Joe 's Big Bear Real Estate Blog

Big Bear Bank Owned Spotlight $150K and under

Joe Pecoraro (REMAX- Big Bear) — Fri, 12 Mar 2010 14:29:15 -0800

924 E. Country Club-
LIST PRICE $141,700
LAST MARKET SALE $246,000 5/16/06

Located in the eastern part of Big Bear City. Pretty clean but needs a cosmetic face lift. Detached two car garage is nice. Property is a little close to Big Bear Blvd. but street is pretty nice with lots of large pine trees. It would have a much quieter setting if it was located on the other side of the road. It is easy to get to and only about 10 minutes from the lake and ski resort.
609 Rose Hill-
LIST PRICE $129,600
LAST MARKET SALE N/A

Great setting on this A-frame style home. Like all A frames, the floor plan is not the greatest however is is not too bad. The setting is the real focal point of this property it sits next to a seasonal creek and towards a large open area of acreage that may eventually be developed. Rose Hill is a dead end street that ends at the open acreage. There are lots of trees and bushes that add to the property's setting. Very quiet area. The main negative is that the pavement ends about three houses down the street from this property. During the winter and spring this means lots of mud and very wet ground. Obviously this is a fixable problem but it would be up to the owner to take care of. It might be worth looking into to get this type of setting.
42697 La Cerena-
LIST PRICE $102,900
LAST MARKET SALE $199,500 7/1/05

Great lower Moonridge location. Can't get into this area for any less of a price. Sits on a small lot but at least it is a corner lot. If you are looking for a small place in a great area, this is the best deal. Obviously won't work for everyone but would make a great little ski cabin and is less than five minutes to either resort. Also very close to hikes through the National Forest.

Big Bear Bank Owned Spotlight

Joe Pecoraro (REMAX- Big Bear) — Wed, 03 Mar 2010 17:49:17 -0800

By Joe Pecoraro

41572 Park
LIST PRICE $295,580
LAST MARKET SALE N/A Refinanced on 2/14/06 for $420,000

This is definitely one of the better bank owned properties on the market right now. The location is great, walking distance to the lake and right down the street from Snow Summit Ski Resort but far enough away that it is not affected by it's visitors. It is also walking distance to Meadow Park, Swim Beach and a fishing dock.

This home has a very large garage and lots of decking, front and back. The floor-plan is unique, I guess you would call it a split level. The vaulted ceilings over the living room and kitchen are impressive. The one downside to this property is it is a little outdated, however with new carpet would be very clean. The outside has some deferred maintenance that would require some care immediately. Mostly paint and a little wood replacement.

Overall I think this is a pretty good deal for the area and should sell close to if not at (or over) it's list price.
42706 Juniper
LIST PRICE $274,900
LAST MARKET SALE $404,000 8-04-06

Like the first property, this cabin is in a great location. The setting is great with a seasonal creek and boulders in the back yard and vacant land adjoining the property. This of course can change if someone builds behind this property. But for now it is a really nice quiet setting with very nice homes around it.

The house itself has a reverse floor plan, which means the living space and kitchen are upstairs and the bedrooms are down. There is a bathroom upstairs and down. Although the house is clean and the bank has done some work, the place is in some serious need of upgrading. Especially the kitchen. The living room is large and has a back deck coming off a slider. The back deck seemed really relaxing and seemed like it would be a great place to BBQ.

I believe this house is a little overpriced at the moment. The neighborhood supports much higher values and I could see someone just wanting to get into this area. I would say this property has a good chance of coming down in price.
43496 Primrose
LIST PRICE $209,000
LAST MARKET SALE $315,000 10-06-05

If you have been paying attention to the first two properties there was a common theme, Good locations. Or location, location, location. This property continues that trend with a very clean ski cabin. Located just east of Bear Mountain Ski Resort, although you would never know it (unless they were making snow) because it is such a quiet street.

The cabin is a full roof gambrel style (barn shaped) with very nice wood ceilings and walls. There is one bedroom and a loft with one full bath. You can enter the house through the kitchen or use the side door off of the deck to enter into the living room. The back deck has a spot for a jacuzzi (there is one there right now but not sure if it works) and plenty of room to hang out with the gang.

If you like Moonridge or want to be close to the ski resort, this is a decent price. I personally think it is a little high and I know that the bank has already received at least one offer and not come to terms with the potential buyers. This leads me to believe that there is not much room in the current price. It has been on the market for almost 100 days and only been reduced in price by $6k. You never know, maybe the bank is getting more motivated.

If you would like to see other bank owned properties currently on the market, click here. Or email me directly at joe@thetimwoodgroup.com. I would be happy to give you info on any property on the market.

Five Great Bank Owned Properties in Big Bear Lake

Joe Pecoraro (REMAX- Big Bear) — Mon, 23 Mar 2009 15:14:35 -0700

By Joe Pecoraro

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

Top Three Bank Owned Deals In Big Bear 2/8/09

Joe Pecoraro (REMAX- Big Bear) — Sun, 08 Feb 2009 14:52:42 -0800

-Joe Pecoraro

Since two of the last 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 Marina is 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).

