Explore Big Bear, CA
By Israel Barden
(RE/MAX Big Bear Village)
Comments 4
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. This means that even though you are preapproved with the lender of your choice, they make you go through the whole process again with their approved lender. It is almost a kind of scam...
By Tyler Wood, Big Bear Real Estate
(RE/MAX Big Bear)
Comments 0
Selling a home in Big Bear should be easy, at least according to Andy Rooney. I remember seeing this video last year and laughing when he reviewed all the self help books he has received over the years. When he gets to the "Tips on selling a House" book, around the 1:10 part of the video, he gives his simple, yet very true, advice, "you don't need 1001 tips on how to sell your home, just lower your price and your home will sell." Seems simple and easy enough, right? Now I understand that not everyone can lower their price enough to sell. They may owe too much or don't want to accept a lower price. That is fine, just don't try to sell right now. In this market, price is everything. Buyers are value shopping more than ever. You may have the nicest house in the area with all the upgrades, ...
By Jane Brayton
(Mountain Lake Properties)
Comments 0
Bear Mountain and Snow Summit are offering a free service that allows immediate updates to your mobile device with what you can expect before you head to the snow. Just follow this link to sign up and be sure to read about carrier charges, if any and opt-out policy. Isn't technology great? http://bigbear.hipcricket.com/  
By Tyler Wood, Big Bear Real Estate
(RE/MAX Big Bear)
Comments 0
Home sales in Big Bear for November 2008 (50 total) dropped 25% as compared to the same month last year, and fell 32% from the October 2008 home sales number of 73. This is a pretty big drop in sales activity, which is most likely a result of all the negative economic news over the past 60+ days. Typically, November & December are the best two months of the year for closings. The median price for the homes sold was $240,287, down 6% from Oct. 2008 and also down 15% from Nov. 2007. The median price has been quite sporadic the past 6 months, ranging between $205,000 to $282,500. With such a limited amount of sales, any slight variation can throw these numbers around. There remains nearly $85,000 difference between the median asking price of $325,000 and the median sales price of $240,287...
By Tyler Wood, Big Bear Real Estate
(RE/MAX Big Bear)
Comments 0
I don't mean to bash Zillow but they make it so easy sometimes. Last time I checked, real estate prices in Big Bear are not going up. So you can imagine my surprise when I received an email last week from Zillow saying the Zestimate (read:value) for a rental property I own went up a staggering $20,000, or 11.4%, in the past 30 days. Huh? Not a big deal, I am in the business and know what is really going on. But I also received a call from a seller client about his property Zestimate going up $30,000, 11.5%, in the past month. I can hear you laughing right now. I was. The client wasn't though. His home has been on the market the whole year with many people & agents thinking it is overpriced and then he gets this. It is the little things like this that make me lose confidence in Zillow, a...
By Tyler Wood, Big Bear Real Estate
(RE/MAX Big Bear)
Comments 0
Buying a home in Big Bear these days is not like it used to be a few years ago. If you were breathing and could sign on the dotted line, there was a lender out there that would find you a loan. All joking aside, getting a loan for a property is tough. Home buyers not only need to come in with more money down, they need to have higher credit scores and all-around better financial stability. The lack of money available to be loaned makes it nearly impossible for all but those with the lowest credit risks to get a loan. But, getting a loan is just as much about the property one is buying as it is about one's financial ability to get the loan. The common assumption is that if the buyer is approved for the loan, then the loan will go through. This is definitely not the case. Many times a loa...
By Israel Barden
(RE/MAX Big Bear Village)
Comments 0
My mother always told me, if something looks to good to be true, it probably is. This saying especially applies to bank owned properties. I can't even begin to count how many time's I have gotten a call or an email from one of my clients that have seen a property online and are demanding to know why I didn't send it to them. " This house has four bedrooms, three baths, and is on a 10,000 square foot lot. Everything else we have been looking at half this size". Well, I probably didn't send it to you for a reason. Many of the bank owned homes on the market are not in the best of shape. Odds are, if a person can't afford their mortgage, they probably couldn't afford the upkeep on the home itself. Believe me when I tell you, I have seen some really hair raising properties. I have opened th...
