Big Bear Homes

You may be looking into the great deals on Big Bear homes for sale. Whether your interested in Big Bear vacation homes, Big Bear rental homes or primary residence Big Bear homes, sale prices can sometimes be misleading when it comes to bank-owned properties. There are some Big Bear homes for sale that are not for sale in the traditional manner. Some Big Bear homes are on the market due to foreclosure or loan default. When it comes to buying Big Bear homes that are bank-owned properties, throw everything you think you know about purchasing a home out the window. That fact that a bank is different from a traditional seller becomes evident from the first moment you start the process. As a matter of fact, even getting a bank-owned listing into escrow can be the hardest part of the whole deal. I have clients right now who just offered an all cash, full price offer with a 21 day escrow and they didn't get it. Since it is a multiple offer situation, we are going to have to offer even more to get the house. With a regular seller, odds are, if you offer full price, all cash, you will get the house that day. Don't expect this to happen with well-priced, Big Bear homes that are bank-owned.

I live in Big Bear, so my experiences are with Big Bear homes. But this sort of situation is common everywhere. I am involved in another negotiation right now with another couple. Thet found one of the many great Big Bear homes available that was perfect for them and it was priced very attractively...but it was bank-owned. We put in an almost full price offer, only to find out that there were six other offers on the property. We have now upped our offer to $15,000 over the asking price and are awaiting word from the bank. It seems like, with all the talk of how bad the housing market is, this should not be happening. But it is. Multiple offers on bank-owned properties, yes, even on Big Bear homes, are the norm rather than the exception. Big Bear homes that are not priced to sell are sitting and sitting, while low-priced, bank-owned Big Bear homes are flying off the shelves.

In conclusion, if you are considering a purchase of a bank-owned property, be prepared to encounter a multiple offer scenario and be prepared to go over the list price. In many cases, well over the list price. The only consolation is the fact that even at over list price, most of these are still very, very good buys. In many cases as much as half off of the last sale price. In some cases more. Make sure you ask your Realtor how much experience he or she may have in dealing with the sale of these Big Bear homes. If they don't have any, you are running a serious risk of not being able to get a deal completed.