Affordable Bank Owned Cabin In Big Bear Area

Joe Pecoraro (REMAX- Big Bear) — Sat, 24 Jan 2009 13:38:55 -0800

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.

This is a must see for anyone looking for a deal in the Big Bear area. More info on this cabin.

*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.

Top Three Bank Owned Deals in Big Bear 1/18/09-1/24/08

Joe Pecoraro (REMAX- Big Bear) — Mon, 19 Jan 2009 11:30:10 -0800

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 $269,900 CURRENTLY 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.

Be First and Be Prepared

Joe Pecoraro (REMAX- Big Bear) — Fri, 09 Jan 2009 17:00:03 -0800

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.

Big Bear Bank Owned Properties close to Ski Resorts

Joe Pecoraro (REMAX- Big Bear) — Mon, 01 Dec 2008 14:05:25 -0800

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.

Tips on getting your offer accepted on a Big Bear Bank Owned Property.

Joe Pecoraro (REMAX- Big Bear) — Fri, 17 Oct 2008 13:20:36 -0700

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.

Five Great Bank Owned Properties In Big Bear

Joe Pecoraro (REMAX- Big Bear) — Sat, 04 Oct 2008 12:59:14 -0700

By Joe Pecoraro

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 $302,047 CURRENTLY 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 $285,000 SOLD $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 $199,900 SOLD $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 $199,900 SOLD $179,300

Bank Owned Condo with a Dock in Big Bear Lake

Joe Pecoraro (REMAX- Big Bear) — Sat, 20 Sep 2008 11:49:56 -0700

By Joe Pecoraro

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.

39802 Lakeview Drive Unit #29- Click on link for photo's and more info.

Big Bear Bank Owned Properties; Newer Construction

Joe Pecoraro (REMAX- Big Bear) — Thu, 03 Jul 2008 19:05:35 -0700

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.

Reduced to $409,900

Sold $409,900

Big Bear Bank Owned Properties (REO's) Listed Over 25% Lower Than Last Sale.

Joe Pecoraro (REMAX- Big Bear) — Tue, 10 Jun 2008 13:31:32 -0700

Bank Owned Properties in Big Bear seem to be just in two different groups. Some seem to be priced to sell, and others aren't. A good way to judge the listing price of the property is to look at the last sales price and date.

If you can purchase the property at a substantial percentage below the previous sale, for the most part you should be getting a fair price. Now of course as with all real estate, each property needs to be scrutinized individually. But as a general rule of thumb, a property priced 25% or more below it's 2006 (or earlier) sales price should be a good value.

Here are five Big Bear Bank Owned Properties that meet that criteria.

Listed over 33% below last sale price

722 SUMMIT - 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.

Last Sale Date= 11-11-2005 Last Sale Price= $695,000 Current Listing Price= $459,900

Listed over 30% below last sale price

637 SUGARLOAF -With a little TLC this could be a great vacation cabin. It is in Big Bear City but not too far from big Bear Lake. It also has the attached garage that is hard to get in this price range of Big Bear City. With decent square footage and a master bedroom. This place is priced well.

Last Sale Date= 7/20/2006 Last Sale Price= $300,000 Current Listing Price= $209,900

Listed over30% below last sale price

42707 LA CERENA -Charming older cabin in lower Moonridge with tons of character. Heavily treed neighborhood with seasonal creek that runs through property adds to the great setting. The perfect little mountain cabin, close to Bear Mountain Ski Resort.

Last Sale Date= 1-23-2006 Last Sales Price= $285,000 Current Listing Price= $198,000

Listed over 28% below last sale price

901 E MOUNTAIN VIEW -Horse property with all the facilities. Sits on close to half an acre with views of Baldwin Lake and Gold Mountain. Backs to open land and would make the perfect little "mini ranch".

Last Sale Date= 8/08/2005 Last Sale Price= $445,000 Current Listing Price= $319,900

Listed over 27% below last sale price

643 KERN -Located in Sugarloaf near highway 38. This cabin is about 15 minutes from the resorts and 10 minutes from Big Bear Lake. It needs a little work but would be worth the while.

Last Sale Date= 6/23/2004 Last Sale Price= $233,500 Current Listing Price= $169,900

Back up offers. In this market?

Joe Pecoraro (REMAX- Big Bear) — Tue, 29 Apr 2008 13:27:43 -0700

Originally posted on the Big Bear Real Estate Blog.

Accepted offer doesn't mean Sold House

In today's Real Estate Market nothing is certain. Opening an escrow is just the beginning of the fun. Escrows seem to be "falling out" almost as fast as they are opening up.

Will the property appraise? Is the loan program a buyer qualified for last month still available? Is the buyer serious and ready to purchase a property or were they just "fishing" to see how low they could get a seller down in their price?

While these are just a few of the issues we are dealing with everyday in today's market, they definitely aren't the only ones. With so many properties on the market, it seems like everyone has time to "keep looking" for that steal without worrying about missing out on the "one".