By Israel Barden
(RE/MAX Big Bear Village)
Comments 0
-Originally Posted At www.bigbearilluminated.com I just to remind anybody thinking about buying a bank owned property in Big Bear that they need to be very aware of the different time lines and how they will be affected by them. The bank's that are selling these properties are on their own schedules and, as a buyer, you have no choice but to go by their rules. For instance, I have an REO property in escrow at this moment that is not really in escrow. The timeline on the 30 day escrow started the day the bank accepted my offer, almost three weeks ago, but the bank has not yet officially opened escrow. Oh, they have sent me emails letting me know that it is imminent, but it just hasn't happened. The bank, luckily, added 10 more days to the time frame to allow us to get things done, but th...
By Mike Wochner, Big Bear Lake Real Estate Agent
(Coldwell Banker, Mountain Gallery Realtors in Big Bear Lake)
Comments 0
Wondering how much snow/rain Big Bear Lake gets each and every year? Below is a spreadsheet provided by the Big Bear Municipal Water District breaking down the monthly precipitation over the past 26 years. The average annual precipitation is roughly 36.35" per year but it's amazing to see the how much it varies from year to year (I've highlighted the 5 biggest years). Wouldn't it be nice if this winter was similar to 1993? Every year, our local radio station KBHR (93.3FM) has the "KBHR Snowfall Sweepstakes", where the object is to predict the time and date of the first 9.3 inches of snow accumulation. Some years it happens early and some years you wonder if we'll ever get 9.3 inches of snow! There's lots of fun prizes (usually a snow blower, an annual ski pass, etc). So enter today. You...
By Steve Hirschler, Big Bear Real Estate
(Keller Williams Big Bear)
Comments 0
                               Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Monthly 10 Year 2008 % of Rank Average Average                                                                                           Jan 96 125 125 158 130 194 163 128 139 77 12 134 44 33% Feb 97 126 158 128 148 169 173 147 112 80 11 134 43 32% Mar 132 183 174 168 187 197 219 186 118 99 9 166 59 35% Apr 110 159 169 150 213 227 238 170 131 81 10 165 65 39% May 129 151 193 182 269 200 268 171 132 99 8 179 83 46% Jun 154 161 198 207 224 199 246 188 148 78 7 180 85 47% Jul 188 195 180 187 247 228 275 171 108 95 6 187 104 55% Aug 185 191 256 264 292 246 263 198 159 106 1 216 90 42% Sep 202 231 248 199 274 281 263 228 121 82 2 213 109 51% Oct 216 188 270 224 302 227 236 199 123 77 3 206 101 49% Nov 221 ...
By Israel Barden
(RE/MAX Big Bear Village)
Comments 3
In all the real estate transactions I have ever been involved in, nothing has come close to the sheer frustration I have encountered dealing with short sales. Every single one I have dealt with was nothing but problems from day one. Hurdle after hurdle is put up in front of you, day after day. Just when you get over one, another appears to take it's place. Then, when the finish line is right in front of you, they move it. If you are going to consider buying one there are some facts you need to know. 1. Don't be in any kind of hurry. I have a had a bank take six weeks to give us a response. If the response is no, you may have lost out on numerous properties that you would have loved. 2. If they do say yes, they may have some whacky conditions they want you to follow. I have had a bank t...
By Tyler Wood, Big Bear Real Estate
(RE/MAX Big Bear)
Comments 1
Pricing a property in Big Bear is a lot different than your standard tract home or primary home location. The fact is that the properties in Big Bear can be dramatically different, even when they are in the same location. We have many areas with big homes next to small homes, old homes next to new homes, homes on the lake and homes off it, homes with ski slopes views and home with out a view. There are very few locations that contain homes with a lot of commonality between them.  Areas with upscale, newer homes such as Castle Glen, Meadowbrook Estates, High Timber Ranch, Ironwood Estates, and Eagle Point Estates are the exception, not the rule. Pricing a property in Big Bear is more about the local real estate market knowledge than it is looking at comparables on paper, on a computer, o...
By Tyler Wood, Big Bear Real Estate
(RE/MAX Big Bear)
Comments 7
It is no wonder why so many banks are failing these days.  They just do not seem to comprehend what is going on in the current real estate market. Here is a perfect example. This property just came on the market for sale in the Moonridge area of Big Bear. Listing price is $399,900, 3 bed, office, family room, & 2.5 baths.  It needs roughly $15,000 to $25,000 in finishing details to complete it.  The property is now bank owned. Another Bank Screw Up A little history on this property. I had it for sale from April to August of this year, listed initially at $525,000 but reduced to $475,000 about 30 days after hitting the market.  The property was a short sale as the owner owed $605,000 on the property. We had a legitimate offer in mid July for $450,000, 20% down and a 30 day escrow.  The b...
