With the recent mortgage crisis in full swing, bank owned properties are becoming more and more prevalent. In Big Bear we are getting anywhere from one to five a week on average. As can be expected, they are selling at a brisk pace. Since they are typically priced at below market value, they make an excellent choice for investors and regular buyers alike. Since you are negotiating with a bank and not a home owner, it becomes a transaction based on numbers and common sense, with the usual emotion on the part of the seller not coming into play. Sounds good, doesn't it?One important thing to keep in mind, many of these homes are fixers. And by fixers, I mean anything from a little paint and landscaping to a full on remodel being required to get them into tip top shape. Some of them have sa... 01/08/2008

Originally posted on the Big Bear REO Blog. On the far west side of Big Bear Valley is an area commonly referred to in the Real Estate Market as Big Bear Lake West.  This area of Big Bear begins at the dam and continues along the south side of Big Bear Lake along Big Bear Boulevard for approximately two miles.  Big Bear Boulevard (or Highway 18) is only two lanes wide thru out Big Bear Lake West with lots of curves and lake views.    Big Bear Lake West is heavily treed with huge pines and full of beautiful boulders and manzinita trees.  There is definitely a mountain feel in every part of Big Bear Lake West.  The south side of the Highway is either National Forest or a street away from National Forest.  The topography of the area varies from lake level to steep slopes.    There are some... 01/07/2008

When you picture your dream mountain cabin, do you imagine a beautiful, treed setting, with privacy and seclusion? Do you want to be able to sleep in , without being awakened by the sound of traffic or noisy tourists? Is being close to the lake and National Forest important. If the answer to these questions is yes, then Fawnskin is the place for you. Located on The North Shore of Big Bear Lake,  Fawnskin , while only a  15 minute drive from downtown and skiing , is a beautiful gem of a community off of the beaten path. Since most visitors to Big Bear drive over the dam, to get to The South Shore where the ski resorts and downtown are located, Fawnskin doesn't get anywhere near the same amount of traffic.Hunters who arrived in the area in the late 1800's named it Fawnskin due to the deer... 01/07/2008

Wow, there are some great buys up here right now. A year ago, if you wanted to buy a little cabin for a getaway, it was going to cost you at least 175k for a tiny place. With the large inventory, and less buyers, that is no longer the case. A buyer can get a pretty decent place for around 120k or so. If they are willing to go up to 150k, it gets even better. If you always wanted your own little cabin in the woods, but didn't think you could afford it, take another look. I think you will be pleasantly surprised by what is available. The ability to leave the city and get away for the weekend is a wonderful feeling. 01/05/2008

For anyone who is considering buying a bank owned home in Big Bear, be prepared to move quickly. I showed bank owned properties to some clients on Sunday and found two that we really liked. To their credit , my clients moved quickly and got their pre-approval letter on Tuesday. Unfortunately, both homes were gone by that time. Which goes to show you, no matter how slow the market, a good buy is still a good buy, and you need to be quick to snatch them up before the other guy.izzy@bigbeargallery.comwww.bigbearreo.com  01/04/2008

Happy New Year, everyone!! I, for one, am really looking forward to 2008. I have a feeling that things are going to change for the better for everyone in 2008. Low interest rates, combined with great prices make this a fantastic time to be a buyer. If you have been waiting for the right time to purchase a home, this is it. Due to sales being down, sellers are not getting as many offers as were customary in years past. This creates a perfect opportunity for a buyer to purchase a home without heavy competition from other buyers driving the price up. You can be " The Only Game In Town " so to speak.So, get up off the couch , dust off your checkbook and make the drive to beautiful Big Bear Lake, California. I guarantee that I can help you find the mountain getaway you have always dreamed of... 01/03/2008

Originally posted on the Big Bear REO Blog. ***In an effort to keep you all up to date on Big Bear Bank owned properties, we will be giving you updates approx. every two weeks.****Since our last update on 12-17-07 there has been a lot of action in the Big Bear Banked Owned Properties.  The fact that these REO properties are becoming a larger and larger part of the local Big Bear Real Estate Market can no longer be denied.  New REO ListingsWe have seven new REO properties come on the market since December 17th.  There are now  24 available REO listings on the market. The new listings were spread all over the Big Bear Valley.  Now if you look at it from a broad view the 24 available REO listings are less than 3% of all the available listings in the Valley.  However it is worth noting that... 01/02/2008

Hayley HindellCHECK OUT THIS EQUESTRIAN PROPERTY IN BIG BEAR CITY ......... AS IT SITS NOW IN A WINTER WONDERLAND!             Currently Listed at $404,900.Last Month Listed at $414,750.Last Year Listed at $529,000.Sold In September 2005 for $445,000YOU ALREADY SAVE $124,100. FROM WHEN THEY HAD IT LISTED A YEAR AGO.YOUR ENJOYMENT AND MEMORIES WITH FRIENDS, FAMILY AND PETS ...... ABSOLUTELY PRICELESS!!!!Imagine a large property 0.464 acre with not 1, not 2, but 3 stalls and corals for your horses. A house with 3 bedrooms, 2 bathrooms totaling 1,508 SQ. Ft. with a 2 car garage. Amazing Mountain and Lake views from this single story ranch style home. Bonus in back with a spa where you can sit out and enjoy the stars or watch the snow fall. One last thought .... a few posts back I mentione... 12/29/2007

