Israel's Big Bear Blog

Financing Difficulties In Big Bear

Israel Barden (Coldwell Banker Mountain Gallery) — Thu, 26 Jun 2008 16:41:59 -0500

Originally posted at www.bigbearilluminated.com

In today's uncertain market, never count your chickens until they are hatched. Even if the buyer seems rock solid, the carpet can be pulled out from under your feet at a moments notice. Lenders are canceling programs at a rate that is difficult to comprehend. They will preapprove your buyer at one rate, only to change it the next day.

A perfect example of this happened to me this week. My buyer was, in my opinion, very solid. He has a long term job and is paid a good salary. As I always do, I asked questions to ascertain his ability to buy on our appointment together. He has already been approved for an FHA loan on a home off the mountain he decided against purchasing. He was very certain he would have no problem getting preapproved again through the same lender as nothing had changed but the location of the home. As a matter of fact, the new place was significantly less.

Our first day out, we found a house which he really loved. It was a great property, well priced, in a very sought after neighborhood. We made a solid offer and it was accepted. The battle is half over, right? Nope. The next thing we know, he isn't eligible for the FHA loan because his job is too far away from the house. I didn't know that you had to be in an area within a certain distance from your job. I should have suspected. I closed a property with a CalHFA loan a few months back and they made us jump through so many hoops I felt like a circus animal. So the FHA loan was out.

His lender felt like she could get it done with a conventional loan, so we went that route. For the FHA loan, he only needed 5% down. Guess what, for a conventional loan there are zero 95/5 LTV's available. There was a possible scenario where the seller would carry 10% for two years with monthly interest only payments, but he wasn't interested. So, we investigated 90/10 LTV loans. It took several days, but we finally found one, but they raised the interest rate from 6.1% to 7.8%. The difference in the monthly payment was around $300 dollars. That is a huge raise in a monthly payment for most people. This pretty much sank the deal. We eventually found another loan but they wanted 20% down and he just didn't have it.

So, in a nutshell, be prepared for anything in these crazy times. I have had some deals I thought would never work, go through and some that I felt were sure bets, fall to pieces before my eye's. It's almost enough to make a grown man cry. In the end, I was very happy that my buyer did everything he possibly could to make this work. So many times, people will just make us work our tails off with no intention of really sticking it out. In the end, I know we both did our best and hopefully, when things get better, he will remember my efforts and use me again.

The Power of Local Knowledge

Israel Barden (Coldwell Banker Mountain Gallery) — Mon, 16 Jun 2008 14:59:26 -0500

With the market being like it is, more and more Realtor's are attempting to sell real estate in market's that they are not familiar with. Even though it is most likely in their client's best interest's to refer them to a local agent who can make better informed decision's on market condition's and actually be able to show up for thing's like home inspection's. They are so desperate for a sale that they will drive up here from two hour's away and make offers and take listing's in an area they know nothing about. In my opinion, they are doing their client's a grave disservice.

To illustrate my point, I am going to relate my experience yesterday with a home I put into escrow. I received an email inquiry from a couple who saw one of my listing's on the Internet. Within a few moment's I was able to ascertain that my listing, in fact, was not what they were looking for. They wanted a home that they could rent out in the winter time and my area was not in the best area for rentals. Which brings up my first point, due to my intimate knowledge of our market I know exactly which area's have the best rental potential and desirability. This is something a Realtor with only limited knowledge could have no way of knowing.

The couple had sent me a list of around eight house's they saw on the Internet that they thought they would like. " Great " I told them. "How about we look at the one's you like best and then we can look at the five home's I feel are the best for your needs". Guess what? They narrowed their choice's down to three favorite's and all three were one's that I had picked to show them. Again, without having seen, in person, all the house's on our MLS, there is no way an out of area agent would have the ability to show them exactly what would fit their needs. The agent would be guessing just as much as the client, because we all know the picture's never tell the whole story.

When we were getting close to writing an offer, my client's told me that they wanted to wait until Monday to speak once more with their lender. Due to my local knowledge, once again, I knew that the one they liked the best out of the three wasn't likely to last until Monday. I knew enough about recent sale's in Big Bear to know that the area they liked was highly desirable and most good properties sell very quickly there. I told them that if they decided on either of the other two, they could most likely wait until Monday. While they believed me, they still decided to wait until Monday. As soon as they left my office, I called the other agent on the phone and asked him to please let me know if anyone else was getting close to writing an offer. Guess what? Fifteen minute's later, he called me and said another agent had asked for the disclosure's. I called my client's and told them " It's now or never ". They came in and wrote a full price offer that was strong in every facet. We didn't ask for anything out of the ordinary and put down a good deposit. An agent without my local experience wouldn't have known that home's in that area are flying off the shelves if they are priced well. I did.

In short, due to my watching the market everyday and keeping track of every sale and new listing, I am able to be of enormous benefit to my client's. I would be nowhere near as effective in a market I didn't watch like a hawk. I almost feel bad for folk's who use out of area agent's. More often than not, they are costing themselves a pretty penny.

