The bank owned properties in Big Bear just keep on coming. We are now starting to see properties in the more exclusive neighborhoods of Big Bear Lake. Even a couple lake front properties have become REO listings. These five properties are all in great locations and priced well. One of the properties is a lake front and two are in the exclusive Fox Farm area. I only picked properties in the Big Bear Lake part of the valley for this blog. Big Bear Lake includes: Big Bear Lake (East, West and Central) Fox Farm, and most of Moonridge.
42592 PEREGRINE AVENUE- This is a great little ski cabin. It is technically a 1 bedroom but does include a bedroom size loft that has a closet. It is located in Lower Moonridge between the Big Bear Mountain Ski Resorts. The property is very easy to get to even in snowy conditions and walking distance to the shuttle to the ski resort on busy days. LIST PRICE $149,000 LAST SALE 12/14/05 $212,000
384 MEADOW CIRCLE- Looking for a lakefront property, this REO might be the one for you. Located in the gated lakefront community of Eagle Knoll, this property is very good shape for a bank owned property. This property has plenty of decking to enjoy the summers on the lake and comes with dock rights. Eagle Knoll is located at the east end of the lake right before Stanfield Cutoff. Lakefront properties have held their values more in this market than any other properties. LIST PRICE $830,000 LAST SALE 3/10/05 $745,000
717 JEFFRIES ROAD- You can't beat this price per square foot ($122) in Big Bear Lake. Formerly a Bed and Breakfast this place has a bathroom in every bedroom and even an indoor pool. It would make a great retreat for a large family or a company. It is located in Big bear Lake Central and appears to be in great shape. The lot is only a few square feet short of an acre so you have plenty of room for the whole gang. Or if you are looking to start a Bed and Breakfast this might be the place to start. LIST PRICE $649,000 LAST SALE 12/01/00 $276,000(before addition and remodel)
42694 EDELWEISS- This Fox Farm log sided home was recently upgraded before being foreclosed on. It has a beautiful kitchen and a game room. The neighborhood is very nice and quiet with nice properties all around it. The property is very centrally located and you won't have to worry about the crowds disturbing you. There are very few vacation rentals in the area. LIST PRICE $615,000 LAST SALE 5/12/03 $338,000(before addition and remodel)
42756 TANNENBAUM PLATZ- Another Fox Farm home, this one is at the end of a cul-de-sac and very spacious. The property next door, a vacant lot, is also on the market. This home has a very nice setting and floor-plan. It is very clean and would make a great full time property or second home. It is about five minutes from the lake and ski resorts. LIST PRICE $589,800 LAST SALE 2/28/07 $740,000
Since two of thelast three bank owned deals I wrote about are currently in escrow,I figured it was a good time to pick three others to share. Just like last time, these cabins are all priced to sell. In today's market aggressive pricing is the name of the game, if it is not priced right it won't sell.
This weeks top Bank Owned Deals
42584 JUNIPER- For such a great street in the Fox Farm area, Juniper Drive is sure getting it's share of Bank Owned properties. We had a Juniper property on the last list as well. Counting this new listing there are currently four bank owned listings on Juniper. The other three are all currently in escrow and I see the trend continuing with this property. The street and setting are just too nice for it to sit on the market for very long. It is also the most affordable Juniper Drive bank owned cabin yet. It is tough to find a cabin in this type of area for this price. The cabin could use a little upgrading but is in very good shape for a REO. The setting off the back deck is what most people think of when dreaming of getting away from it all and relaxing. LAST SALE Dec/2005 $360,500 CURRENT LIST PRICE $259,700
1110 MOUNTAIN- This cabin has been on the market since December and it is a little surprising to me that it has not sold. It has now been reduced to a very aggressive price and it shouldn't be long before a buyer sees the value in this very clean REO. The bank already took care of most of the repairs and TLC needed on this cabin. The cabin is in Big Bear City but only a block away from the City of Big Bear Lake. You can take "back-roads" to either ski resort on those busy weekends and you can walk down to the Baker Pond section of the lake about five minutes. This cabin has a great setting and a large lot with a seasonal stream that runs through on side of it. LAST SALE Dec/2005 $369,900 CURRENT LIST PRICE $299,900
676 CIENEGA- Looking for a cabin near the lake? This property sits across the street from Metcalf Bay. You have great views because there is nothing across the street but the lake. Located in the Boulder Bay neighborhood this cabin would be great for a year round vacation spot. You are about a 10 minute drive to the ski resorts and less than five minutes to the Village. The cabin could use a little upgrading but overall is in good shape. There is a nice deck off the front to enjoy the views and a fenced in backyard if you want a little more privacy.Pleasure Point Marinais a block away and there is a little store and restaurant in the area as well. LAST SALE Aug/2005 $432,900 CURRENT LIST PRICE $334,900
Just like the last three properties I shared, I don't expect these properties to last long. The most important thing to do in this market is be ready to make a move when something you are interested in comes on the market or is reduced into your price range.
