If you don't see the embedded video, click here. If you are looking for a deal in Big Bear, focus on the homes that can be sold. In 2009, 80 short sale homes actually closed escrow. That is 9% of the 893 homes that closed in the Big Bear MLS. Currently there are 66 short sale listings that are in Pending, Active Contingent, or Contingent Status. That's 39% of the total Pending, Active Contingent, or Contingent Status (170). Anyone want to guess what percentage of these will actually get accepted by the bank … [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...]
March 2009 – Foreclosure Numbers For The Big Bear Real Estate Market
April 11, 2009 by 2 Comments
Notices of Default (NOD) in Big Bear eclipsed the 100 mark for the first time in history during March 2009. Up 13% from the previous high of 95 NODs in February 2009, the new record set in March was 107 NODs. This means more and more properties in the Big Bear area going into default, a majority of which will most likely be bank owned in 6-12 months. While the NODs were up, the Notices of Sale (NOS) and the number on properties that went back to the bank were down. NOSs were down 13% in March, from 68 in … [Read more...]
Short Sales, Foreclosures, & Bank Owned / REO Properties – What’s The Difference?
October 23, 2008 by Leave a Comment
I received a question last week on Trulia.com asking about the difference between a bank owned property and a foreclosure. These terms can be confusing to those who are not in the business, and even for some of us in the business. Here's a short video explanation of the differences between bank owned properties, foreclosures, and short sales and how they are all related in the end. Feel free to add comments or ask me any questions. [viddler id=6a9e0eb6&w=437&h=368] … [Read more...]
