Everyone is looking for a deal these days so below is information regarding upcoming auctions for property in the Big Bear Valley. Auctions aren't always the best deal in town. Sellers that have a lot of equity in their home sometimes price their home more aggressively and we have bank owned properties that are often better deals than what you find at auctions. If you are in the market for a good deal, contact me first. I can email you a list of properties regardless of who's selling it.
If you plan on going to an auction exercise the following advise:
- Do your research and have a good understanding of what needs to be fixed prior to making a bid. Most properties sold at the auction are sold "as is" with no warranties. Knowing what's sold in the area and what your return on your investment is critical in knowing you got a good deal.
- Make sure you know the terms and conditions of the auction. Did you know its typical for a successful bidder to pay a buyers premium of 5-10% of the purchase price? So if you bought a property for $200,000 expect to pay a commission or "buyers premium" of $10,000 to $20,000 on top of the original $200,000 purchase price.
- Don't get carried away with all the hoopla at the auction. Once you've hit your price limit, walk away and move on. You don't want to get over-emotional about a purchase if you are expecting to get a good deal. There will be other opportunites.
The Real Estate Disposition Company (www.ushomeauction.com) has been one of the nations most prominent and successful auction marketing companies since 1990. Here's three properties being sold on August 24th.
726 Maltby, Big Bear City, CA 92314
1310 Malabar, Big Bear City, CA 92314
431 W North Shore, Big Bear City, CA 92314
The Pacific Auction Exchange (www.epaxonline.com) is another real estate auction company with the distinction of doing all of their auctions online. This is nice because you don't have to sit in a big warehouse building with hundreds of other people waiting for a particular property to come up. You do everything electronicly. They have one property listed for sale right now.
219 E Country Club, Big Bear City, CA 92314
If you are looking for commercial property in the Big Bear area, the old "Hot Spot" is going to public auction Aug. 9th at NOON at the property (41011 Big Bear Blvd, Big Bear Lake, CA 92315).
Bar, Restaurant, Two Homes, Barn (On Major Road with vast public parking lot with direct access. Originally listed at $1,300,000. Approximately 1,250 SF Bar Restaurant, & 2,000 SF residential areas in three buildings. Business, Liquor License, fully equipped and operating kitchen, Bar and restaurant fixtures and fittings and goodwill. Two legal parcels being sold together zoned commercial and residential totaling approximately 17,000 SF. Buyer to verify. Sold AS IS, No Contingencies. Click here for more information.
Again, auctions may or may not be the way for you to get a good deal in today's market. Feel free to contact me if you have any questions or if you would like more information about the Big Bear area.
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