Many buyers are missing out on well priced bank owned cabins because they don't have all their ducks in a row. Most banks require more info or documents than a standard seller . To top it off many of these requirements are rapidly changing. This makes it even more important to be working with an agent that follows the REO market and has experience dealing with the banks and their pet peeves.
Another thing to keep in mind is most buyers these days are looking for deals and steals. If you want to get a good price on a property you must realize that you are not alone and act accordingly. Let me know if I can help you. I can help save you time (countless hours looking through overpriced or undesirable listings) and money (targeting well priced listings and negotiating the best deal).
Looking for a cabin in the mountains but don't want to break the bank getting it? This bank owned cabin might be just what you are looking for.
Recently reduced $10K down to $82,900 it is one of the better deals in the Big Bear Area. The cabin is 2 bedroom 1 bath and over 600 sq. ft.. It has plenty of off street parking and is in a quiet area of Sugarloaf. Sown below the living space of the cabin there is a large "build-up" area with it's own door that would be perfect for storage or even turning into a bonus room. One of the bedrooms has a deck of the back that has a nice setting with plenty of trees to give you the mountain feel.
The cabin is just waiting for someone to give it the TLC that it needs to be a great little get-away. With Snow Summit and Bear Mountain Ski Resorts and Big Bear Lake within a ten minute drive you are just minutes away from year round fun. If hiking through the National Forest is your thing, you only need to go up the street a few blocks and you are there.
*If you are looking for a larger place or something closer to the slopes and lake, let me know. There are some other great deals that you may be interested in taking a look at.
Looking for a good deal on a property in the mountains. Here are three that you should consider taking a look at. All three are bank owned and priced well. Whether you are trying to get close to the lake or looking for a little get away cabin in the woods, chances are there is a bank owned property out there for you. These three listings are all in different parts of Big Bear Valley but they all have one thing in common, aggressive pricing.
This weeks top Bank Owned Deals
42652 JUNIPER DRIVE-Located in one of Big Bear's nicest areas, Fox Farm, this larger home is priced to sell. It is big enough for the whole gang and has a great setting. You will be hard pressed to find another home in this neighborhood for $145 a square foot. Like most bank owned properties, it could use some TLC and upgrading but it is ready to be used right away. This one is going to go quick. LAST SALE Sept/2004 $499,900 CURRENT LIST PRICE $374,800
41165 LAHONTON-Looking for a newer home close to the lake, here it is. This property was built in 2002 and still feels new. You can see the lake from the master bedroom and walk to the lake in a couple minutes. It is also walking distance to Meadow Park and Swim Beach, a popular lakeside park that is great in the summer. If skiing is your thing, you are about a five minute drive to the resorts. This property needs hardly any work and also has a large two car garage. LAST SALE May/2005 $345,000 CURRENT LIST PRICE $269,900CURRENTLY IN ESCROW
165 IMPERIAL -A Sugarloaf cabin that is affordable and needs mostly cosmetic repairs. The bank just reduced the price and wants it sold. It is a smaller Cabin that has plenty of storage space below the parking or underneath the cabin for all your toys. There aren't many properties in this price range with the potential this one presents. A sub area could easily be converted into a bonus room. The open kitchen makes the most of the square footage and the property has a secluded feeling hard to get on a 2500 square foot lot. If you are looking for a second home but don't want to overextend yourself to get it, this might be for you. LAST SALE Oct/2004 $119,000 CURRENT LIST PRICE $82,900
These are just three of over 100 bank owned properties in Big Bear. If these aren't what you are looking for feel free to contact me and let me know what you are looking for. I would be happy to help you find it.
