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If you're in the market for a Short Sale property in the Big Bear area, finding the right agent to help you is going to be paramount in being successful in your endeavor.
I was out on the Big Bear Multiple Listing Tour today and all I could hear were agents complaining about short sales. Many of these agents I spoke with today feel that the quickest way to lose a client is to make an offer on short sale. Others flat out said that they won't make an offer on a short sale, regardless of what the client wants.
I completely disagree with the agents who have this mind set. There are reasons why these agents aren't getting short sales accepted. Either, they're not asking the right questions of the seller's agent, or they simply don't know what they're doing. Short Sales are not hard to negotiate as long as you know what you're doing.
Before I write an offer on Short Sale, I am asking the listing agent if the seller has contacted the bank and I want to know if the bank is willing to work with a short sale. I want to know if the seller submitted his Short Sale package to the bank. I also want to know if the listing agent has been in contact with the loss mitigation department. If the answer back from the listing agent to these questions is no, then I will be cautioning my buyer against that house. The reason for this is that so many agents list a home as a short sale with no idea as to what they are doing. Waiting for an offer to come in is not the time to see if the bank is interested in doing a short sale. Waiting for an offer to come in is not the time to see if the seller qualifies for a short sale. Waiting for the offer to arrive is not the best time to start putting the short sale package together. To be successful in selling a home as a short sale, there is work that the listing agent needs to do before he lists the property.
As the buyer, you need to be ready to act once the short sale is approved. In every short sale that I've closed so far, I am seeing that the bank wants the escrow to close as soon as possible once they approve it. Most banks want to see the escrow closed within fourteen days after they have accept the offer. What this means to the buyer is he may need to do his home inspection before the bank has approved the short sale. H may need to spend the money on the appraisal and get the loan ready for loan approval before the bank approves the deal. The worst case is that the buyer could be out of pocket a few hundred dollars if the deal doesn't go through. But if it all works out, you are most likely going to be getting a great deal on a house and the risk is worth taking.
If you're interested in buying a short sale property in Big Bear, give me a call or send me an email. I am happy to help you!
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Do you own a cabin in the Big Bear Valley that you can no longer afford? Are you stuck in an adjustable rate mortgage? Were you planning to refinance the loan, only to find out that the cabin isn't worth what you bought it for? Are you behind on your mortgage payments? Has the bank filed a notice of default against you? Are you afraid of losing your cabin to a foreclosure? If any of these answers is yes, you may have some options that will help you avoid the foreclosure.
Instead of losing the home to foreclosure, why not sell it as a Short Sale? Under certain circumstances, you can sell your home for less than you owe the bank. You ask, why would the bank let you sell your cabin for less than you owe? In the current economic situation, many homes have mortgage balances against them that are far more than they are worth. The banks have figured out that it may be better for them to sell the property short of what is owed against it rather than foreclose. By the time the bank pays for the foreclosure and they look at the time it takes to foreclose, they may be better off working with the owner on a short sale.
For a short sale to be successful, a few things must fall into place. First and foremost, the bank must be willing to work with you on a short sale and you must be able to prove that keeping the home is creating a real hardship. There will be some other financial forms that the bank will want to see, such as the last 2 years tax statements, the last two months of bank statements and a current pay stub. Some banks will want you to send all of the information in to them at that point and others will ask that your Realtor hold on to it and present it with any offers that come in.
Once you know that the bank is going to work with you on a Short Sale and you have your paperwork in place, the key to being successful is to list the property with a Realtor who is experienced in dealing with Short Sales. Listen to what he tells you with regard to a price. Don't get hung up on the difference between what you owe and what the Realtor wants to ask for the property. After all, we are listing the home for what it is worth in today's market and not what you owe.
Once you have an offer that is acceptable, sign the offer and get it back to your Realtor right away. Once it is signed, it will be sent to the bank with the rest of the short sale package. The first step for the bank will be to assign the short sale package to a negotiator. Once the negotiator has the offer, he will ask for a independent agent to do a Brokers Price Opinion. Once the bank has the value they can they determine if the price offered in the short sale what the home is worth. It may be less than the value on the house, but when the figure in how much it is going to cost to foreclose, they may take it.
The biggest thing to keep in mind as a buyer or seller is that whenever you deal with a short sale, it is going to take some time.
If you have any questions about the short sale process or you need to sell your cabin in Big Bear, please contact me. Let me help you with any of your Real Estate needs in the Big Bear Valley
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About a month ago I took a listing on a property in Big Bear. The listing that I took was not a Short Sale or a Bank Owned property. It was a homeowner who needs to sell his home. When we discussed the value of the home, I explained to the owners that while the market analysis shows that the home is worth X amount of dollars, the true test will come from the number of showings recorded in the lock box.
I tell all of my clients when I list their home, that the lock box is more than just a place to store the keys. In Big Bear, our lock boxes keep a record of everyone that enters the house. This is good information from a security standpoint, but it also tells us the rest of the marketing story. By keeping track of the number of showings recorded in the Big Bear lock box, we can get a feel for whether or not we priced the home correctly. For example, if the lock box shows that the cabin is getting ten showings a month, I can report back to my client with confidence that we have priced the cabin correctly and we are simply waiting for the right buyer to see the place. But after thirty days of being listed in the Big Bear Multiple Listing Service I find that I have one to two showing, something is wrong! One to two showings in a month tells me that the market feels that your home is overpriced. You see, when I list your cabin for sale, I need to sell it twice. First off, I need to sell your cabin to the other Real Estate agents in Big Bear, and second, I need to sell the cabin to a buyer. If the other agents see the value of the home at the listed price, then they're going to show it. If, however they feel that the home is overpriced, they won't show it.
When I reported back to my clients that we were not getting the showing activity that is needed to bring an offer, the seller was rather offended. His comments back to me were that he felt that the agents were all in collusion. They felt that it was a conspiracy perpetrated by the Real Estate agents in Big Bear to drive the price down on his home. Remember, it is the market that dictates the value of a home, not me, not the owner, and not the other agents. The home, whether in Big Bear or anywhere else, is only worth what the market will pay. The market in Big Bear is being driven by the bank owned, REO properties and if you want to sell your own cabin in Big Bear, you need to price your home accordingly. If you price your home so that it stands out as the best deal out there in comparison your competition, then the place will sell.
Sellers are very proud of their homes and it's a hard pill to swallow when you are forced to sell your home for less than you paid for it and for less than you feel its worth. This is the reason why I ask a seller why he is selling in this market. This is not a market to see "what if". This is a market where if you chose to sell your cabin, you need to price it right and not be afraid to reduce the price if your Realtor suggests that you do it.
For more information about Real Estate in the Big Bear Valley, send me an email at tony@tonycard.com or call me at the office, 909 866-3481
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Get your Lakefront home befor the summer. Here is a list of just some of the fabulous homes available.
Price Is Right Lakefront
Nearly 2,000 sq. ft. in this charming 4 bed, 2 ½ bath 2 story lakefront chalet with 2 rocks fireplaces cozy den or spacious dining room, low maintenance vinyl siding, extensive redwood decking and spectacular lakeview all with boat dock. $649,900