Originally posted at www.bigbearilluminated.com

Big Bear REO Tour

Israel Barden (Coldwell Banker Mountain Gallery) — Mon, 09 Jun 2008 14:51:09 -0500

I just wanted to let everybody know that we are going to be sponsoring a tour of the best bank owned homes in Big Bear. The first tour is going to be on July 12th at 1:00 pm. We are going to be meeting at the Coldwell Banker office at 42153 Big Bear Blvd. The tour will take anywhere between two to three hours. We will be providing refreshments and snacks at no charge to anybody who wants to come along. If you want to sign up, just follow this link http://www.bigbearreo.com/big-bear-bank-owned-prope.html . Space is limited, so the sooner you reserve your spot, the better.

We will be doing the tour every Saturday after the 12th. So, if you can't make it then, don't despair. Just contact us and we will put you on the next one. Also, we can show property any day of the week if you can't make it upon the weekend. My personal email is izzy@bigbeargallery.com .

Big Bear Bank Owned Sale

Israel Barden (Coldwell Banker Mountain Gallery) — Tue, 03 Jun 2008 11:40:17 -0500

This bank owned property just closed escrow today. I am posting it to shed a little light on how the market is dealing with bank owned properties at this time.

The home is located at 332 Downey, in a nice area in east Big Bear City. The home itself is 2,760 square feet and sits on a 10,539 square foot lot. It was built in 1973 and is in fair condition. It last sold in 2006 for $425,000.00. After it went into foreclosure, the current listing price was $249,900.00. It sold for $265,000.00, $15,100.00 more than it was listed for.

It just goes to show you, the market on bank owned properties is really heating up. The properties that are good deals are receiving multiple offers and are selling at or above list price. If you see a bank owned home that you want to purchase, be aware of this fact. If it is a good deal, be prepared to write a good offer. Many of the banks are just turning down low ball offers without even bothering to counter. If you are trying to make a low offer, at least make it as strong as you possibly can in every other facet. If you want a list of bank owned properties in The Big Bear Valley, please contact me and I'll get it too you ASAP.

Originally posted at www.bigbearilluminated.com

Izzy's MeMe

Israel Barden (Coldwell Banker Mountain Gallery) — Mon, 02 Jun 2008 11:19:23 -0500

I have been tagged by Chris Fisher and Greg Steffans. Here goes.

Who is your favorite musical artist? I love all kinds of music. At the moment, I am really into The Killers.

Who is your favorite artist? I guess it would have to be Monet.

Who is your favorite blogger? Tyler Wood, Greg Steffans, basically Realtors who blog about The San Bernardino Mountains.

If you could meet anyone (alive or dead), who would it be and what is the most interesting thing about them? I would love to meet The Emperor Julian. If he had lived a few more years, the whole of Western civilization might well be very different. John Lennon

What did you want to be when you grew up? Actor, Lawyer, Statesman, Restaurant Owner, Artist, Philosopher, Male Model, Game Show Host, etc.

What is the most interesting piece of trivia you know? Because Ireland was never conquered by Rome, the practice of headhunting continued for several centuries after it was stomped out in Britain.

If you could live in any point in history what would it be and why? I Would love to be a Patrician at the height of Rome.

What is the most interesting job you have ever held? I was The Director of Sales for a financial services firm. I got to travel extensively and dine at all the finest restaurants and stay in amazing hotels. I like being a Realtor more.

Big Bear Bank Owned Home's Tour

Israel Barden (Coldwell Banker Mountain Gallery) — Thu, 29 May 2008 16:50:16 -0500

Hi Everybody,

I just wanted to tell everybody who read's my blog and is interested in Big Bear real estate that we are going to be planning a great opportunity to view the best bank owned properties in Big Bear. We are still in the planning stages at the moment, but we are trying to put together a tour of Big Bear Bank Owned Homes. Depending on the amount of interest and reservations, we may even rent a bus to accomodate everybody. We want to get our most knowledgable agents as guides and show prospective buyers the best deals available today. We are going to have a catered lunch and refreshments free of charge. It is going to be a good time and an easy way to see all of the bank owned homes in the valley.

Big Bear Bank Owned Sale

Israel Barden (Coldwell Banker Mountain Gallery) — Sun, 25 May 2008 13:22:07 -0500

Originally posted at www.bigbearilluminated.com

This is a bank owned property I just closed escrow on this Friday. This home had suffered around 80k in fire damage last year. I did the comps and determined that this home would probably sell between 480k and 520k, if it was rehabbed. The home was priced at $229,000. My client started out at $200k with no contingencies, a 10 day escrow, and all cash. It turns out several other buyers liked it as well. The bank countered back with best and final on all offers. I told my client if he really wanted this home than he needed to figure out how high he could afford to go and then make a maximum bid. So, we bid $253,000, all cash and we got it. We were lucky due to an even higher offer coming in right after ours was accepted.

This just goes to prove a point I have been telling my clients all along. The good bank owned properties are going to sell quickly for either full price or above. If you try to low ball the good ones, you are only going to waste everybodies time and miss out on the property. If you really want it, make a good offer and be prepared to go even higher if you have too. If it is an undesirable home that has been on the market for months, that is a good candidate for a low offer. You are either going to get a great house for a fair price or you are going to get a fair house for a great price.