If you are one of the many buyers waiting for a good deal on a bank owned property in Big Bear, you probably know by now that you have to be quick with your offer to have a chance. Many times a property will get multiple offers the first couple days on the market. If you think it is a deal, so do 100 other buyers waiting for such a opportunity. So what can you do to give yourself a better chance? Be prepared and know what the banks are requiring these days before they even look at your offer.
Most buyers and agents are aware that many banks have their own purchase contract. This is one of the first places you can go wrong and waste time. While it really is the agents responsibility to know what forms to use, sometimes they need a little reminder. Some listing agents make it very clear-that they have their own form-on the listing itself. This is very helpful and prevents an agent from having to redo their work.
After you figure out what forms to use, you must also make sure you have all the other documents that the bank requires. These can be a pre-qualification by a specific lender. Signing addendum's to the purchase contract, waivers and some times even proof of funds for your DOWN PAYMENT. Not having these items can delay your offer from being presented to the bank or asset manager. Often times allowing other buyers, who weren't as quick as you, to get in the mix. Nobody wants to be in a bidding war, especially in a buyers market.
Things to have ready and strategies to make sure a bank gets your offer ASAP
1.)Pre-Qualification or Pre-Approval letter. Sometimes the bank will accept any letter, other times the bank requires you talk to a specific lender. Make sure you know what the bank you are going to deal with accepts. 2.)Proof of funds for a cash offer. If you are writing a cash offer the bank will need to see some sort of document from the bank to prove you have the funds. 3.)Proof of funds for the down payment. Banks are beginning to ask for this more and more. Even if you have already talked to a lender that has verified your funds, the bank will still want you to supply the proof. 4.)Use the correct Purchase contract the first time. Make sure your agent is proactive in finding out which contracts the bank in question uses. If you just use the California Purchase Contract by default, you may think you have an offer submitted and find out later that the bank never even looked at it. 5) Have you agent make sure you sign all the addendum's and waivers required by the bank. Sometimes these addendum's are very redundant and seem unnecessary but the bank won't take your offer serious until they see them. 6.)If you know something is a good deal, write it at full price or even a little above to beat out other buyers who are trying to negotiate. I have had clients write an over full price offer on a property within the first two hours it was on the market. The bank got three offers and just accepted the over full price one, without countering anyone. I only advise this when you know there are going to be multiple offers. Otherwise you may have time to negotiate.
Hopefully these tips help you in your search for a good deal on a Big Bear bank owned property. If you have any questions or suggestions, feel free to share them.
Winter is here or at least the rumor is it is coming. The resorts haven't opened quite yet (as of Dec 1st.) but it shouldn't be long before our town is full of skiers and snowboarders ready to conquer the hills. Along with the daredevils come the people who just want to get out of the city and relax in the mountains to the cold weather and change of seasons.
Being close to Big Bear Mountain Resorts is a bonus for homeowners in Big Bear. Where else in Southern California can you enjoy a lake in the summer and two major ski resorts in the winter? However this is the time to think about snow and all the fun that it entails. So here are bank owned properties in Big Bear that are within five minutes of one (or both) of our local ski resorts. A couple are even walking distance, how can you beat that?
1194 Clubview -This brand new construction is literally a block away from Bear Mountain Ski Resort. You wouldn't have to worry about getting in the car and looking for parking or a drop off zone. Just walk up the street and you are there. Even if you plan on going to Snow Summit, you can walk up and catch the shuttle that goes back and forth between the resorts all day. Less time driving and parking means more time on the slopes. In the summer you will have beautiful views of the 9th hole of Bear Mountain Golf Course which lies right across the street from this cabin.