Double Your Pleasure
Main home includes a furnished 3 bed, 2 bath single story w/granite counters, extensive decking, boat slip and incredible lakeviews all with separate, detached 1 bed, 1 full bath guest home w/laundry and 2 car garage all on a level 10,175 sq. ft. lot walking distance to the village (zoned R-3). Subject to short sale approval. $ 990,000

Lakefront Special
Wait till you see the setting, design and view of this centrally located 4 bedroom, 3 ½ bath, lakefront home with family room loft, wet bar, vaulted ceilings, 2 fireplaces, granite counters, oak cabinetry, spacious dining room, 2 jetted tubs, double garage, dock rights, 440 sq ft in decking all on a huge 19,000 level lot with beautiful views. $1,195,000

Eagle Point Lakefront on Sale
Way below market in this 4 bed, 3 bath classic woodsy mountain lakefront with approx 3,529 sq ft double lofts, cozy den, 3 f.p's, formal dining, extensive patio & decking, big beam construction, outdoor spa, double dock slips, spectacular lake & ski slop view, outdoor spa and double detached garage all on over a third of an acre. ($75,000 net vacation rental income) $1,395,000

Deep Water Lakefront
Built in 2001, this incredible 3 bed, 3 bath "Tudor" includes library-office, 3 fireplaces, huge vaulted ceilings, spacious loft, granite counters, state of the art gourmet kitchen, impressive master suite, steam shower, jetted tub, extensive sealed decking, oversized garage and more. $1,350,000

Spectacular Lakefront Location. Charming 4 bedroom, 3 bath double side lakefront complete with spacious formal dining room, game room and attached garage, all on deep water with boat dock and private access. (Owner financing available). Loft over garage not permitted. $1,475,000

New Boulder Bay Lakefront
Built in 2007, this huge 4 bed, 6 bath furnished lakefront includes, game room, media room, office, formal dining, gourmet kitchen, pro series stainless appliances, granite counters, wine cellar, cathedral ceilings, extensive decking, boat dock, attached garage & double lakeviews all in the greatest Boulder Bay setting of all times. $1,490,000

LAKEFRONT MASTERPIECE.
THIS SPECTACULAR GILNER POINT LAKEFRONT EUROPEAN VILLA PERMEATES OLD WORLD ITALIAN CHARM WITH 4 BEDROOMS, 4.5 BATHS, HUGE GREAT RM/THEATER, SPACIOUS GYM, ELEVATOR, 3 FIREPLACES, VOLUME CEILINGS, WINE CELLAR, RARE IRISH MARBLE, CARVED ROSA STONE, MARIBU WOOD FLOORS, 3 CAR GARAGE PLUS BOAT GARAGE AND DOCK. $3,100,000
To schedule a showing of any property in Big Bear. Please don't hesitate to contact me.
Mike Dolan
Big Bear's Leading Realtor
# 8 Prudential Agent Award
7 time PREA 100 Award
11 time Diamond Circle Award
2 time 5 Year Legend Award
(909) 866-6453 (Office)
(909) 936-6453 (Cell)
mikedolan@bigbearproperties.com
Prudential Properties of Big Bear
"The Locals' Choice"
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10 Year Average-Deed Recordings
Compliments of Mike Dolan
Prudential Properties of Big Bear

2007 vs. 2008 Average 89%
Mike Dolan
Big Bear's Leading Realtor
# 8 Prudential Agent Award
7 time PREA 100 Award
11 time Diamond Circle Award
2 time 5 Year Legend Award
(909) 866-6453 (Office)
(909) 936-6453 (Cell)
mikedolan@bigbearproperties.com
The Local's Choice
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