Top Three Bank Owned Deals In Big Bear 2/8/09

-Joe Pecoraro

Since two of the last three bank owned deals I wrote about are currently in escrow,I figured it was a good time to pick three others to share.  Just like last time, these cabins are all priced to sell.  In today's market aggressive pricing is the name of the game, if it is not priced right it won't sell.

This weeks top Bank Owned Deals

• 42584 JUNIPER- For such a great street in the Fox Farm area, Juniper Drive is sure getting it's share of Bank Owned properties.  We had a Juniper property on the last list as well.  Counting this new listing  there are currently four bank owned listings on Juniper.  The other three are all currently in escrow and I see the trend continuing with this property.  The street and setting are just too nice for it to sit on the market for very long.  It is also the most affordable Juniper Drive bank owned cabin yet.  It is tough to find a cabin in this type of area for this price.  The cabin could use a little upgrading but is in very good shape for a REO.  The setting off the back deck is what most people think of when dreaming of getting away from it all and relaxing.
  LAST SALE Dec/2005 $360,500  CURRENT LIST PRICE $259,700
• 1110 MOUNTAIN- This cabin has been on the market since December and it is a little surprising to me that it has not sold.  It has now been reduced to a very aggressive price and it shouldn't be long before a buyer sees the value in this very clean REO.  The bank already took care of most of the repairs and TLC needed on this cabin.  The cabin is in Big Bear City but only a block away from the City of Big Bear Lake.  You can take "back-roads" to either ski resort on those busy weekends and you can walk down to the Baker Pond section of the lake about five minutes.  This cabin has a great setting and a large lot with a seasonal stream that runs through on side of it. 
  LAST SALE Dec/2005 $369,900  CURRENT LIST PRICE $299,900
• 676 CIENEGA- Looking for a cabin near the lake?  This property sits across the street from Metcalf Bay.  You have great views because there is nothing across the street but the lake.  Located in the Boulder Bay neighborhood this cabin would be great for a year round vacation spot.  You are about a 10 minute drive to the ski resorts and less than five minutes to the Village.  The cabin could use a little upgrading but overall is in good shape.  There is a nice deck off the front to enjoy the views and a fenced in backyard if you want a little more privacy. Pleasure Point Marina is a block away and there is a little store and restaurant in the area as well.
  LAST SALE Aug/2005 $432,900  CURRENT LIST PRICE $334,900

Just like the last three properties I shared, I don't expect these properties to last long.  The most important thing to do in this market is be ready to make a move when something you are interested in comes on the market or is reduced into your price range. 

Many buyers are missing out on well priced bank owned cabins because they don't have all their ducks in a row.  Most banks require more info or documents than a standard seller .  To top it off many of these requirements are rapidly changing.  This makes it even more important to be working with an agent that follows the REO market and has experience dealing with the banks and their pet peeves. 

Another thing to keep in mind is most buyers these days are looking for deals and steals.  If you want to get a good price on a property you must realize that you are not alone and act accordingly.  Let me know if I can help you.  I can help save you time (countless hours looking through overpriced or undesirable listings) and money (targeting well priced listings and negotiating the best deal).