41935 Switzerland #55 - Here is a bank owned condo that lies at the base of Snow Summit Ski Resort. This property would also be very convenient for someone that just wants to wake up and go. In the summer time Snow Summit Ski Resort operates the Sky Chair that will take you to the top of the hill for lunch or hiking. You could even throw your mountain bike on the chair and make your way down at your own pace on the Forest Service roads behind the resort. This would be a perfect year round condo. It needs a little TLC but the price is right and the location is great. CURRENTLY IN ESCROW
42584 Cougar - This is the ultimate affordable ski cabin. Perfect for someone looking for a place to sleep close to the mountain but not break the bank. It has a nice detached deck with a spa with views of the ski resorts. The cabin is a one bedroom but may have room to add on eventually. Either way it is pretty clean and ready to use. It is located near the Bear Mountain overflow parking area which has shuttles up to the resort. On a less busy day you may need to hop in the car for the 3 minute drive but it is close to Snow Summit as well.
902 Mc Alister - Located five minutes to either resort, this is one of the most unique properties on the market. Sitting on 1.75 acres this vintage cabin originally built over 50 years ago has been completely gutted and redone. It still has the old cabin look with a modern feel. It also includes a huge barn and a detached four car garage with a bonus room complete with a wet bar. This cabin is a Maltby Style which are very popular and is located in the Fox Farm area. About five minutes to either resort. CURRENTLY IN ESCROW
420 Crystal Lake - Another bank owned property in Fox Farm on a very quiet street. This cabin is less than five minutes to either ski resort and also very close to shopping and restraints. Most of this property is in good condition, with a few minor repairs here and there. The back yard is well landscaped with a huge deck and would be great to hang out and BBQ in the summer. Complete with a garage for all your toys, this would make a great year round cabin in a beautiful part of Big Bear Lake.
1110 Mountain Lane -As close as you can get to Big Bear Lake without being in Big Bear Lake. This Big Bear City cabin is five minutes from both ski resorts on a very quiet street. A 13,000+ sq. ft. lot gives this property a great setting. The cabin itself was built in 1996 but feels almost new. The bank has done some repairs in advance to the sale so it is move in ready. Perfect for someone that wants to be close to the resorts and lake but able to escape the crowds and enjoy their mountain getaway in peace. Lots of trees and room to get away from it all.
With the increase in the amount of bank owned listings in the Big Bear MLS, the chances that a buyer will be dealing with a bank as a seller is also increasing. Even a savvy real estate buyer or investor may be trying tactics that worked in the hot market but are now losing their effectiveness. In order to compete in this changing market there are a few things to keep in mind and use to your advantage when trying to get the price you want on a foreclosed home.
Realize that you are not the only one looking at the property.Even though this is a slow market and many people are hesitant to make a move with so many uncertainties, there are still other buyers out there. One common mistake I have seen with potential buyers is their assumption that they are "the only ones crazy enough" to be considering buying a place. Not only does this frame of thinking give the buyer a false sense of having the upper hand in negotiations with the bank, it also cause the buyer to believe they have all the time in the world to decide if they want make an offer. Neither of these beliefs are true.
The good ones get multiple offers, be prepared to offer over the listing price.I get all kinds of funny looks from my clients when I tell them they need to write their offer $20,000 (or more sometimes) over the bank's asking price. Not only does this go against everything they believe a "buyer's market" should be, many people don't believe they are getting a "deal" if they don't get the property for x dollars under the listing price. While I understand the mind game going on with that type of thinking, it is wrong on every level of reality. A listing price is just a number.
Let the property "season" before you "low-ball" it.Just like regular sellers sometimes banks do get the price wrong. However it usually takes the bank longer to admit it. If you see a bank owned property that you absolutely must have but not at their price, let it sit. In my experience a bank becomes more negotiable after 30 days of sitting on the market. If it gets to 60 days, then they know they priced it wrong. I am not afraid to write an offer under the listing price if I believe it is a realistic price, but I still advise my clients to wait a few weeks to write the offer. That way the bank has actual proof (the days on the market) that it needs to adjust it's price or take less money.