REOs falling out of Escrow

Having a large inventory of houses on the market also gives the buyer more properties to compare their potential purchase to and possibly second guess their offer. This seems to be particularly true with Bank Owned Properties (REOs).

A number of these Repos go into escrow, don't close and end up back on the market. While there are many reasons for this happening as we discussed above, one reason that is most likely not the case is the pricing. Most of these REOs are priced well and usually below the previous purchase price. Because of that, these are sometimes some of the best deals on the market.

With a large number of qualified buyers looking for their second home in the mountains, it is important to move quickly on these good buys. There have been a number of well priced Bank Owned Properties come on the market in the past few months, that went into escrow right away. A couple weeks later they fell out of escrow, were on the market for a couple days and went back into escrow with some lucky buyer.

Be smart not lucky

Being a Second Home Market, most of the buyers don't live in Big Bear and sometimes can't get up here quick enough to see these properties before an offer is accepted by the bank. Timing is everything in Big Bear Real Estate. Some buyers plan a trip up here for months, and a great listing comes on the market the day after they leave. Other buyer's come up here to get away from the city for a day and a well priced cabin comes on the market minutes before they walk in to a Real Estate office.

You might miss out on being the first offer accepted on these properties, but make sure you don't miss out on being the first offer accepted after the property falls out of escrow. How do you do this?

Write a Back up offer. If a property is a great deal, chances are it will be getting multiple offers anyways. Many times the person that doesn't win in the initial negotiations with the bank, just moves on to another property. They don't consider telling the listing agent to keep their "second place" offer as a backup offer in case the accepted deal doesn't close.

You can still look for another deal while your back offer awaits its chance to step in for a canceled escrow. And if the escrow does fall out, you already have a head start on all the other buyers looking for a great deal. Either way it can't hurt.

3 Bank Owned Properties to Consider Putting a Back Up Offer On

1362 Balsam- Listed at $399,900 Last sold for $550,000 8-16-06. Log Style built in 2001. Walking distance to Bear Mountain Ski Resort with views of the slopes from cabin. Two car detached garage.
43427 Ridgecrest- Listed at $549,000 Last Sold for $730,000 8-2-05. Log Style built in 1996. Spectacular views of Big Bear Lake, Bear Mountain Ski Resort and the San Bernardino National Forest.
411 Oriole-Listed at $319,000 Last Sold for $459,500 8-22-05. Charming Chalet Style cabin. Walking distance to the lake and Meadow Park. Nice quiet street.

Five Unique Bank Owned Properties In Big Bear

Joe Pecoraro (REMAX- Big Bear) — Thu, 17 Apr 2008 15:59:03 -0700

Originally posted on Big Bear Real Estate Blog

Bank Owned Properties are coming onto the market at a pretty steady pace in Big Bear Valley. While many people would consider any home in the mountains special, there are five REO properties currently on the market have an attribute(s) that seperate them from the rest.

39380 North Shore Uniqueness Factor=Possible lot split/Three Units Located across the street from the lake with beautiful views. This Fawnskin property offers a very unique opportunity. Sitting on over half an acre with three units and a over sized detached two car garage, you will be hard pressed to find a bank owned property with so many possibilities. Keep the main house and garage and scrape the other two smaller units, they are non conforming anyways,then split the lot and build your dream house on the front of the property. Or just keep it as is, rent out the units as a vacation rentals and make it an investment property. With Dana Point Park , a lakeside day park with picnic tables and BBQ's, and Captain John's Fawn Harbor Marina directly across the street it would be a perfect summer getaway. Last Sold-8-17-2006 for $650,000 Current list price $489,000
776 Elm Street Uniqueness Factor= Three multifamily zoned units Have you always dreamed of owning units? Are you looking for a Real Estate investment that has potential? Torn between renting out the cabin to help with the mortgage, or keeping it all for yourself. Look no further, here is a three unit bank owned property located between Snow Summit and Bear Mountain Ski Resorts. For vacation rental ski cabins it doesn't get better than this. Walking distance to the shuttle that can get you to both resorts, these are in the perfect location for those die hard skiers and snowboarders that want to be close to the action. This multifamily zoned property needs some TLC but has a lot of upside. It looks like the previous owner used them as full time rentals but in my opinion with the right owner these could do very well as vacation rentals. Last Sold-3-10-2005 for $305,000 Current list price $222,900
901 East Mountain View Uniqueness Factor= Horse Property Calling all horse owners, here is a horse property located in Big Bear City. With almost a half acre of land including stalls and corrals this REO is ready for your livestock. The property backs to open land and has views of Baldwin Lake and Gold Mountain. It needs some work but would be worth the effort. This 3 bedroom 2 bath 1500+ sq ft home sits at the end of a street and would make a great full time or part time home. Last Sold- 8-08-2005 for $445,000 Current list price $339,900
353 Meadow Circle Uniqueness Factor= Gated Community Gated communities might be common place down off the mountain, but up in Big Bear they are few and far between. Eagles Knoll Estates doesn't need a fence around the whole community to keep people out, it has the lake bordering almost half of the community to help. This community has two entrance gates and is close to the shopping centers. With its own boat facilities and tennis courts you never have to leave. It is also a short walk to the Alpine Pedal Path that runs along the North East side of the lake. This is a newer 2000+sq ft home was built in 2001 and a boat dock. You can see the ski slopes from the back yard and the lake form the front. This is a perfect place to spend your summers and escape the city heat. Last Sold 4-24-2006 for $675,000 Current list price $599,000
103 N Marina Drive Uniqueness Factor= In Upscale Eagle Point Estates If you are looking for a nice neighborhood by the lake, you can't do much better than Eagle Point Estates. This prestigious lakeside subdivision is protected by strict CC&R's and home owner's association. It really is one of the nicest areas of Big Bear and an alternative to a lakefront home since it has its own boating facilities. It also has private tennis courts and a lakeside park (that doubles as an Eagle Preserve in the winter). The home itself is a beautiful newer construction that was originally built as a "spec home" in 2006. It is over 3400 sq ft and comes with a boat dock. Barely used and ready to go. You owe it to yourself to take a look at this beauty. Last Sold 9-18-2006 for $1,120,000 Current list price $950,900