Big Bear Bank Owned Homes And Bad Agents

Israel Barden (Coldwell Banker Mountain Gallery) — Mon, 19 May 2008 14:48:46 -0500

Originally Posted At www.bigbearilluminated.com

I just wanted to rant a little bit about something that happened to me this weekend, and since this is my blog and I can do as I please, here goes:) I was out showing bank owned Big Bear homes to a very nice couple on Saturday. Since they were walk-in's and already had a list of homes they wanted to see, I didn't have time to plan out our excursion. Given time, I can usually call ahead and be ready with all codes etc. There are many bank owned properties up here that are listed by off the hill agents. They don't want to take the time or spend the money to join our board. This means that the houses don't have lock boxes that work with our supra keys. If we want to show the home, we have to call the listing office, find the listing agent, and then try to get the code from them. Let me tell you, it's a real pain.

So, there we are, standing in front of a large house in Big Bear City. Of course there isn't a lock box I can use. It's one of those combo lock boxes. I call the list office and, guess what, the listing agent isn't in. The receptionist doesn't know the code and can't be bothered to find it. She does, however, agree to transfer me to the listing agents cell phone. Of course, the listing agent doesn't answer. It's Saturday afternoon, the busiest and best time for selling real estate, and the listing agent can't be bothered to answer her phone. I leave a message telling her that I am in front of the property and to please call me back so I can show it. We wait around 10 minutes, still no call back. We decide to go to lunch and wait for her call. Lunch is over, still no call back. I try again. No luck. It's been two hours and the other agent can't be bothered. She is really doing a disservice to her client. I wonder how the bank would feel if they knew the listing agent that works for them has made the house unshowable to local agents and refuses to answer her phone or her messages. It is now Monday at 12:30 pm and she still hasn't called me back.

As Realtors we have a duty to our clients to represent them to the best of our abilities. Taking a listing in an area where you are not a board member is not a good idea. Not having the home on the local MLS, is not doing the right thing. Not answering calls so the home can be shown is not doing the right thing. Never calling back an agent who has clients interested in your listing is just plain wrong. Maybe the home has multiple offers on it, or is pending. Keeping it as " Active " and not returning calls is showing a complete lack of professional courtesy.

I just want anybody reading this to know, if you list your Big Bear home with me, I will do everything in my power to get it sold. I will have a working lock box on it right away. I will have a sign put up right away. I will put your property on numerous websites. I will answer my phone if humanly possible. If I can't answer that instant, I will call back the second I am off the other line. I guess that is the difference between a full time, professional Realtor and a weekend warrior.

Big Bear Bank Owned Bargain

Israel Barden (Coldwell Banker Mountain Gallery) — Thu, 15 May 2008 15:28:18 -0500

Originally posted at www.bigbearilluminated.com

We just listed this bank owned property located in Erwin Lake. This manufactured home is a great buy at only $145,000. It is almost 1,000 square feet and looks like it is brand new. The paint looks fresh and the carpets have been recently cleaned. It even has washer and dryer hookups. Don't let this one pass you by. It would be perfect for both a vacation cabin or full time living. Call or email me today for an appointment to take a look at this great deal.

Crazy Realtors

Israel Barden (Coldwell Banker Mountain Gallery) — Sun, 11 May 2008 16:20:20 -0500

Something funny happened over this last weekend and I thought I would share it with you. I was sitting at my desk, when I noticed a couple walking towards the door. Since I was on the up schedule, I naturally paid attention as they walked up to the receptionist. Since they were very well dressed, and had driven up in a nice car, I was hopeful they could turn out to be a good walk-in. Within moments, it became apparent how far off I really was.

The woman started explaining to our receptionist how she was a broker from another area and she was up here looking at property and was hoping she could get some help from an agent here. She said that since she was from another area, her key didn't work in our lockboxes and she wanted to see if an agent from our office could " lend " her one of theirs, so she could look at houses for the rest of the day. " Do you want an agent to show you homes and represent you?" our receptionist asked her. " No, I plan on representing myself" she answered. I couldn't believe what I was hearing. This woman, who claimed to be a broker, wanted an agent to let her have their key for the day, or barring that, show her property so she could represent herself. Basically she wanted one of us to either break the rules of our board and give her, a stranger, a key so she could look at homes or show her property and work for free.

It was amazing to me that a person claiming to be a broker could be so stupid. We all know how many people waste our time and use us for our knowledge every day. Every Realtor I know has a story about someone who had them drive them around and look at property all day, only to have them turn around and have a friend/family member from another area write the property up for them. In effect, making them work all day long for nothing. Many folks have no compunctions whatsoever about squeezing us for every last drop and then leaving us high and dry. I mean, this woman, who is a broker, should know this better than anyone. Amazing.

Needless to say, we told her no. She actually left in a huff, like she couldn't believe this was actually happening to her. She was angry that nobody felt like working for free that day. My coworker's wife works at another office. He went to meet her for lunch and when he got back he saw the same woman at his wife's office. She was trying the same shenannigans over there. Guess what? They turned her down also. I wonder how many times she got told to " Get Lost "before reality set in.