When writing a low offer, leave out the petty stuff.My philosophy for any offer, on a bank owned or otherwise, is if you are going to beat them up on price make the rest of your offer strong. Writing in -seller to pay closing costs- is not a strong offer. Either is asking for a bank to pay your escrow fees. Or asking the bank to survey your property. Etc..
Don't be afraid to resubmit a rejected offer at a later time. So the bank rejected your offer and then the property sits on the market for another ten days, what do you do? If you haven't found anything you like better, resubmit the same offer. Unlike a traditional seller the bank isn't going to play any of those ego games. They aren't going to read your name and say "wait a minute this is that buyer from two weeks ago". They are going to look at the offer and if it makes sense to them now, they will react accordingly. I have seen this strategy work successfully.
The Bank Owned market started slow up here in the mountains. Most of the early REO listings were in the lower priced areas and many were being listed by "off the hill" out of area agents. The past few months we have seen more and more banks begin to list properties where they belong, in the local MLS. Not only does this increase the chances of the property selling quickly, since the majority of agents in the valley only look at the local MLS, it also increases the chances of multiple offers, less days on the market and the need of adapting to this changing market. Hopefully some of these tips will help you get a great price on a your dream home in the mountains.
Feel free to contact me if you have any specific questions or need any more info.
Looking for a nice property at a great price? Here are five Bank Owned Properties in Big Bear that you will definitely want to take a look at. All five of these properties stand apart form other listings currently on the market for a variety of reasons. It is a combination of price, neighborhood and potential that make these my top five Bank Owned Properties in Big Bear.
So in no particular order here we go....
574 Pinewood- This centrally located sierra style cabin sits on a 8200 Sq. Ft. flat lot in a nice part of Big Bear City. The property is already fenced in and gets a lot of sun all year long. 3 bedroom 2 bath cabin with a two car garage. There is also a bonus room and laundry room. Two minute drive to the lake and five minutes from the ski slopes. Place needs a little work, mostly outside (paint, replacing wood and rocks on the chimney). LAST SALE 7-24-06 $350,000 CURRENT LIST PRICE $249,000 $199,900
501 Country Club-What everyone is looking for, a log style cabin in the mountains. This newer (built in 1994) 3 bedroom 2 bath cabin is in the Forest Springs neighborhood (wide streets and underground utilities) of Big Bear City. Open floor plan with vaulted ceilings in the kitchen and living room. Over 9000 sq. ft. corner lot with nice landscaping. Very clean for a foreclosed property. LAST SALE 1-19-05 $350,000 CURRENT LIST PRICE $302,047CURRENTLY IN ESCROW
42636 Constellation-Great location in beautiful Fox Farm. 3 bedroom 2 bath 1500+ sq. ft. home with a over sized two car garage. Nice split level floor plan, large living room with vaulted ceilings and large brick fireplace. Also has fireplace in nice sized master bedroom. Nice setting in fenced in back yard. Has potential to be a great place with a little work and TLC. LAST SALE 8-15-07 $530,000 CURRENT LIST PRICE $285,000SOLD $270,000
43231 Deer Canyon-Charming older cabin a couple blocks from Bear Mountain Ski Resort. This place needs a little work but the kitchen has already been tastefully upgraded (beautiful cabinet work). Back yard feels like a forest and is landscaped with nice patio. Front deck has views of the golf course. Real hardwood floors and a nice brick fireplace. Two car garage downstairs with plenty of storage. Could be a wonderful mountain getaway. LAST SALE 3-14-05 $253,000 CURRENT LIST PRICE $199,900SOLD $189,900
1249 Minton-Located on one of the quietest streets in Big Bear, this cabin has a very nice secluded setting. Lots of oaks and pines around this cabin. Nice treetop views off the front deck. Large storage area under cabin could possibly be made into a bonus (game?) room. With a nice sized and clean kitchen and two large bedrooms, it is hard to imagine that someone lost this place to the bank. LAST SALE 12-22-02 $165,000 CURRENT LIST PRICE $199,900SOLD $179,300
Looking for a property with a dock slip in Big Bear at a affordable price. This bank owned condo might be a good option.
