This bank owned property just closed escrow today. I am posting it to shed a little light on how the market is dealing with bank owned properties at this time.
The home is located at 332 Downey, in a nice area in east Big Bear City. The home itself is 2,760 square feet and sits on a 10,539 square foot lot. It was built in 1973 and is in fair condition. It last sold in 2006 for $425,000.00. After it went into foreclosure, the current listing price was $249,900.00. It sold for $265,000.00, $15,100.00 more than it was listed for.
It just goes to show you, the market on bank owned properties is really heating up. The properties that are good deals are receiving multiple offers and are selling at or above list price. If you see a bank owned home that you want to purchase, be aware of this fact. If it is a good deal, be prepared to write a good offer. Many of the banks are just turning down low ball offers without even bothering to counter. If you are trying to make a low offer, at least make it as strong as you possibly can in every other facet. If you want a list of bank owned properties in The Big Bear Valley, please contact me and I'll get it too you ASAP.
Originally posted at www.bigbearilluminated.com
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