Big Bear Market Update

Israel Barden (Coldwell Banker Mountain Gallery) — Thu, 08 May 2008 14:22:43 -0500

Just a quick snapshot of what is happening in the Big Bear Market.

There are 1154 residential listings on our MLS.

There are 122 residential properties in escrow.

Year to date, there have been 172 sales.

Of the 1154 listings, 47 are either bank owned or short sales.

Big Bear Bank Owned Home* UPDATE *

Israel Barden (Coldwell Banker Mountain Gallery) — Sat, 03 May 2008 11:17:10 -0500

This bank owned home was just listed by Keller Williams a little bit ago. It is located in Big Bear City in a heavily treed lot, on a quiet street. At 1,310 square feet, this home has three bedrooms and 2.5 baths. The yard is a roomy 5,000 square feet and is fenced in the back. Overall, it is in good condition with only a little work needed to transform it into a perfect vacation cabin or full time home. This home last sold for $300,000 in 2005. It was upgraded with new paint and flooring before it went into foreclosure. It is currently listed at $265,000. If you would like to get more information on this home, or any other listed on the Big Bear MLS please don't hesitate to contact me at your convenience..

Originally Posted At http://www.bigbearilluminated.com/

* This home just lowered to $209,900 today.

Unfinished Homes? Be Careful.

Israel Barden (Coldwell Banker Mountain Gallery) — Thu, 01 May 2008 15:10:30 -0500

Originally Posted At: http://www.bigbearilluminated.com/

I just wanted to relate something that happened to me last week in the hopes that it can be helpful to somebody else. With the large inventory we have at the current time, it can be difficult to sell a home. Lately, we have been seeing an increase in homes that are in an unfinished state and available for purchase. This can happen for a variety of reasons, but usually because a builder extended himself too thin and didn't have the funds to complete the project. In many cases, the homes get foreclosed on and go onto the market as unfinished bank owned properties.

When you are dealing with the bank, they don't have to follow the standard disclosure requirements because they would have no way of knowing them. Most times, the person at the bank in charge of the transaction has never even seen the place. Since the homes are sold " As Is ", the inspection and discovery period is more important then ever. As a buyer, the onus is entirely upon your shoulders.

Last week I showed a bank owned property to a client of mine who is a builder himself. It seemed like a very good buy. On our initial visit, the home looked like it was very close to completion. It was missing some cabinets and a few fixtures, but overall it was in great shape. It looked like it might need around $30,000 or less to get it into finished, salable condition. The home was listed at $315,000 and other comparable, finished homes in the same neighborhood are selling around $450,000 and up. My clients was planning on finishing it and living in it for at least two years and then selling it for a nice profit.

Knowing we have 17 days to do our inspections, we made the offer. Guess what? Somebody else thought it was a good deal and also submitted an offer. Now we were in a position to either give our best and final, or move on. Before he had to make his decision, I went to the city to get all the info on the house I could find to see if we could get a better idea of what kind of costs we were looking at. I'm glad I did. It turns out that not only was the permit expired, it had been for two years. In addition, there were pages of corrections that had never been signed off on. Many of them were inside the walls and foundation. I don't know what the builder was thinking, but we had no way of knowing if he had done the work correctly without tearing out walls and who knows what else. It turned out that the $30,000 could easily turn into $60,000 or $100,000. We passed on the offer.

I'm so glad that I took the hour to go down and do my investigation before this went through. I know we could have withdrawn within 17 days, but that would have been unfair to everybody involved. The other buyer would have missed out and had to buy something else. The listing agent would have to re-list it and redo all her advertising. Most importantly, my client would have wasted a great deal of time and so would I. I would have loved to sell my client a home. Just not this one. I'll just keep plugging away, and next time we will find exactly what we are looking for.

Big Bear Bank Owned Property. Be Realistic.

Israel Barden (Coldwell Banker Mountain Gallery) — Mon, 28 Apr 2008 12:27:57 -0500

Originally Posted At http://www.bigbearilluminated.com/

Bank owned properties are all the rage for buyers these days. Every other client I deal with is after the deal of a lifetime and REO's seem like the solution. In many cases they are. The banks are pricing these properties to sell and a good buy is a sure bet. However, being too greedy can throw a wrench in the works. If a bank owned home is already listed at $100,000 under value, than it is a fantastic deal. In most cases, the bank is not going to go much lower.

If you are going to offer $100,000 on a home that last sold for $400,000, the odds are not going to be in your favor. In many cases, the bank won't even bother countering such a low ball offer. It all depends on the condition of the home and how much is owed on it. If the home in question is in good shape and is priced right, it will most likely go for the listing price or within 5% of it. I ran the numbers and in Big Bear, the difference between the listing and selling price is right around 5%.In many cases, the good homes are selling for over the listing price and the buyers are still getting a great deal. If the home in question has been on the market for a year and is a falling down wreck, you may be able to steal it. It all depends on the situation.