*****************CONDO IS NO LONGER LISTED IN MLS AS OF 1-2-09************************************* Part of the lakefront Viking Estates complex this unit last sold for $460,000 and is now owned by the lender and listed at $352,000. Viking Estates is a gated Condo complex complete with boat slips, indoor pool and spa, tennis courts and a workout room. The property is close to the village and close enough to Snow Summit and Bear Mountain to make it a great winter property too.
If you are familiar with the Big Bear Lake Front market, you know that it is tough to get onto the lake for under $600,000. Even then you are looking at an older small cabin on the lake that might have dock rights, but doesn't have a dock yet.
This Vikings Estate unit is over 1800 square feet and is one of the larger units in the complex. It does need work, mostly flooring and paint, but could turn into a great investment for someone that isn't afraid to get the work done. Especially if you get it for the right price.
Many of the foreclosed properties in Big Bear are older, run down cabins that need a lot of work. Being a a second home community, buyers usually don't want to purchase a property they need to spend all their free time fixing up. Lucky for them there are some newer (even brand new) Bank Owned Properties currently on the market. Some of these homes were built by speculators that missed the "hot" market, others are re-sales that had previous owners lose them to the bank.
The advantage to these properties is the energy efficiency level (windows,insulation and heating units), plumbing and electrical systems shouldn't need to be upgraded as they were built to stricter codes than older homes. There may be some minimal work to do on these properties, but it should mostly be cosmetic.
Less time working on your property= more time to enjoy Big Bear. Isn't that why you want to buy up in the mountains anyway?
BUILT IN 2007
1275 SAN PASQUAL -Brand New Log Style Cabin. Nice quiet cul-de-sac location in Moonridge. Close to Bear Mountain Ski Resort. 3 bedroom, 2 bath over 1700 square feet. Two car garage. Quality construction.
Listed at $449,000
SOLD $410,000
BUILT IN 2006
39737 FLICKER -Brand New 3500+ square foot Log Style home on the North Shore of Big Bear Lake. Close to downtown Fawnskin, walking distance to the lake. Great views of the lake, ski slopes and even San Gorgonio. Beautiful log accents, and nice floor plan. Master downstairs other bedrooms and upstairs. Has a game room with a wet bar and a loft.
Just reduced to $829,900 Never Sold Before
SOLD $685,000
45385 3RD STREET -Looking for an affordable get away property. This 2 bedroom cabin is brand new. It is in the east side of the valley, in the Baldwin Lake neighborhood of Big Bear. About 15 minutes to the ski resorts and Big Bear Lake. If you are looking for an affordable place to get up to the mountains, look no further.
Just reduced to $69,900 Never Sold Before
Currently in Escrow
BUILT IN 2005
940 WILLOW LANE -Barely used manufactured home in Erwin Lake. This 2 bedroom and 2 bath cabin has a nice floor plan. It's clean, affordable and only 15 minutes from the action.
Just reduced to $124,800 Last Sale $175,000 5-26-06
Currently In Escrow
BUILT IN 2004
266 LOFTY VIEW -Very clean home in Valley View Estates, a nice Big Bear City neighborhood. Underground utilities and nice homes all around. Lots of upgrades including granite counter tops, marble accents and knotty pine cabinets. Nice open great room. Four bedrooms and three baths, over 2200 sq. feet. Ready to go.
Just reduced to $369,900
Sold $369,900
45375 4TH STREET -Affordable cabin on a double lot. 15 minutes to ski resort and Lake. Needs a little TLC but has potential.
Reduced to $93,900 $59,900 Never Sold Before
BUILT IN 2003
722 SUMMIT BLVD. -Commercial two unit property. Two Bedrooms and Two Bath 960 sq foot cabins. Newer log style construction. Walking distance to the slopes, located a block away from Snow Summit Ski Resort. Could make a great investment property for someone who wishes to rent one unit and keep one for themselves.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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