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reo: Big Bear Bank Owned Spotlight - 03/03/10 05:49 PM
By Joe Pecoraro
41572 Park LIST PRICE $295,580LAST 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 … (0 comments)

reo: Top Three Bank Owned Deals In Big Bear 2/8/09 - 02/08/09 02:52 PM
-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.  … (0 comments)

reo: Myths About Big Bear REOs - 03/14/08 04:38 PM
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 … (2 comments)

reo: Bank owned, Reo activity. - 01/12/08 02:23 PM
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 … (9 comments)

reo: Big Bear Lakefront REO property turns into great buy . - 01/12/08 01:40 PM
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 … (2 comments)

reo: Big Bear Reo Market Update (12/18/07-1/2/08) - 01/02/08 06:32 PM
Originally posted on the Big Bear REO Blog. 
***In an effort to keep you all up to date on Big Bear Bank owned properties, we will be giving you updates approx. every two weeks.****
Since our last update on 12-17-07 there has been a lot of action in the Big Bear Banked Owned Properties.  The fact that these REO properties are becoming a larger and larger part of the local Big Bear Real Estate Market can no longer be denied. 
New REO Listings
We have seven new REO properties come on the market since December 17th.  There are now  24 available REO listings on the … (0 comments)

reo: Market is Heating Up For Bank Owned Real Estate in Big Bear Lake - 12/29/07 04:41 PM
Originally posted on the Big Bear REO Blog. 
***In an effort to keep you all up to date on Big Bear Bank owned properties, we will be giving you updates approx. every two weeks.****
During the past two weeks we have seen two bank owned properties in Big Bear go into Escrow.  We featured one of the properties on this blog back on December 10th.  Do you remember the Property that was listed 30% below the previous sale?  Well a smart buyer saw the value and made a successful offer on the property.  It is now in Escrow and we will keep you … (0 comments)

reo: Emotionless Sellers Are A Great Reason to buy a Bank Owned Property in Big Bear Lake. - 12/29/07 04:40 PM
Originally posted on the Big Bear REO Blog. 
Anybody who has purchased a home knows how stressful it can be and how much more stressful when the other party in the transaction seems to be fighting the sale as much as pushing for it. 
There can be many elements of a real estate deal that upset the seller.  Low ball offers and multiple counter offers are two of them.  It can even turn into an "Us vs.Them" competition with the sellers letting their emotions and ego's cloud their judgement. 
What if you could take all the emotion away from the seller?  Would … (0 comments)

reo: Big Bear Bank Error Saves You $37,500! - 12/29/07 04:37 PM
Originally posted on the Big Bear Reo Blog 
Everyone has played Monopoly, right?  Remember when you got a card stating the bank had made a mistake and you received money you otherwise wouldn't have?  Well this bank owned property is like a Community Card in real life....

Listing Price= $537,500
Previous Purchase Price= $639,000
Previous Purchase Date= 9-28-06
This property was foreclosed on after being on the market for six months. 
The previous distressed owner did the right thing and tried to limit his losses by listing the home and asking his Lender for a "short-sale".  Now, by definition a "short-sale" is a transaction … (0 comments)

reo: Bank Owned in Big Bear and Listed 30% below Previous Sale! - 12/29/07 04:34 PM

Why are REO's attractive to buyers? Where else can you find seller's willing to list their property over 30% below what they paid less than two years ago?  This cabin, close to the National Forest and the Ski Slopes is priced at exactly that.
Listing Price $361,900
Previous Purchase Price $519,000
Previous Purchase Date 1-17-06
This property is in the Big Bear Lake Central area of the Big Bear Valley.  It has a very nice setting close to the National Forest and only a few roads away from Snow Summit Ski Resort.  This is a very good example of someone that bought a property they … (0 comments)

reo: What exactly is an REO Property? - 12/29/07 04:27 PM
Originally posted on Big Bear REO Blog
An REO property is simply a Bank or Lender owned property. The term REO is an acronym for "Real Estate Owned" which banks use to describe a property that has already gone through the foreclosure process but did not sell at a Trustee's Sale. 
There can be many reasons a home didn't sell at the Trustee Sale but the most common reason is that the property is no longer worth what is owed to the lender.    
Therefore, a buyer looking for a deal would not be interested in satisfying the debt including the late charges and … (0 comments)

 

Joe Pecoraro

Big Bear Lake, CA

More about me…

REMAX- Big Bear

Address: 626 Pine Knot, Big Bear Lake, CA, 92315

Office Phone: (909) 866-2004

Cell Phone: (909) 744-0850

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