If you see a bank owned property and think it is a great deal, you can bet somebody else is thinking the same thing. If you try to submit a ridiculous offer on a property like that, you are not going to get it. You can be sure that somebody else is going to most likely make a full price, or close to it, offer and the home will be gone. I know this from experience. I have lost out on several properties because my clients wouldn't take my advice and make a good offer. They wanted to low ball it and " see what happens ". What happened was, they lost out on a great deal.

What I am trying to get across is this, there are great deals to be had right now, but you have to be realistic. If you see a bank owned property that you really want, you need to be prepared to get serious and make a respectable offer. If it is a home you could care less if you get it or not, then feel free to go low. Just don't be disappointed when you don't get it. There are a ton of buyers out there right now who have the same idea that you do, and the competition is heating up. It is not unusual for a good property to receive several offers. If you don't start out strong, you may not even be in the race.

Beautiful Big Bear Home

Israel Barden (Coldwell Banker Mountain Gallery) — Fri, 25 Apr 2008 13:24:44 -0500

Originally posted at www.bigbearilluminated.com

If you are looking for all the comforts of home with none of the hassle, this home is for you. Located in The Whispering Pines mobile home park, this home is in fantastic condition. The park is very clean and well maintained with a swimming pool, spa, and sauna available for resident use. The best part, is the price. Only $199,000.

The kitchen is one the best features of this home. Corian countertops and new appliances make this a great place to prepare a gourmet meal for the whole family.

Cathedral ceilings in the living room create a bright, roomy atmosphere.

The sunny covered front porch is a great addition.

If you are interested in this home, or any other property in The Big Bear Valley, please contact me and let me put my experience and local knowledge to work for you.

Why You Should List With A Local Agent In Big Bear

Israel Barden (Coldwell Banker Mountain Gallery) — Mon, 21 Apr 2008 11:49:15 -0500

With the increasing number of bank owned properties in Big Bear Lake, Ca, we have seen more and more out of area agents trying to sell homes in our market. This is a bad idea all the way around. Let me tell you why.

First, many out of area agents try to sell property in our area and are too cheap to join our board. This means that the property in question doesn't appear on our MLS and many local Realtors won't even know it is on the market. Without local agents being aware of the home, it might as well be a FSBO. The listing agent is doing his client a grave disservice by charging a commission on a property they are not doing a proper job at selling. Since most buyers in our area use the services of a local Realtor, not listing it on the local MLS is doing a poor job, at best.

Secondly, it is the duty of the listing agent to make the home as easy as possible to show. This means it has to be readily accessible to the local agents who are going to be showing it. A lockbox that is easily located and operational is integral to this process. Here in Big Bear, we are on the Suprakey System and all listings by local Realtors have boxes that work with our keys. Out of the area agents who are not on our board do not have access to these boxes. This means that the houses are on lockboxes that cannot be opened by the Supra Key. In many cases, the listing agent will join our board, but won't buy any of our lockboxes because he doesn't do enough business to justify the expense. They will usually just put a combo box on the door and the code on the MLS. The problem with this is, most of the time when you are showing property it becomes evident that the client is looking for something a little different then they first told you. In that case, you have to improvise and use your knowledge of the inventory to bring them to houses you hadn't planned on. So, there you are in front of a home with no idea of the combo and your Suprakey is useless. This happens to me all the time. I then have to call the number on the sign and try to get the combo. Guess what? Most agents work out of big offices and are almost always ( Murphy's Law ), not available when you call. I can't tell you the number of times I have been unable to show a house due to the other agent not answering my call. Typically I get a call back a couple of hours later after my client has written up a different house. I'm sure if the sellers were aware of this, they would scream.

Lastly, local knowledge of the market is essential in getting a home priced correctly to sell. There is no possible way an out of the area agent has the amount of knowledge needed to do this as well as someone who deals with our market every day. They jump on the internet for a couple of hours and think they have it down. Big Bear is comprised of at least 20 different areas, each one with different property values. The price values differ from street to street sometimes. Also, how in the world are they supposed to know about things like road noise, traffic, proximity to the National Forest and the lake? The simple answer is, they don't.

If you are thinking about taking a listing in an area you are not familiar with, ask yourself a few questions. Do you have enough knowledge to price the property correctly? Are you going to be able to properly market the property and get it on the local MLS? Are you always going to be available to help the local agents sell the home? Are you going to be able to make it easily available to any local agent who wants to show it? Are you going to be able to dedicate the same time and energy towards getting it sold as you do to your local listings? If the answer to any of these questions is no, you seriously need to consider referring the home to a local agent. Most agents would be glad to give you a 25% referral fee and do all the work for you. You can make a nice piece of the pie, make sure your clients get great service, and not have to do any of the work. It's a win-win situation all the way around. Plus you won't have to deal with any angry seller, wondering why you haven't been able to sell their home.