FIRST QUARTER 2008-BIG BEAR VALLEY MLS REO MARKET UPDATE

Joe Pecoraro (REMAX- Big Bear) — Wed, 02 Apr 2008 19:35:13 -0700

Origninally Posted on the Big Bear REO Blog.

REO's are rapidly coming on to the market in Big Bear. The local MLS is averaging close to three new bank owned listings a week. With the amount of properties already in default, this trend is likely to continue.

LOCATIONS AND PRICES

REO's are now scattered all over Big Bear Valley. 33 new REO's have been listed since the first of the year. There are currently 29 REO properties available in Big Bear

The majority are on the eastern side of the valley, namely Sugarloaf and Big Bear City.

Bank Owned properties come in all different price ranges. There have been small cabins under $100K. And newer large home a block from the lake, including a dock, for just under a million.

No matter what price range you are looking in, chances are there is an REO property in it.

REO'S IN ESCROW

There are currently 93 residential properties in escrow. Out of those properties 15 are REO's(over 16%).

It seems many of the banks and their asset managers are pricing the homes more and more aggressive. That's good news for buyers.

Some of these properties have gone into escrow in less than two weeks. One property went into escrow in 3 days. So be prepared to move fast on the ones that look like a "steal".

SOLD REO'S

The first quarter of 2008 has been extremely slow for residential properties, but REO's are taking up their fair share. Out of the 108 residential sales 19 were bank owned properties (roughly 17%).

These bank owned properties are selling at, on average, just over 90% of their listing price. This rules out the "pennies on a dollar" purchases everyone has heard about.

Take a look for yourself.

BETTER MOVE FAST

As previously mentioned, some of the properties are priced aggressively when they come on the market. The 19 sold REO's were on the market for an average of 55 days.

Comparing that to the over 120 days on the market for non-bank owned properties, you can get a feel for how fast these REO's are moving.

If you are looking for a vacation home or mountain getaway, make sure you are using an agent that has a strong knowledge about the REO market. Including the bank owned properties not listed in the local MLS. Otherwise you may miss out on one of the "deals"

Myths About Big Bear REOs

Joe Pecoraro (REMAX- Big Bear) — Fri, 14 Mar 2008 16:38:32 -0700

Originally Posted on the Big Bear REO Blog.

With all the foreclosures happening around the country, REOs have become the hot topic of real estate conversations.

Listing agents want to know how they can get them in their inventory, buyers want to find one to buy for cents on the dollar, and neighbors are complaining about how they are bring down the prices on their street.

There is even talk that REOs can solve the JFK assassination or prove global warming. So what's with all this REO talk? Are they really all they are cracked up to be? Lets take a look at REOs in Big Bear and see.......

Claim #1

REOS CAN BE BOUGHT FOR 50 CENTS ON THE DOLLAR.

By now everyone has heard about an REO being bought for an incredibly low price. Either from friend, coworker, or a friend of a coworker, or an uncle of a friend of a coworker, or..you get the picture.

Now banks are definitely interested in getting all these foreclosed houses off their books, but they aren't going to give them away. It may be possible to get these properties way under market value in some areas (real estate is local after all) but in Big Bear this isn't happening.

On average the nineteen REOS, that have closed escrow since last May in Big Bear's MLS, have closed at close to 95% of their list price. Now this doesn't take price changes in to consideration.

Some of these properties may appear to have been better deals, if you compare their ORIGINAL List price with their sales price. However a good agent that knows their inventory wouldn't be showing you grossly overpriced properties, REO or not.

So without going out on a limb, Big Bear REOS can not be bought for 50 cents on the dollar. In fact they aren't even selling for 75 cents on the dollar.

Claim #2

REOS ARE ALWAYS THE BEST DEAL ON THE STREET

A current REO property($319k) in Big Bear Lake is on a street with 3 non REO properties on the market. One of these three match up comp wise almost identically to the REO. It is around $11,000 more than the REO($330K).