By Jane Brayton
(Mountain Lake Properties)
Comments 0
What is the Real Estate market doing in Big Bear? If I had a nickle for every time I heard that... What we are seeing in Big Bear (approx. 6,700 feet in the San Bernardino mountains of Southern California) is an increase for closed real estate transactions, low prices, mortgage interest rates in the 6% range and the inventory count for single family residential properties on the lower end of the scale (today there are 1085) per local MLS. Could this be leading to a "bounce" for our market? I have no crystal ball, but I am looking forward to the next few months with anticipation of a thriving real estate market. Is the time to buy now or when the proverbial bounce happens? Well, everyone has their own barometer for that. If you are curious, just want to see what is available, you may sea...
By Tyler Wood, Big Bear Real Estate
(RE/MAX Big Bear)
Comments 0
Selling your Big Bear home in this market does not need to be any tougher. The real estate market conditions are scary enough these days. So you can imagine my surprise when I went out on a listing appointment recently and the seller did not want to have their property listed on the open MLS. Nope, they just wanted me to know about the home, that they wanted to sell, and that they would pay me if I brought a buyer. Their plan was to let 5-6 of the top agents in the area know about their intent to sell, offer them a higher than average buyer's agent commission, and hope that they run into somebody that will want to buy. While I was somewhat flattered to be of the the 5-6 agents they told, I think their strategy is not the best way to get their home sold. I understand that they are trying...
By Israel Barden
(RE/MAX Big Bear Village)
Comments 0
Originally Posted At www.bigbearilluminated.com Lately I have been writing up ton's of bank owned properties. Good news, right? Well, it is and it isn't. I am grateful to be busy and have clients who want to buy property. The problem is, there always seem to be other agents with other clients who like the same properties we do. The last five times that I have written up an REO, there have been multiple offers. As you know, banks don't typically make counter offers in a multiple offer situation. They send out a little addendum which basically says " Make your best and final offer ". I always make sure my clients are aware that this scenario may come up when they are making an offer. Of course they have been so inundated with misinformation about how banks are giving property away for no...
  With the increase in the amount of bank owned listings in the Big Bear MLS, the chances that a buyer will be dealing with a bank as a seller is also increasing.  Even a savvy real estate buyer or investor may be trying tactics that worked in the hot market but are now losing their effectiveness.  In order to compete in this changing market there are a few things to keep in mind and use to your advantage when trying to get the price you want on a foreclosed home.   Realize that you are not the only one looking at the property.  Even though this is a slow market and many people are hesitant to make a move with so many uncertainties, there are still other buyers out there.  One common mistake I have seen with potential buyers is their assumption that they are "the only ones crazy enough"...
By Steve Hirschler, Big Bear Real Estate
(Keller Williams Big Bear)
Comments 0
Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Monthly 10 Year 2008 Rank Average                                                                                     Jan 96 125 125 158 130 194 163 128 139 77 12 134 44 Feb 97 126 158 128 148 169 173 147 112 80 11 134 43 Mar 132 183 174 168 187 197 219 186 118 99 9 166 59 Apr 110 159 169 150 213 227 238 170 131 81 10 165 65 May 129 151 193 182 269 200 268 171 132 99 8 179 83 Jun 154 161 198 207 224 199 246 188 148 78 7 180 85 Jul 188 195 180 187 247 228 275 171 108 95 6 187 104 Aug 185 191 256 264 292 246 263 198 159 106 1 216 90 Sep 202 231 248 199 274 281 263 228 121 82 2 213 109 Oct 216 188 270 224 302 227 236 199 123 77 3 206   Nov 221 227 217 187 241 231 224 192 115 87 4 194   Dec 179 237 194 199 276 216 214 186 111 68 5 188 ...
By Tony Card, Your Big Bear REO Specialist
(Keller Williams, Big Bear Lake, CA)
Comments 0
The economic situation that we're experiencing in the United States today is unprecedented.  I am too young to have experienced the Great Depression but I have read a lot about it and it didn't sound like it was much fun.  You hear on the news day in and day out that there is no money out there; you hear that lenders aren't giving loans, yet we still have plenty of buyers in the Big Bear Real Estate market. The bank owned, REO properties are sprouting up everywhere and for the most part, those are the properties that the buyers are picking up.  I read last month that of all of the real estate transaction closed in September of this year, 47% of them were bank owned properties.  With the prices that the banks are listing these homes for, it is no wonder that almost 50% of the sales are b...

Big Bear, CA Real Estate Professionals