Big Bear Property $300,000 And Under

Israel Barden (Coldwell Banker Mountain Gallery) — Fri, 18 Apr 2008 15:57:51 -0500

Originally Posted At http://bigbearizzy.typepad.com/

It seems like a great deal of potential buyers I have been dealing with lately have been interested in homes $300,000 and under. With the decrease we have seen in prices over the last year and a half, there are more properties than ever that fall under this umbrella. I was curious as to how homes in this price range are fairing, so I ran the numbers.

-At the current time,there are 1113 homes listed for sale on The Big Bear MLS. Of those, 506 are listed at $300,000 and under.

-At the current time, there are 108 properties listed as Pending on The Big Bear MLS. Of those, 58 are listed at $300,000 and under.

-Over the last year, there have been 694 residential properties sold in Big Bear. Of those, 342 were listed at $300,000 and under.

As you can see, homes priced at $300,000 and under are accounting for close to 50% of all sales in the Big Bear Valley. From this data, I can deduce that I am not alone in dealing a great deal in this price range. With the large amount of inventory under $300,000, there is quite a bit to choose from at the current time. It just goes to show, things are very affordable in Big Bear right now.

Big Bear REO Bank Owned Bargain

Israel Barden (Coldwell Banker Mountain Gallery) — Tue, 15 Apr 2008 10:49:10 -0500

Originally posted at http://bigbearizzy.typepad.com/

This little beauty just came on the market a few days ago. For a bank owned property, it is in fantastic shape. Built in 2005,this is practically brand new. It is located in Erwin Lake and is 702 square feet on a 2,310 square foot lot. At only $116,900 this is a deal that is impossible to beat. As a matter of fact, this cabin sold for $175,000 two years ago.

At a price this low, this won't be around for long. If you would like more info on this or any other Big Bear properties, give me a call at 909-273-8980, or shoot me an email at izzy@bigbeargallery.com. I'd love to take you out and show you all the great buys that are currently available.

Dealing With Family

Israel Barden (Coldwell Banker Mountain Gallery) — Sun, 13 Apr 2008 13:47:24 -0500

Is may be just me, but it seem like dealing with family in a real estate transaction is one of the messiest situations to be involved with. Every time I have had to do it, somebody got their feelings hurt and an unpleasant scene has unfolded. A perfect example of this happened to me this week. I received an email from a woman who was interested in buying a little get-a-way in the mountains. I sent her all the best listings in her price range and we set an appointment to look at property. The day came and we went out. The day seemed to be very successful. We found a few cabins she really liked and I thought she was a really nice person. During the course of the day, she told me that her son's mother-in-law was an agent up here also, but she wanted to deal with me. We got her pre-approved and it seemed like the next step was imminent. I had an inkling that something was up when she called me and said her son told her that " If I used his mother-in-law, I wouldn't have to pay you a commission". I informed here that she didn't have to pay me any commission as that is the sellers responsibility. " Oh, that's great " she said and then told me she was going to use me anyway, no matter what her son said.

During this time, a new listing popped up that was perfect for her. It was, far and away, the best thing available in her price range. I sent it to her and let her know if she wanted it, she would need to act quickly. The cabin in question is an REO and priced a good $50k below market value, which is a huge discount. She told me her son and daughter were going to be up and wanted to look at it. If they liked it, she would write the offer. She told me that they had my number and would call me when they got up here. At around 11:00 am I still hadn't heard from them. I called my client and let her know that they still hadn't contacted me. She assured me I would be hearing from them sometime soon. At 3:30 pm, they still hadn't called. It was becoming apparent to me what was going on. Finally , at 6:30pm my client called me and she sounded very upset. She told me " I don't know why my son is being this way, but I've decided not to buy anything right now." She thanked me for all my work and we hung up.

As of right now, I am fine with everything. You can't win them all, and money isn't everything. The woman in question is a really neat lady. I actually like her more than anybody that I have worked with in a long time. I feel bad for her because she is stuck in the middle of a situation she didn't create. Peace in the family is very important and I can understand why she wouldn't want her son angry with her. I must admit, if I see her put an offer on the place through her son's mother-in-law, I may feel a twinge of anger. I mean, I did all the work and this other agent is going to profit off of it. To make matters worse, I know her son from back in the day. Since there is really nothing I can do about it, I am just going to let it go and concentrate on getting another deal in the works. You can't control everything that happens to you, but you can control how you react and how it affects you. I know I did a good job for her and I would have done a great job guiding her through the process of buying the house. I did all I could do and it didn't work out the way I would have liked it to. Hopefully the next one will be better.

Beautiful Big Bear Lake

Israel Barden (Coldwell Banker Mountain Gallery) — Fri, 11 Apr 2008 15:50:37 -0500

It's a beautiful day up here in Big Bear Lake. The snow has finally just about melted away and it is getting warmer with every passing day. The marinas are open for business and boats are once again out and about on the open water. The time of year all residents love is here again. After a hectic winter season, it's really nice to have the town to ourselves and be able to relax and enjoy everything our little town has to offer. There are no lines to get into the movies and no waiting at our favorite restaurants. Even traveling up and down the mountain has gotten a great deal easier with less traffic.