So for arguments sake lets say you get the REO property for 5% less than the asking price or $303,050. And you can only get the other seller down 5% on their home making it $313,500.

Now the REO property needs a lot of work which costs time and money. The other property is ready to go with a few minor repairs. Which is the better deal?

Well it depends on the cost to upgrade the REO. If you can clean up the REO and get it into the same condition as the other property for $10,000. They are both equal in value. However if you exceed the $10,000 in cost, the REO isn't as good a value as the other home.

One thing to remember is the non-REO property had a seller that could price it right to begin with. They actually priced it below what they bought it for, about 20 months ago.

Claim #3

REOS WERE PUT HERE BY ALIENS

To be addressed in a different blog.;)

Claim #4

REO PROPERTIES ARE ALL RUN DOWN AND NEED A LOT OF WORK

REO's come in all different conditions. They can be stripped down by the previous owner that lost the home. They can be neglected and need some "cosmetic work" to make them more attractive or they can be "move in" condition.

They can be a one bedroom cabin that looks like it can be pushed over or they can be a 3500 square foot lakefront

So instead of assuming that an REO will be too much work, each property needs to be taken into consideration individually. You might be surprised by what you see.

Submit An Educated Offer

Hopefully this helps clear up some of the myths involved with REO properties, or at least the ones in Big Bear.

If you treat these bank owned properties like any other individually owned property, you should be fine. Research, investigate, compare and make an educated and "strong" offer.

Got views? Big Bear Lake Does.........

Joe Pecoraro (REMAX- Big Bear) — Thu, 06 Mar 2008 14:36:31 -0800

Originally posted on the Big Bear REO Blog.

One of the most sought after features of property in Big Bear is some sort of view. Whats more relaxing than sitting on a deck in the summer and looking out at a beautiful lake. Or enjoying a spa during the winter with the ski runs you conquered that morning as a backdrop. One thing is for certain, nothing adds to a setting like a incredible view.

Lake Views

A lake in the middle of a valley surrounded by hills and mountains makes for some dramatic lake views. The lake is visible from many different parts of the valley. The cabin can be across the street from the lake or up on a hill a . There are many different areas to find a lake view.

When looking at lake view listings online, make sure to keep in mind that a seller is going to market anything he can to sell his property. Unfortunately this includes calling a view of a little blue sparkle, thru the trees while standing on a toilet in the master bathroom, a lake view. Usually described as a "peek-a-boo" lake view, these properties can really disappoint some one that wants a better view.

Another thing to watch out for is a property in the Baldwin Lake area claiming to have a lake view. Baldwin Lake is a normally dry lake that can be beautiful when full, but usually isn't. Most agents in Big Bear do not label these properties as lake views but some do.

Ski Slope or National Forest Views

Ski slope and National Forest views are usually easier to get than a good lake view. There are always plenty of properties with these views on the market. Also you may be able to get one in a more affordable price range.

These views can also be found in many different parts of the valley. Some properties in the Peter Pan area of Big Bear City look out across the valley at both Bear Mountain and Snow Summit. You can also see the ski resorts from many of the streets in Moonridge and Big Bear lake. Even all the way in Erwin Lake, believe it or not, there are properties with views of Bear Mountain.

Best Of Both Worlds

Now if you are lucky enough and looking in the right area, it is possible to get both lake views and Ski Slope Views. Castle Glen, Upper Moonridge, and Fawnskin all boast these breathtaking views. Usually you look one way off the deck to the slopes and when you turn the other way, there is the lake.

In Fawnskin you can look across the lake and past the ski slopes to see the peak of Mount San Gorgonio, also called Old Greyback. Rising above the ski slopes to over 11,500 feet, Mount San Gorgonio is the highest peak in Southern California. It is even visible from parts of San Diego.

With its large treeless bowls, it is hard to imagine a more beautiful sight any where in the winter. The best thing about these views from Fawnskin is you usually only have to look one way to see all three views.

Don't Worry They Are For Everyone

If you aren't lucky enough to own a place with a view, or are just up here visiting, there are many places in the valley to appreciate the views. Just take a walk on the Alpine Pedal Path off of Stanfield Cutoff. Or grab a map and take a drive into upper Moonridge or Castle Glen.

One thing is guaranteed, when you see one of the views mentioned here, you will know it. Even long time residents of Big Bear never get sick of seeing their beautiful surroundings.

Choosing A Lender For Your Big Bear Cabin

Joe Pecoraro (REMAX- Big Bear) — Mon, 03 Mar 2008 17:37:50 -0800

originally posted on the Big Bear REO Blog.

So you found a cabin in Big Bear you would like to buy, whats the next step? If you said buying new furniture you are wrong. Choosing the right lender is a very important step that is often overlooked or undervalued.

Finding Lenders Thru Advertisements

Many buyers believe they just need to open the phone book, search the Internet or listen to radio ads to find someone to get them a loan. They may get lucky using one of those methods and get a lender that earns their business. However they can also get unlucky and end up with a lender that jeopardizes the deal on their Big Bear property. Without anyone you trust to verify that the lender is going to take care of you, it turns into a crap shoot.

