bank owned advice: Homepath Lending Rocks - 08/30/10 07:40 AM
I just wanted to take a minute to tell everybody out there about how great Homepath lending really is. I have sold six properties this year with the Homepath program, and they have all been very easy transactions. For those of you who have never heard of it, Homepath lending is a program offered by Fannie Mae on select bank owned homes in their portfolio. With the utter lack of programs designed to help buyers get into homes with a low down payment, this can be a godsend to buyers.
One of the main benefits of the program is a low … (0 comments)

bank owned advice: Bank Owned Dogfight - 02/01/10 09:12 AM

I have always been told that the key to success is practice. If you are planning on buying a property in Big Bear, you need to practice saying " Yes, I realize I may need to pay 10% over list price." Believe it or not, if you are planning on purchasing a well priced bank owned property, that is most likely what you will have to be prepared to do. With low prices and low interest rates, qualified buyers are coming out of the woodwork. In large numbers.
Every single home, that was a good buy, that I have written … (0 comments)

bank owned advice: REO Urban Legends - 11/13/09 08:07 AM

It seems like everybody has a story about a cousin or brother in law or long lost Uncle who offered half of the asking price on a foreclosure and got it. It has almost reached urban legend status in this market. I have bad news for people that believe this story. There are no giant alligators in the sewer. If you say Bloody Mary three times in front of a mirror, she will not appear. Even more terrifying, there are no bank owned properties in Big Bear that you can buy for half of the list price.
As a matter … (26 comments)

bank owned advice: Bank Owned Furnishings - 10/19/09 05:24 AM
When it comes to agents that list bank owned properties, they seem to fall into two distinct categories. The first group takes their time and makes sure the house is completely ready to be sold. These agents make sure that the house and yard are clean and presentable. They also post the 18 day notice for the foreclosed owner to remove their belongings. Then, after the 18 days are up, they have everything removed to storage, leaving the house in great shape to be sold.
The other group of agents don't bother with all those steps. They don't wait for the … (0 comments)

bank owned advice: Bank Owned Checklist - 06/02/09 09:02 AM
Recently, it seems like every time a good bank owned property comes on the market, it is like blood in the water with four, five or more offers coming in. If you want to have a chance at snagging one of these good deals away from the other sharks, you need to come prepared. I have prepared a sort list of things you need to have ready in order to write the best offer possible.
1. Make sure you are preapproved and have your letter with you. This will let you know what you can afford and also let's the selling … (0 comments)

bank owned advice: Watch Out For The Other Guy - 05/04/09 06:13 AM

One of the benefits of the market being in decline is the mass exodus of bad agents. If you are a buyer or a seller, the odds are much better that you will get a competent agent to represent you. Unlike days past when an agent just had to sit by a phone to do business, today's Realtor actually has to work his or her tail off to be successful. That being said, you still need to be careful.
There are still part time housewife's out there who do a deal or two a year for some extra money. The … (1 comments)

bank owned advice: REO Timelines - 04/18/09 06:48 AM

Buying a bank owned (REO) property is a much different process than a traditional listing and it is imperative that your Realtor know the difference. If your Realtor is not aware of the differences, they could not only cause you to lose the property, but also cost you money in the process. Let me explain.
Banks hold all the cards in a bank owned transaction. They don't have disclosure requirements and set all the rules. They usually make the buyer sign an addendum that basically takes away most of the buyers protections and puts the ball squarely in the banks … (5 comments)

bank owned advice: Better Than Bank Owned - 03/24/09 05:43 AM

Originally Posted at www.bigbearilluminated.com
With all the fervor over bank owned properties, it is sometimes easy to overlook homes listed by an actual homeowner. This can be a big mistake. If the homeowner in question is savvy on market conditions and has a good Realtor to advise them, traditional listings can be just as much of a bargain as an REO. Case in point is this home on 385 Glenwood, located in The Castle Glen area of Big Bear Lake. This home is a true beauty. It is full log construction and backs to wide open eagle preserve. The home … (0 comments)

bank owned advice: A Word of Warning Regarding Bank Owned Purchases - 01/22/09 05:54 AM
I just went through a very frustrating experience and thought I would share it in the hopes it may help someone else. It has to do with the policy many banks have adopted of forcing a buyer to pre-qualify with the banks lender of choice before they can submit an offer. If you are not ready for this scenario, it could spell disaster.
This weekend I showed property to a nice couple I have been dealing with for quite some time. They are well to do and seem like they should easily qualify. We found a really great bank owned home … (10 comments)

bank owned advice: Bank Owned Advice - 01/09/09 07:39 AM
Originally Posted At www.bigbearilluminated.com
Buying a bank owned home is an interesting process. Sometimes it is swift and painless. Other times, it is an incredible quagmire. No bank operates in the same manner. Every single one will have different requirements and procedures that dictate how they do business. If you are considering a purchase of a bank owned property, make sure you are dealing with an agent who has experience in these matters. Otherwise you could be in for some unpleasant surprises.
One thing many banks have been doing is forcing the buyer to prequalify with a lender of their choice. … (4 comments)