If you are in the market for a Big Bear home, now is a great time to come up and take a look. Just think, you can enjoy Big Bear in peace and quiet. We still have everything to offer, just a lot less people taking advantage of it. Since we are getting less visitors, there is less competition for the available listings on our MLS. Odds are, if you make an offer, you will be the only one. Less chance of somebody else going after the same property and driving the price up. I would love nothing more than to show you the town and use my expertise and local knowledge to find you the mountain cabin you always dreamed of. Feel free to contact me and let's set a time to see what's available.

Originally posted at www.bigbearreo.com

Lesson Learned

Israel Barden (Coldwell Banker Mountain Gallery) — Thu, 10 Apr 2008 14:26:54 -0500

Every morning I get to the office a little before 8:00 am. I pour some coffee, turn the computer on and get ready for my day. Once the computer is up and running, the first thing I do is check my email to see if I missed anything while I was sleeping. Then I pull up our MLS and go over everything that came up the day before. Since I get to the office before most Realtors, there usually isn't anything new that I haven't seen. Today, due to our agent tour, I didn't get to look at the MLS until around 11:00 am. Imagine my surprise when the first thing I saw was a new listing on a home I had listed that had expired. The part that galled me was, the house was listed at the price I had recommended numerous times to the seller if she wanted to sell her home. She refused my every attempt to get a price reduction and then acted like it was all my fault her home didn't sell. Then she relists it with someone else and goes down to where I was telling her it needed to be for months.

Every Monday we have an office meeting where we talk about what went on during the week and discuss ways to make ourselves better as agents. During these meetings I have heard time and again how important it is to price a listing correctly if it is going to have any chance of selling in this difficult market. I know many agents will take any listing at any price and then beat the seller up on the price until they lower it. At Coldwell Banker Mountain Gallery we believe that we aren't doing our sellers any favors by following this line of thinking. It is better to be honest up front and risk losing a listing than to be dishonest and have to deal with an angry client because their home isn't selling.

My point to all of this is, I should have been much more assertive during the initial listing presentation. At the time I didn't have any escrows going and I felt like any business was better than no business. I was wrong. By being " weak " all I did was buy myself a headache for six months. I dreaded having to contact this seller because all I had to report was bad news and try to talk her into a price reduction. She had her back up because she was mad her home wasn't selling and she had a mortgage she had to pay. What I needed to realize is, any seller who bought their home after 2004 is probably in the same boat. It is our duty, as the experts, to not candy coat it and let them know how things really stand. If I had been more blunt, I may not have gotten the listing but I would have saved myself a great deal of effort and time. Who knows, I may have gotten it at a price that would actually have sold.

Big Bear Short Sale Info

Israel Barden (Coldwell Banker Mountain Gallery) — Mon, 07 Apr 2008 13:34:31 -0500

Originally posted at http://bigbearizzy.typepad.com

With the large amount of home owners in financial difficulties these days, short sales are becoming more and more prevalent. Some really great prices on short sale properties have been coming on the market every day in Big Bear. While they can be a good buy, there are a few things you need to be aware of.

First, just because a Realtor lists a property as a " Short Sale " doesn't mean it really is. Some Realtors don't do the research and just list a home as a short sale because the seller tells them he is willing to take less than he owes for the property. While that sounds great, it isn't all up the the seller. The bank has the final say on whether or not they will accept less than is owed on any particular home. A good example of this is something that happened to me a little bit ago. My clients and I found a short sale listing that they really loved. It was listed at $299,000 , which was a very good price. I told my clients that short sales can take some time and to be patient. We made the offer and prepared to wait. Imagine our reaction when, a week later, the bank countered us at $330,000. $31,000 over the listed price. The bank was not prepared to do a short sale in any way. They countered back at the full amount owed on the home. Somewhere along the line, there was a communication breakdown between the Realtor, the seller, and the bank. To make a long story short, we had to find another house and the Realtor had to list the home at $ 330,000. My clients were disappointed, but they realized it is the nature of the game.

Another thing to be aware of is the fact that as soon as the contract is signed by both parties, it is valid. Even though you have to wait for the banks approval, you have still entered into a legal contract and must act accordingly. If you, as a buyer, decide to buy a short sale property, it is something you need to be aware of. I would recommend that you don't make an offer unless you are serious about purchasing the property. Making an offer " To see what happens " is not a good idea. Make sure that your Realtor checks the box on the short sale addendum that states that the contingency period does not start until the bank accepts the offer. You don't want to waste money getting inspections on a home where the offer might not even get accepted.

If you would like a list of the properties available in Big Bear, shoot me an email and I'll be more than happy to accommodate you. It's a beautiful day in Big Bear.

Great Deal On Big Bear Real Estate!

Israel Barden (Coldwell Banker Mountain Gallery) — Fri, 04 Apr 2008 16:44:23 -0500

I have been dealing quite a bit these days with buyers who have wanted a little mountain getaway for years and years and never thought they could afford it. With prices and low interest rates combining to make this an excellent time to buy, it is becoming evident that these dreams can easily become reality. This cabin is a perfect example.