The main problem with choosing the lender in this fashion is that 9 times out of 10 you become just a number. It may be hard for the buyer to get a hold of the lender with questions. The buyers loan could just be put on the bottom of a stack of loans, even though there are time constraints on the deal. Many times the Lender is not in the same area as the property being purchased as well. Meaning there is no office for the client to walk into with questions or concerns.

Reusing A Lender

Other people will already have a lender they have a relationship with. They could have been using the same lender for the purchase and re-financing of their primary home. They are a face to these lenders and not just a number. They choose to reuse the lender because they were successful in other deals. It is almost as if the buyer is referring themselves back to the lender.

This is a great way to choose a lender, but since Big Bear is a specialized market it is important that the lender hires a local appraiser. Most agents make contact with the lender when escrow opens and can easily supply a list of the local appraisers to use. The buyer pays the appraiser anyways so they should demand to use a local appraiser. Nobody would take their boat to a car dealership to see what its worth. So why would you hire an appraiser who is usually looking at stucco houses in the desert to look at a Log Cabin in the middle of the woods? Doesn't make sense does it?

Asking Your Realtor For A Lender

If you don't already have a lender in mind you can ask your Big Bear Realtor if they can recommend anyone. Realtors interact almost daily with a lender during the escrow of your Big Bear property. That means they are able to give you an outside opinion on the services of a lender.

A good Realtor will only give out names and numbers of lender's they trust to take care of their client. The Realtor can give you a number of lenders that treat their clients as a priority. These lenders have pr oven time after time to be competent and efficient. If there is an issue during an escrow, the Realtor can call the lender and work things out.

These lenders will already understand the importance of hiring a knowledgeable local appraiser. They won't waste anytime trying to track down an appraiser to hire. They will also be familiar with the local escrow offices which will help keep the transaction running smoothly as well.

Can Not Be Stressed Enough

Any escrow can be stressful enough with issues beyond the buyers control. Which lender is being used is in the Buyer's hands. Don't add to the stress by choosing a lender that adds more stress to a deal. If you don't already have a lender, do the right thing and ask your Big Bear Realtor for a list of

New Log Style Construction In Big Bear

Joe Pecoraro (REMAX- Big Bear) — Sat, 01 Mar 2008 14:47:23 -0800

Looking for a cabin in the Southern California Mountains? Then you will definitely want to check out Big Bear Valley. This Four Season Resort town is only 2-3 hours from Los Angeles, Orange County, San Diego and Las Vegas. Big Bear Valley offers two ski resorts, a public lake for boating and fishing, numerous hiking and biking trails. There is something for everyone up in Big Bear.

This brand new beautiful Log Style cabin in the Big Bear area has it all. It sits on a 7500 sq. ft. lot near the National Forest. A covered front porch with real log accents, gives this new home exceptional curb appeal. Inside you will find three bedrooms,two baths and a laundry room all with nine foot ceilings. Also a "great room" with an open kitchen, vaulted knotty pine ceilings and a slider to a back deck.

Granite counter tops, Bamboo flooring, a nice rock fireplace and Alderwood cabinets add to the rustic look. The home has a two car garage with plenty of room for storage. With room to park an RV on one side and a nice large side yard, this would be a perfect mountain retreat.

About ten minutes to Bear Mountain and Snow Summit Ski Resorts and Big Bear Lake, this cabin still keeps its forest setting. Home is still under construction but to be completed in early spring. Be the first to own this wonderful mountain getaway.

Contact me with questions or for more info.

Originally posted on the Big Bear REO Blog.

Looking for a Big Bear Cabin? Get to know the area first...

Joe Pecoraro (REMAX- Big Bear) — Sat, 01 Mar 2008 12:00:56 -0800

Originally posted on the Big Bear REO Blog.

So you want to buy a second home in Big Bear. You have been coming up for years and enjoying the ski resorts in the winter and the lake in the summer. You have always dreamed of owning a cabin up here and feel ike now is the time to strike. Interest Rates are very low, inventory is high (plenty of cabins to choose from) and its finally a buyer's market. You know what price range you want to look in and what you can afford. So whats next?

Big Bear Valley has many different sub-areas all with distinct characteristics and settings. Figuring out where in Big Bear you want to be should be your first decision. Now if you are familiar with Big Bear Valley, this is obviously a easy step. You already know where you want to buy and its just a matter of finding the right property. So what if you don't know the area? What do you do?

The "I don't want to waste anyones time but my own" Method.

One way to do this is exploring the valley. Get a map and drive around. Mark on the map what areas you like, and dislike. Look at the views and settings but keep your eyes on the road. Try not to get lost and make sure you keep your sense of direction. When you see a real estate sign in front of a home that looks nice, call the agent and ask the price. Maybe its in your price range, maybe its not.

Keep driving around, wasting gas and hoping that one of these real estate signs are in front of a cabin in your price range. Make sure you look at Big Bear Lake, Big Bear City, Moonridge, Sugarloaf, Erwin Lake, Fawnskin, Fox Farm, and Lake Williams. Take notes so you can remember which areas had which prices. Study these notes next time you come up to "look around" and stay out of the areas that you already decided against.

