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Big Bear Bank Owned Properties

By
Real Estate Agent with RE/MAX Big Bear Village
As I am sure we are all aware, bank owned properties came in all manner of conditions. You can look at one on one street that is nearly immaculate, and the next block over, find one that is falling into pieces. Sometimes the ones in the worst condition, are priced the highest. Sometimes the best ones are priced to sell and go very quickly. Like standard listings, the price is going to be very important in how quickly the property sells. Sometimes, even a very fair price is not enough to get it sold. Even a bank owned property listed under fair market value can sit around in todays market. Some banks realize this fact and price the foreclosed property at rock bottom to get it off of their books. Other banks have a wait and see mentality and price the home around fair market value, a tactic I have seen backfire. One home in particular springs to mind. This house was bought in 2006 for 640k. When the owner got into financial difficulty, he attempted a short sale. He received an offer of 575k, which the bank rejected. The house went into foreclosure and is currently in escrow for 530k. It just goes to show you, anything can happen in todays market.

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