasing a home in today’s market, the odds are pretty good you will be looking at a bank owned home. In Big Bear only 10% of the homes listed are bank owned homes, yet they make up 40% of the homes sold. Simply put, bank owned homes drive the market. In many cases, the traditional seller cannot afford to price his property at a competitive level with the bank owned properties in his neighborhood. So, for the time being, bank owned properties are going to be getting the bulk of buyer’s … [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...]