My client is a police officer from Santa Clarita who likes to come to Big Bear to get away from the stress of his job. Big Bear always was a kind of sanctuary for him and he has wanted a little place for a long time. When he contacted me, he was unsure of what kind of cabin would be available in his price range, and whether it was worth looking into. I emailed him the listings which I felt were the best ones in his price range and set an appointment to show him property as soon as he could get away for the weekend. Once he arrived, it took only a short while before he became very impressed with what was actually available in his budget. He only wanted to spend around $150,000 and wasn't expecting much. When he realized he could get a brand new construction for close to that, he was floored. After only two hours, we found him just what he wanted. It was listed at $168,900, but almost everything is negotiable. We wrote the offer that afternoon, and after a bit of give and take, he ended up getting a brand new two bedroom cabin for only $160,000. The deal went through without a hitch and he is now the owner of something he had dreamed about for years.

The moral of the story is simply this, if you have been coming up here since you were a kid and always loved it, why not take a chance and see what happens. I think you will be pleasantly surprised by what is available at less than you imagined. Shoot me an email and I will send you back a current list of the best listings in your price range and criteria. If you see something that piques your interest, let me know and we can set an appointment to look at property with no obligation to you. At the very least, you will get to spend time in the most beautiful town in Southern California. I look forward to hearing from you.

Big Bear Short Sale Tale

Israel Barden (Coldwell Banker Mountain Gallery) — Thu, 03 Apr 2008 14:40:10 -0500

With the amount of short sale listings on the rise, I thought I would give you a rundown on the last one I sold and how it went. I received an upcall at 5:45 pm on a snowy evening in the beginning of January. It was a very nice, newly married couple who had recently sold a home, and bought another in Canyon Country. They had made a good profit off of the sale of their home and wanted to invest in a vacation home in Big Bear. They already had been looking online, and knowing the town, had an area they wanted to buy already chosen. They called the office on one of our listings they had been interested in for a little while. I arrived and they were impressed that I was still working at 6:00 in the evening, which is not a common occurrence.

I opened the house up and they took a good while looking around and getting a feel for the place. Then, to my surprise, they asked if I could write it up for them that evening. " Of course I can " I said. I went back to office and wrote the contract and emailed it to them. I met them back at the property the next day with the contracts and all the disclosures. " This is going to be a short sale, so it will take a little longer than usual " I told them. They assured me that they were not in a big hurry, and we finished signing all the paperwork. I told them I would let them know as soon as the offer was accepted or rejected and we would go from there.

After some negotiation, the seller agreed to accept $375,000 for the property, and since it was a short sale, the offer was sent to the bank. The house had a first of $ 390,000 and a second of $60,000 on it, for a grand total of $450,000 owed. I knew that the bank can take a while to come to a decision on something like this, but it was over two months before they got back to us. The holder of the first had agreed to the offer, but the holder of the second was going to be more difficult. They finally agreed to move the second to another property of the seller, so we could get started at last.

Just when we thought it was going to be smooth sailing, whamo, the bank gave us only two weeks to get everything done and closed. After all of the work, on both sides, that had gone into this, the bank was going to make it almost impossible to get the deal done. Luckily, my client had just purchased a home elsewhere, and her lender still had all her current info on file. After speaking with the lender, I felt like it could be done if everybody involved was prompt in every facet of the transaction. Then all of the sudden, the bank came to it's senses and gave us an extra week. That was all we needed. We all worked together in a proficient manner, and the property closed right on time. Now, I have very happy clients who got a great buy on a house they love. The seller was able to get rid of the property without going into foreclosure and ruining his credit and the bank didn't have to absorb a huge loss. All in all, it turned out well for everyone involved.

However, it very easily could have gone off track and several different times. It was a great learning experience for me and it will help me to do an even better job for future clients who want to purchase a short sale. I have learned that it is a long process, fraught with peril, but if you are diligent and persistent, it can be very rewarding.

Originally posted at http://bigbearizzy.typepad.com

Big Bear Is Awesome!

Israel Barden (Coldwell Banker Mountain Gallery) — Fri, 28 Mar 2008 14:53:57 -0500

I woke up this morning, looked over at my beautiful wife and daughter, and took a moment to just appreciate how very lucky I am to live in Big Bear. As I was thinking, it struck me how quiet it was. I didn't hear any traffic, noisy neighbors, or anything else to spoil my tranquility. As much as I wanted to lay there and do nothing, there was work to be done. I got up and prepared for my day. The first thing I saw as I walked out the door was a gray squirrel on my deck, just looking at me. He chirped a few times and ran up the nearest tree. I don't know about you, but watching the squirrels run about is very entertaining to me.

As I drove to the office, a whole 12 minutes away, I could see the sun just over the lake. Sunsets and sunrises are second to none in Big Bear. I can tell you, but it is better to show you.

When I got to the office I sat down and got to work. I have great ski slope views from the window, and thought I would share them with you.

Since the point of this blog is to share the beauty of my town with the rest of you, I will just cut the chit chat and post some more pics:)

If you would like to live in this mountain paradise or just get a little vacation cabin, give me a call or shoot me an email. I'd love to be a part of making your dream come true.

909-273-8980

izzy@bigbeargallery.com