Big Bear, CA

Previously Posted on www.tonycard.com

This past weekend, I had clients come to see me who wanted to buy a cabin in the Fawnskin area. For you who are not familiar with the Big Bear Valley, Fawnskin is a quite little community that sits on the north side of the lake. After listening to what this couple wanted, I knew exactly what to show them. There were a number of cabins that fit what they were looking for, but there was one in particular that I thought they would especially like. I was right! As soon as they walked in to this cabin, it was obvious that this was the cabin for them. After some back and forth with the seller's agent, we put the deal together and we are now in escrow.

These clients are more than qualified to purchase this cabin. Their lender has given me an approval letter, they are putting plenty of cash to put down and their FICO scores are through the roof. Based off of comparable sales in Fawnskin, there should be no problem with the appraisal. So, why am I so worried about this escrow closing? The answer is "The Appraisal"

In the 5 + years that I've been selling Real Estate in Big Bear Lake, the loan process was basically the same. Once the escrow was opened, I would always ask the mortgage broker to use a local appraiser for the appraisal. The reason for this was quite simple. The Big Bear Valley is made up of a number of smaller diverse communities. Because the value of cabins in these smaller communities vary considerably depending on a number of factors, it would be necessary that the appraiser have a good working knowledge of the Big Bear Valley. In other words, he needed to be Geographically Competent.

As of May 1, 2009 the way appraisers are selected has changed. In most cases, the mortgage broker can no longer select the appraiser. They must submit the request for the appraiser to an Appraiser Management Company (AMC) and it is the AMC who assigns the appraiser based off of the Home Valuation Code Of Conduct (HVCC). The problem that we are seeing in Big Bear is that we are getting appraisers from places like Moreno Valley or Temecula. Now I'm sure that these people do a great job in their local areas. But bringing an appraiser to Big Bear who is not Geographically Competent is only going to spell disaster. Time and time again, we are seeing appraisals come in low. In each case, there are a number of recent comparable sales to support the sales price, yet the appraisal is low. How can that be? Quite simply, these appraisers coming to Big Bear are not Geographically Competent. They don't know enough about the Big Bear Valley to be able to do their job competently. The Mortgage broker can ask the AMC to send an Appraiser who is Geographically Competent but there is no guarantee that this is going to happen.

All good things must come to an end and the days of not having to worrying about the appraisal is a thing of the past. Is it too much to ask for something as simple as an appraiser who is Geographically Competent?

Number of Closed escrows is climbing in Big Bear Valley.

Beautiful weather, crisp air and a sparkling lake with something to do every day in paradise has done the trick! Buyers who were fence sitting have climbed down and are buying places, some are retiring, moving up here to make a new life and some just need a place to get a way. These are the number of closed transactions for the past 3 months through the Big Bear MLS.

May 57
June 77
July 84

Search Big Bear Properties here

See a short tour of Big Bear

I am quite lucky! I live in a 4-season, Southern California resort area and love it. Today, the 4th of July it is very busy (we have one of the best firework displays) there are many people out on boats in the lake and the weather could not be better, 75 degrees with barely a cloud and a slight breeze. Ho hum, just another wonderful summer day, did I mention we do not have smog? at an elevation of 6,754 feet, we just don't ever get that nasty grey stuff. That is why Big Bear is such a popular spot.

When visitors come up to our little valley, we already have them hooked and the next step is to help with the right vacation home. No matter what is on someone's wish list, there is something out there for every want.

Do you want to be away from it all?
Do you want rustic and small?
Do you want to be by the Lake? Slopes?
Do you want to be walking distance to the Village?

We have it all... in all price ranges... When shall we expect you?

Search Big Bear Property Listings Here

Things To Do In Big Bear

How Do I Get There?

Recently, it seems like every time a good bank owned property comes on the market, it is like blood in the water with four, five or more offers coming in. If you want to have a chance at snagging one of these good deals away from the other sharks, you need to come prepared. I have prepared a sort list of things you need to have ready in order to write the best offer possible.

1. Make sure you are preapproved and have your letter with you. This will let you know what you can afford and also let's the selling bank know that you are already approved and can buy the property in question.

2. Have current bank statements and your check book. You will need to write a deposit check and many banks are asking for proof of funds up-front with the offer.

3. Be prepared to go over asking price. If a home is worth $200,000, but only priced at $135,000, you can be sure that somebody else will offer full price for it. If you really want it, you will have to come in even higher. Most banks will give everybody the chance to come in with a " Best and Final " offer, but not always. Sometimes, your first offer is your only shot. Be prepared for this eventuality.

4. If your Realtor is an experienced agent who has dealt with REO properties, listen to their advice. Odds are they have been in a similar situation and they know what to expect.

5. If there are multiple offers, don't ask for a home warranty, termite work, or anything that is not absolutely necessary. The more you ask for, the less chance you have of getting your offer accepted.

While there are many variables that can occur, keeping these five things in mind will help you get the property you want.