About Big Bear Lake's Big Bear Lake

Can you imagine going on a listing appointment, getting the listing and when settling on the price to ask, the Seller says, I'm not going to tell you. You pick a price that you think will get it sold, but I'm going to reserve the right to change my mind about selling it and change the price I will take, even if I get a full price offer. Would you work with that Seller? The answer for most of us is yes, if we work with Short Sales.

Why do banks do this? Perhaps it's to make Short Sales less desireable to buyers. It's not like Banks can't figure ot a fair number or decide before hand. Today, banks have a system in place for independently evaluating value. When NAR rolls out their new system, the banks will have access to even more accurate automated values. HAFA's prove that they are more than capable of evaluating a hardship, appriasing the property and giving us a price they will take before we list. Easy, Peasy!

Why have we allowed them to not enter all transactions the way they handle HAFA's? Yes, I said "we allowed them to do this". It takes two to tango.

What if we listed every short sale that we took where the Bank wouldn't tell us that the Seller's Hardship was approved and they would take X for half of what fair market value was? Obviously disclose, per you MLS that offers are subject to Lender Approval blah, blah, blah. But you would generate a flood of offers and could submit the best one as true fair market value.

You know the old addage to "What is Real Estate Worth?" -- What someone will pay for it!

What do you think?

If you like the nostalgia of the Old West, you can get your fill in Big Bear this coming weekend. This is part of the cowboy poetry circuit and events start Friday evening at the PAC (Performing Arts Center) with a no host wine and margherita bar 5:00-6:30 and BBQ dinner. Inside from 7-10 p guest will enjoy a "Tribute to Charlie Muscgrove". Featured speakers include Alan Geoffrion and Gary Robertson speaking about how they get their inspiration for writing. Ross Knox will speak about Grand Canyon Adventures,

Events carry on Sat from 10a-10pm and from 7a through 1pm on Sunday. There will be vendors, food and entertainment throughout the weekend.

Join the Cowboy Gathering for Free entertainment all day Saturday outdoor at the PAC with artists ranging from Cross Town Cowboys, Gary Allegretto, Belinda Gail, Ross Knox, and Sourdough Slim. On Sunday you can also see perfromances by Duke Micheals, Cross Town Cowboys, Rambling Rangers, and Special Performing Skits by Pioneer town Posse

On June 21, 2010 GMAC will be offering financing incentives on their REO properties. This program will help buyers save some money on fees and services when buying a REO in Big Bear that is owned by GMAC. Not all GMAC REO properties will qualify for this program. When I get new listing that do qualify, it will be noted in the MLS and I will have informational packages at the properties. As always, I am available by phone or email to answer any questions that come up regarding this new and exciting program.


SAVINGS

One Year Home Warranty at no charge
No Pre Approval Fee
No Loan Application Fee
No Charge for Credit Report
No Appraisal Fee



Qualifying Loans


Conventional Loans (Fixed or Adjustable)
FHA (Fixed and Adjustable)
VA (Fixed and Adjustable)
Jumbo (Fixed and Adjustable)


There is going to be a lot more information coming out in the coming days. As GMAC provides me with the information, I will be posting it on this blog.

You can contact me anytime by phone or email my phone number is 909 436 8043 and my email is tony@tonycard.com

The Big Bear Valley is expecting the number of bank-owned REO properties to rise in the summer of 2010. Here are 7 Tips that can help you snag a bank-owned property.

First- Hire an REO expert with experience buying and selling bank-owned properties in the Big Bear Valley. I am that expert

Avoid lowball offers. Since most bank-owned properties in Big Bear are being sold at list price or above, a lowball offer will not work. Consider submitting an offer slightly above list price.

Determine the value of the property. You make your money when you buy and not when you sell. I can help you become an expert in the Big Bear market so you can recognize a bargain instantly when you see it. Also have an inspector and contractor evaluate the property and itemize all the repairs that need to be made. Subtract the cost of these repairs from the estimated value.

Submit a complete package. Each lender has certain guidelines for submitting offers on property in Big Bear. When you arrive in Big Bear to look at property, be prepared. Bring proof of funds if you plan on paying cash, a bank account balance statement works well for this. If you need to take out a loan, bring your pre qualification letter and your check book.

Write multiple offers. Don't expect your first REO offer to be accepted. Competition is fierce for Bank Owned, REO property in Big Bear. Be prepared to write multiple offers on different properties before you land one.

Prepare for counteroffers. Banks will often send you a counteroffer at a higher price. You may be willing to raise your price slightly with the first counteroffer, but if a second counteroffer comes in, respond with your "best and final" offer.

Be prepared to walk away. If the bank doesn't accept your offer or you're unwilling to raise the price during the counteroffer period, be prepared to walk away and find another deal.

I don't usually use AR to complain about other Realtors or agents, but after what took place last week, it is time to vent!

I called a potential buyer about ten days ago as follow up from when she was visiting our web site. This particular lady told me what she was looking for and I sent her a list of current listings in Big Bear that fit her needs. The next Monday I received an email from the buyer asking for information on three of the listings that I sent over. After providing her with more information on the properties, I learned that she was in Big Bear over the weekend and was able to access one of the properties when someone else was looking at it. To make a long story short, the emails and phone calls when back and forth with the person asking me to write up an offer for her the following day and email it to her. The next morning, I sent the offer over and then waited for her to send the paperwork back. When nothing happened, I tried one more follow up the next day and was then told by her in email form that she was thanking me for all of my help, but she was having her friend who lived down the hill make the offer.

As Big Bear is a small community, it didn't take much research to find out that the friend who wrote the offer worked for a mortgage company and the person who signed the offer was a broker from a different brokerage all together.

I'm just curious; does this happen a lot in this industry? Are there that many unscrupulous agents out there that tell their buyers to go to a place like Big Bear and pump the local Realtor for all of the information that you can. Telling them that once the buyer feels comfortable with the information that they were able to obtain, to come back to the down the hill so that the friend can put the deal together.

If these agents were really thinking about their client best interest, they would either come to Big Bear and show them the property, or refer the client to a local Realtor. A local Realtor who knows the market and can direct the buyer to a property where they will get the best value for their investment dollar.

These agent who do this don't give a da** about the client. It seems to me that all they care about is lining their own pockets