Why I Hate Big Bear Short Sales

So I was dealing with a short sale home and I knew for sure it wouldn't be a short sale for long. . .

I knew it would only be a matter of time before this property would again be on the market as a bank owned property.

I encouraged my eager clients to be patient, and that I would be consistently searching all of the MLS listings until I came across their desired property again. Within a little over a week, my hunch was confirmed when I came across the same cabin, now listed at $130,000 and as a bank owned property.

I called my clients within minutes, informing them of the fantastic news, and we wrote an offer for $115,000 cash that day.

The very next day the bank counter offered with $117,000, and my clients jumped on it. Luckily for us, the bank also fixed some busted pipes underneath the house that more then likely the original owner wouldn't have been able to do.

The fact of the matter is that the bank held out for a month and a half, and didn't accomplish anything as a short sale property. After the bank took ownership of the property, we were able to settle on a fantastic offer, and get a few repairs out of the deal as well.

The second time I came across this situation it was very similar to the first. My clients in this situation, made an offer of $340,000 on a property listed as a short sale, and priced at $389,000. Again we played the waiting came for over two months while the bank had the house reappraised and had numerous BPO's completed.

In the end, after two months, they rejected our offer and let the home go into foreclosure. Like the last time, I watched the MLS and saw the home come up as a bank owned property for $390,000. My clients and I both felt the home was overpriced and we should wait and watch it to see if it would reduce. After two weeks, it hadn't sold and we decided to make our move. We made a generous offer of $333,000, and sat back waiting for a response from the bank. Within a day, we heard back from the bank, and they had declined our offer again. After another week went back, and numbers were tossed around, we made a final offer of $339,000 and had it put into escrow.

In conclusion, we again were able to get a better price, in a faster amount of time, when the homes we were interested in, were bank owned. Article submitter S. Miller knows all about shopping Big Bear, CA foreclosures and Big Bear, CA houses in general. Read more of her posts online. categories: big bear,luxury homes,resort homes,vacation homes,new homes,home buying,home for sale,house for sale,single family homes,property,property listings,real estate

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