Now does that sound like a fun time or what?

The "I Trust the professional to find the right property" Method

Your other choice is to call or email a local Realtor. A good Realtor will ask all the right questions and determine what areas would suit you. They will eliminates all the areas that are not going to work, and they will only send or show you properties in your price range. Most of the time the Realtor also drives, so you can sit back and check out the surroundings. You will get a better feel for the different areas.

When I am showing property in Big Bear to clients for the first time, my primary goal is to narrow down the search. After a series of questions, I can pretty much determine what areas will work and what areas won't. My next step is to give my clients the "Tour" and get them into the best listings in the different areas I think will work for them.

I don't show places out of their price range, or in areas that they aren't going to like. I will point out recent sales or homes in escrow while we are driving. In other words, I make my extensive knowledge of Big Bear Valley and it's Real Estate Market (born and raised in Big Bear) available to them.

In other words I understand your time is precious and don't want to waste it.

Bank owned, Reo activity.

Joe Pecoraro (REMAX- Big Bear) — Sat, 12 Jan 2008 14:23:33 -0800

Yesterday while looking at my local MLX's activity sheet I noticed the one escrow opened for the day was on a bank owned property. I knew that the price was pretty good, so I wasn't very surprised.

Right before I left my office last night I looked one more time at the "hot sheet". Still only one escrow opened for the day, which like I said was on an REO. Then I noticed we had one sale close for the day, and low and behold it was on an REO property as well.

So this morning I get to the office grab some coffee and pull up the "hot sheet" again. No new escrows (big surprise, seeing how this is 7:30 in the morning) but the two new closings catch my eye. They were both on (you guessed it) bank owned properties.

We currently have 24 available REOs in our local MLS. We also have 10 REO properties in escrow in our MLS. Obviously that is a great percentage. I work in a small second home market in Southern California. Many of these REOs were vacation homes.

So my question is, is this happening all over the US? Are you seeing this much activity on bank owned properties in your area?

Big Bear Lakefront REO property turns into great buy .

Joe Pecoraro (REMAX- Big Bear) — Sat, 12 Jan 2008 13:40:58 -0800

Originally posted on the Big Bear REO Blog.

Everyone is hearing about how great of a deal a bank owned property can be. There is a misconception that these REOs are all run down, neglected properties. Well this isn't always the case. In fact sometimes a great property is foreclosed on and becomes available as a bank owned.

This lakefront property in Big Bear Lake is one of those unique properties. This home went into foreclosure and came on the market as an REO during the summer of 2007. The bank first priced the property at $1.825 Million which was close to the price of the last sale on the property back in Summer 2004. While this was probably a little high, it wasn't as outrageous as it might seem. Prices have came down in Big Bear but as everyone knows Real Estate is all about location, location, location. You can't get a much better location than on Big Bear Lake.

Even though the home was priced under the last sale, the property remained on the market. After a couple of price reductions the lake front was reduced to a price, $1.55 million, that brought in offers. It is rather amazing that this property lasted as long as it did. All in all it was on the market for 112 days as a bank owned.

Now that the property has closed escrow we can evaluate the type of "deal" the new owners received.

Last Sale Price and Date $1,900,000 9-02-04

New Sale Price and Date $1,420,000 12-28-07

Difference in price between sales $480,000 or a little over 25%

What this means

Considering the market in 2004 was much better than todays, the savings may be a little inflated. Still the ability to sell the property at a much lower price , almost half a million lower in this case, comes directly from the property being an REO.

It might be a lot of work to sift thru all these bank owned properties flooding the market, but with a little time and patience you can find a great buy. The important thing is to to be ready when these unique bank owned properties show up on the market. Otherwise some other savvy buyer will beat you to it. For a complete list of Big Bear Bank Owned properties feel free to contact us.

Big Bear Foreclosed properties and the broken "TDS Disclosure chain"

Joe Pecoraro (REMAX- Big Bear) — Thu, 10 Jan 2008 18:00:15 -0800

Originally posted on the Big Bear REO Blog.

During a Real Estate transaction buyers are bombarded with Disclosure after Disclosure to read and sign. While all the Disclosures are imprortant for different reasons, some seem unnecessary to buyers. Often times buyers even question why something so obvious has to be put down on paper. Obviously most of the forms are to protect the parties of the transaction and none more so than the three page Transfer Disclosure Statement, commonly referred to as the TDS.

Agent Section of TDS

California law requires a TDS to be part of all transactions involving 1-4 residential units. Although the responsibilty to deliver the TDS is on the Buyers agent, the TDS form is filled out by the seller, Listing agent and Buyers agent.

The Two agents (or one if it is a dual agency situation) are supposed to disclose any defects or concerns they come across while doing their diligent visual inspection of all the accessable areas of the property. While many times an agent might see something the buyer or seller doesn't, usually this section of the TDS is not as important as the section the seller fills out.

Also good agents will fill out another form called AVID (Agent Visual Inspection Disclosure) and simply use their section of the TDS to say "see attached AVID Form. The AVID form is a more in depth visual inspection record, that allows for more input from the agents on every section of the property.

