Big Bear Real Estate Buyer Information
General Information
When you are looking for property to purchase in Big Bear Valley, there are several things to keep in mind. Not the least of which is the fact that many of our listed properties are in the "short sale" or "foreclosure" stages, which can make things more complicated during the buying process. A competent Realtor(R) is of the utmost importance in helping you to navigate through the process. There is still a portion of our listed market which is "resale" properties offerred by homeowners, and while the purchasing process can be a little easier to navigate, many of these properties are listed at unrealistic prices, largely due to the fact that our current market is primarily "short sale and "forclosure" driven in Big Bear Lake and the surrounding areas, and homeowners have unrealistic expectations of what value they still hold in the current Big Bear Real Estate market.
While "short sale" and "foreclosure" properties can and usually are listed at a lower price range, these properties are sold in "as is" condition with little to no hope of getting any necessary repairs made during the process. Banks, typically as a rule, do NOT make repairs to properties they already have listed, so this leaves you as a buyer at a disadvantage. It is important to note; however, that this should not be a "deal breaker" if you are interested in purchasing property in Big Bear. There are many of these properties which are in very good condition, but it is extremely important to hire a competent home inspector to help you to better understand what you are getting for your money.
Foreclosure Property Information
The process of purchasing a "foreclosure" property in Big Bear, as anywhere else, is a dealing with the bank that holds title to the property, and there is NO homeowner involvement in the capacity of it being privately owned as the bank has assumed title to the property and is the current owner of record. With this being said, bear in mind that the bank has very little if any direct knowledge regarding the property condition on any specific property, even though they own it. They will not disclose property condition to you because of this lack of direct knowledge. Listing prices are generally pre-approved by the banks, giving you the security of knowing that the bank is willing to sell the property somewhere near the listed price.
Short Sale Property Information
A "short Sale" purchase is a little different in some respects. Where they are still going to be an "as is" sale, there is still a homeowner involved. The purchasing process is basically one in which any offer you make on the property goes first to the homeowner for acceptance, and is then forwarded to the bank for approval. The homeowner generally will NOT make any repairs as they are "upside down" in the property, meaning that they owe more than they are trying to sell the property for. Also, as in the case of purchasing a "foreclosure" property, the bank will not be willing to make repairs on the "short sale" property either, and they also in this case have little to no direct knowledge of the property condition; however, the homeowner does, so property condition reports and disclosures continue to be part of the process with respect to homeowner involvement. Listing prices are also not necessarily approved by the bank, but in some cases the bank has chosen an acceptable amount of loss which has been reflected in the listing price.
Resale Property Information
A resale property is exactly that. It is a property which is still owned by an individual or company, and listing prices have been agreed to by those who hold interest in the property. Sellers who are motivated and have been properly educated by their Realtor(R) usually tend to be much more realistic in pricing and are in a position to compete with the "foreclosure" driven market climate in Big Bear today. Many sellers; however, can be stubborn, even in the event that their Realtor(R) has attempted to properly educate them, and it is entirely possible that they may be listed at a price which is above current market value.
The Importance of a Home Inspection
A home inspection, in any case, whether you are purchasing a "foreclosure", "short sale", or "resale" property is of the utmost importance as I mentioned earlier. You as a buyer need to make sure that you are protected throughout the process of purchasing a home or commercial property in Big Bear as anywhere else. It should be highly recommended to you by your Realtor(R) that your home inspector be a competent, qualified, licensed general contractor, and you should, whenever possible, make the time to come to Big Bear at this point and make yourself available to be there on site when the inspection is being performed. Your Realtor(R) should be more than willing to help you coordinate this effort; however, choosing the home inspector is something YOU have to do, so be diligent in your selection and do your homework! Being present for the inspection will give you a better idea of how in depth the inspector has gone into researching the property condition, and do not be hesitant about asking questions. If you feel the inspector is overlooking something, or you have specific concerns regarding the property, this is your opportunity to make a difference. In your purchase offer you will have a contingency period in which you should make the home inspection and it's acceptable outcome part of. This will offer you protection in the event that your inspector cannot validate a property condition report that is acceptable to you. In knowing what you are getting for your money, a properly performed home inspection can and will be very important to you, so please remember, make time to come to Big Bear during the process, ask questions and voice your concerns, it is EXTREMELY important!
Seller Disclosures and Property Condition
These particular documents, while they will not apply to the "foreclosure" property, can and should be applied in the case of a "short sale" or "resale" property. The reason? A private party who has first hand knowledge of the property and it's condition is still involved. While the bank will not be party to this, it is still a protective measure you should pay close attention to. This can help you to discover underlying conditions of the property which may or may not adversely affect your interest in making the purchase. Read all of this documentation in it's entirety, and ask questions about anything you do not understand, a good Realtor(R) will be happy to help you with this in any and every way they can. Also, bear in mind that a home inspection is relatively inexpensive when compared to the purchase price or possible repairs you may run into down the road, and even though it is money out of pocket for you, the knowledge you gain and the money it may save you is well worth the expense.
Your Realtor(R)
Should diligently work to help you to understand and properly navigate any and all steps in this process. Insist that they do, it is not only their job, but also their responsibility to you as a customer. There are; however, some things you may encounter during the process that falls into the realm of legal advice. For situations like these, please be understanding in the fact that your realtor(R) is not an attorney and as such is not allowed to give legal advice. You may in these cases be instructed by your Realtor(R) to seek legal counsel. If you are, take the recommendation seriously and follow up with your attorney.
My Service Commitment to You
I listen to you when you enlist my services to purchase Real Estate in Big Bear and work diligently and successfully with a wide variety of clients to help them acquire the right Big Bear Real Estate for them. From Lakefront homes, to residential and commercial real estate and investment properties in any and every price range, whether they are a "foreclosure", "short sale", or a "resale" property in any and all areas of the Big Bear Valley, including such areas as Big Bear Lake, Big Bear City, Fawnskin, Erwin Lake, Sugarloaf, Meadowbrook Estates (Equestrian), Castle Glen Estates, Eagle Point Estates, Eagle Knoll Estates, Boulder Bay, Whispering Forest, Forest Springs, Moonridge, Summit Estates, Lake Williams, Baldwin Lake (Equestrian), and all other general areas throughout Big bear Valley.
I can make any Big Bear Real Estate property which is currently listed on our local Market available to show and/or purchase to ALL of my clients.
Also as a member of the Big Bear Valley Board of Realtors(R), I have access to all properties listed in the Big Bear Valley, and I will be very happy to show you any property that you feel fits your price range and needs, regardless of which agency has the listing. I work with a wide variety of lenders to help you find the appropriate financing to suit your needs, in the event you are not already pre-qualified by a lender of your choise, which I strongly recommend, especially in the case of making an offer for a "foreclosure" or "short sale" property. As an added bonus, if the seller will not pay for a home warranty, I will pay for it so that you can enjoy peace of mind when you close escrow and take possession of your new Big Bear Property!
Many of my clients do not reside full-time in Big Bear and I use the latest technology available to help you with your transaction to ensure a smooth process and protect your valuable time as much as possible. Call me today and let me know how I may serve you in any current and future purchase you are planning to make in our beautiful Big Bear Valley!
Contact Info:
Exit Realty Welcome Home - Big Bear
41370 Big Bear Blvd 661.505.0603
Office: 909.878.0522 Fax: 909.878.0524
Email: tony.passmore@yahoo.com
Web: www.bigbeardream.com
Mailing Address: Box 7072, Big Bear Lake, CA 92315
DRE# 01769556
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