Many people dream about buying a cabin in Big Bear and using it as a vacation rental property.  They can rent out their second home in Big Bear (which is vacant most of the time anyways) and still enjoy it themselves when they want.  Who wouldn't want someone to help pay their mortgage with rental income?  There are definitely some things to keep in mind when deciding to buy a Big Bear cabin and put it on a vacation rental program. First and foremost you want to make sure you are up to date on any Big Bear Lake Rules and Regulations regarding Private Home Rentals.  Secondly, you need to make sure your Big Bear property is in the right area of Big Bear Valley to make a viable rental property. You will want to stay in the Big Bear Lake, Moonridge, or Fox Farm areas.  Most people visit Bi... 12/29/2007

Originally posted on the Big Bear REO Blog. ***In an effort to keep you all up to date on Big Bear Bank owned properties, we will be giving you updates approx. every two weeks.****During the past two weeks we have seen two bank owned properties in Big Bear go into Escrow.  We featured one of the properties on this blog back on December 10th.  Do you remember the Property that was listed 30% below the previous sale?  Well a smart buyer saw the value and made a successful offer on the property.  It is now in Escrow and we will keep you posted on the closing price.  There is a good chance that the buyer got the bank down even further than their asking price.  The second property that went into escrow was in the North/East section of Big Bear City.  This property was such a good deal that w... 12/29/2007

Originally posted on the Big Bear REO Blog. Anybody who has purchased a home knows how stressful it can be and how much more stressful when the other party in the transaction seems to be fighting the sale as much as pushing for it.  There can be many elements of a real estate deal that upset the seller.  Low ball offers and multiple counter offers are two of them.  It can even turn into an "Us vs.Them" competition with the sellers letting their emotions and ego's cloud their judgement.  What if you could take all the emotion away from the seller?  Would that tend to smooth out the buying process? Well you can do exactly that by dealing with bank or lender owned properties....The reason there is no emotion for the seller with a bank owned property is pretty simple; the person you deal wi... 12/29/2007

Originally posted on the Big Bear Reo Blog Everyone has played Monopoly, right?  Remember when you got a card stating the bank had made a mistake and you received money you otherwise wouldn't have?  Well this bank owned property is like a Community Card in real life.... Listing Price= $537,500Previous Purchase Price= $639,000Previous Purchase Date= 9-28-06This property was foreclosed on after being on the market for six months.  The previous distressed owner did the right thing and tried to limit his losses by listing the home and asking his Lender for a "short-sale".  Now, by definition a "short-sale" is a transaction that doesn't satisfy the previous loan on the property.  So this seller tried to find someone to buy his property at market value and hopefully salvage some of his credit... 12/29/2007

Why are REO's attractive to buyers? Where else can you find seller's willing to list their property over 30% below what they paid less than two years ago?  This cabin, close to the National Forest and the Ski Slopes is priced at exactly that.Listing Price $361,900Previous Purchase Price $519,000Previous Purchase Date 1-17-06This property is in the Big Bear Lake Central area of the Big Bear Valley.  It has a very nice setting close to the National Forest and only a few roads away from Snow Summit Ski Resort.  This is a very good example of someone that bought a property they could not afford.  Less than eight months after purchasing this property the Owner tried to put it back on the market at an incredibly high price ($655,000).  Why someone would think they can purchase a property in ... 12/29/2007

Originally posted on Big Bear REO BlogAn REO property is simply a Bank or Lender owned property. The term REO is an acronym for "Real Estate Owned" which banks use to describe a property that has already gone through the foreclosure process but did not sell at a Trustee's Sale.  There can be many reasons a home didn't sell at the Trustee Sale but the most common reason is that the property is no longer worth what is owed to the lender.    Therefore, a buyer looking for a deal would not be interested in satisfying the debt including the late charges and attorney fees which normally sum up the minimum bid at a Trustee's Sale.  Another downside to a Trustee's Sale besides paying more than the current market value (do you really need one?) is there are no negotiations with the seller (read ... 12/29/2007

By: Hayley HindellMOST PEOPLE PREFER BEING ON TOP!On Top Of The Mountain That Is...So, Why stop in Arrowhead when you can go all the way to Big Bear! Lake Arrowhead offers a number of the same recreational options as Big Bear. You will find the typical mountain activities such as Hiking, Biking, and fishing. However the Lake is private with rights to usage given only to specific property owners. You must own property within the boundary of Arrowhead Woods and you will have lake rights for recreational purposes such as boating, swimming, fishing and dock rights. Arrowhead also offers an exclusive 18 hole Golf Course and Private Country Club. Note to Visitors of the Lake, whether you are a full time resident or vacationing, if you are not a guest of a property owner with Lake rights you w... 12/29/2007

One of the many aspects to keep in mind when buying a home in Big Bear is the exposure that your property will be getting. By exposure, I am talking about the weather and sun exposure on your Big Bear home. It is typically more preferred to have southern exposure during the winter months. If you have southern exposure on the front side of your home, then there is a good chance that the snow will melt a lot quicker than across the street. These photos were taken yesterday in the newer Castle Glen subdivision of Big Bear Lake. One of the homes was located on the north side of the street, therefore it was facing south and getting the good southern exposure. The other home was directly across the street on the south side of the street, facing north. You can see the difference in how much sn... 12/23/2007

The number of properties sold in Big Bear in 2007 will end up being the lowest amount in more that 20 years. We still have about 10 days left to go but I think it is safe to come out and claim this at this point. Click here to see the sales numbers (courtesy of our local First American Title rep Susanne Saderup). The previous low was in 1993 when we had 1,390 sales. As of December 1, 2007 there were 961 total sales in the Big Bear Lake area. I am expecting the final number for 2007 to be close to 1,050 total sales, off by nearly 24% from the 1993 number. Keep in mind that these numbers include all real estate sales in Big Bear: residential, vacant land, commercial, business, & government leases. It would be my educated guess at this point that vacant land sales have been hit the hardest... 12/23/2007