Seller section of TDS

The seller meanwhile is asked to fill out a check list of items that are present in the house.. These items include spas, dishwashers, garage door openers and others common items found in a residence. The seller is also asked if they know of any defects to any of the items listed.

Then the seller is given the opportunity to describe any defects or concerns about the property that they know about. concerning the actual structure. This includes walls, foundations, plumbing, driveways, etc. Many of these defects are concerns that would show up on a home inspection as well.

Lastly the seller is asked a series of yes and no questions about their knowledge of the property. This is important because many of these questions could only be answered by the seller. These questions cover everything from noise problems to previous flood and earthquake damage.

This is one of the most important sections of any form involved in the transaction. This is where the seller has the chance to alert the buyer of encroachments, unpermitted additions and remodels and other potentitial detrimental issues.

Benefits of TDS

The important part of this section is that the seller has to explain any yes answers and give the buyer insight they normally couldn't get about the property. Also if the seller was told of something when they bought the property, they should pass that knowledge to the new potential owner creating a chain of information that should stick with the property. So even if a home flooded three owners ago, the new buyer should hear about it.

After reviewing the TDS the buyer then decides whether or not to move ahead with the purchase of the property. In some cases they may see something on the TDS that alerts them to cancel the deal before paying for a home inspection.

TDS and Foreclosed properties

There are exemptions to the TDS law. Some of these exemptions are trivial, such as a co-owner selling their share of a property to the another co-owner. Other exemptions are obvious, like foreclosed properties.

Since the bank never lived in the home, or recieved any of the disclosures from the previous sale they are not in a position to fill out a TDS and don't have the knowledge of the property that a traditional seller would. So when a property goes into foreclosure it literally breaks the "Disclosure chain".

The buyer of a bank owned property will not hear about when the property flooded two years ago. They also won't be told about how the bonus room used to be a garage, and the owner didn't pull a permit or build it to code. They might end up buying a property that has a deck encroaching into the "setbacks" of the lot, and on and on...

What does this mean to the buyer of a bank owned property?

Not recieving a TDS in a transaction just makes all the investigations a buyer does that much more important. Most likely you aren't going to get any repairs from the bank so you will want to find out all you can about the property's defects and concerns.

A professional Home Inspector will be able to find any existing problems and a trip to the local building and safety department can help determine if permits were pulled or obvious additions are conforming.

A trip to the county accesors office may help identify additions done to the property. And if you are lucky enough to talk to a neighbor or someone else familiar with the area, you may find out about floods or other distaters that might have affected the property.

A buyer should always investigate any of their concerns on a purchase of property and when buying a bank owned property, this is even more true.

Exploring Big Bear Lake: Big Bear Lake West

Joe Pecoraro (REMAX- Big Bear) — Mon, 07 Jan 2008 13:58:00 -0800

Originally posted on the Big Bear REO Blog.

On the far west side of Big Bear Valley is an area commonly referred to in the Real Estate Market as Big Bear Lake West. This area of Big Bear begins at the dam and continues along the south side of Big Bear Lake along Big Bear Boulevard for approximately two miles. Big Bear Boulevard (or Highway 18) is only two lanes wide thru out Big Bear Lake West with lots of curves and lake views.

Big Bear Lake West is heavily treed with huge pines and full of beautiful boulders and manzinita trees. There is definitely a mountain feel in every part of Big Bear Lake West. The south side of the Highway is either National Forest or a street away from National Forest. The topography of the area varies from lake level to steep slopes.

There are some great hiking trail in this area, especially the Castle Rock trail which should be on every ones itinerary. The hike is a little less than a mile winding uphill but well worth the effort. Once you climb to the top of castle Rock you have panoramic views of the lake and Big bear valley that are hard to match.

Along with the great hiking in the area, there are also great places to enjoy the lake. Although there are many beautiful sights to enjoy when driving thru Big Bear Valley, one sight usually makes a lasting impression on Big Bears first time visitors. A boulder covered shoreline with a two boulder islands gives this area its fitting name, Boulder Bay. With a public park along the shore of this beautiful bay, it makes a great place to enjoy lunch, fish, read a book or just relax and enjoy the lake.

There is a also a marina in the area a market, and great little cafe. This makes the area more convenient on busy weekends and holidays for people who want to avoid the crowded town.

Big Bear Lake West has quite a few older charming cabins, including government leases , large lakefront homes, and everything in between. Most of the lots are large enough to still offer privacy and a nice setting. There were cabins built in the 1920's still in use in the area as well as some new constructions. Vacant land is hard to come by in the area but there are still some lots available. It is a very popular area for locals, vacation renters and second homeowners alike.

There are three bays in the area, Papoose Bay , Boulder Bay and Metcalf Bay, which makes almost every property in Big Bear Lake West walking distance to the lake. Many of the streets run parallel with the shoreline creating some beautiful and spectacular lake views. Along with the lakefront properties, there are properties bordering the National Forest which provides extra seclusion for those trying to get away from the city life.