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Recently I had some buyers looking at a home that was listed as a short sale, but I knew we could get a better deal…

I knew sooner than later, I would be seeing the home again as a bank owned listing. I told my clients to hang tight and that I would check the MLS everyday until it appeared. Sure enough, a week and a half later it came on The MLS for $130,000 as a bank owned property. I called my clients the minute I saw it and we wrote an offer for $115,000 cash.

The bank came back the next day at $117,000 cash and we snatched it up. Not only that, but the bank repaired some broken pipes under the house that the original owner most likely would not have been able to afford to do. Basically, the bank took a month and a half and did nothing when it was a short sale.

Once it was a bank owned, we bought it in two days for less money and had repairs thrown in as a bonus. Bank owned One, Short sales Zero. The second situation is very similar. My clients put in an offer of $340,000 on a short sale listed at $389,000. Again, we waited patiently for almost two months while the bank had the home reappraised and numerous BPO’s done.

In the end, after two months, they rejected our offer and let the home go into foreclosure. Like the last time, I watched the MLS and saw the home come up as a bank owned property for $390,000. My clients and I both felt the home was overpriced and we should wait and watch it to see if it would reduce. After two weeks, it hadn’t sold and we decided to make our move.

We came in at $333,000, and waited for a response from the bank. This time it took one day to get their answer, which was no. After a week of wrangling, we put the home into escrow for $339,000. So, we got a lower price in only a week when it was bank owned. Bank Owned Two, Short Sales Zero.

Article submitter S. Miller knows all about shopping Big Bear, CA foreclosures and Big Bear, CA houses overall. Check out more of her posts online.

Stephanie Miller Finance big bear, Finance, home buying, home for sale, house for sale, luxury homes, new homes, property, property listings, real estate, resort homes, single family homes, vacation homes

A question I seem to get quite a bit these days from my clients is ” What is the difference between short sales and REO’s?” I then , usually, go into a whole explanation of the pro’s and con’s of each, and end up telling them that REO’s are superior in every way. I have a couple of dealings over the past couple of months that really bring this point home.

For over a year now, I have had the pleasure of dealing with a wonderful family. They in North Hollywood, and have been searching for their perfect house in this area for quite awhile now. The first few times we looked around, we didn’t find anything that would have benefited their situation. The family had decided to take about a year, waiting for prices to drop, before they wanted to search again.

So, I took them out a couple of months ago and found a cabin that was perfect for them. The cabin is super clean and situated on a great lot with a ton of beautiful oak trees. Even at the $149,900 price tag, it was a great deal. The one big problem with it was it being a short sale listing. I warned them of the major hassles that usually accompany buying a short sale, but they liked the house enough to risk it.

Over a month into the process, and we still hadn’t heard a response back. It was around this time that I had come to the conclusion that the selling agent hadn’t done his part in filing the short sale paperwork. I informed my clients that the only option we had now was to wait until the bank responded. The selling agent contacted me over a month later to inform me that the bank had snatched this property from him, and didn’t respond to our offer.

It is obvious why I have such a disdain for short sales. I am sure this won’t be the end of it…

Article submitter Marie Strahg has much experience shopping a Big Bear, CA foreclosure plus Big Bear realty overall. Check out more of her posts online.

Marie Strahg Finance big bear, Finance, home buying, home for sale, house for sale, luxury homes, new homes, property, property listings, real estate, resort homes, single family homes, vacation homes

Recently, my clients and I threw a hat in the ring for a bank-owned property. Form my previous experience, it seemed like everything was going smoothly.

So, after a week went by I wasn’t too concerned. After almost two weeks went by, I became alarmed. I called and emailed the listing agent two or three times a day for three days without receiving a response. I finally had to call his broker and demand that someone who was competent be put in charge of the deal. I was given an assistant who seemed to have some idea of how things worked.

Finally, after almost three weeks, I was emailed an extension agreement that stated we were requesting an extension due to the listing office opening escrow with the wrong company and not realizing it for two weeks. Two weeks? If I hadn’t called the broker with my concerns the listing agent would have just coasted along obliviously and incompetently until our deal crashed and burned.

Luckily I also have had some good experiences with bank owned properties. I did recently sell one of these properties for a property listed by an agent from Lake Arrowhead. Like before, it did take the bank quite awhile to open the escrow, but everything else was top notch. The agent I was working with was very good about keeping me updating, and her assistant was on top of it as well. I was then able to file all my paperwork in a timely fashion.

Because of this, I was able to deliver excellent customer service to my client. Please be aware when you are hiring an agent, and make sure you are asking plenty of questions to make sure they are on the up and up. It is important to make sure that your Realtor is a fulltime agent and can devote all his time to you. Always make sure they are knowledgeable about how the of your local housing market.

If you do plan on buying a property in the Big Bear area, I would not suggest hiring an agent from L.A or Orange County. If your intentions are to purchase a bank owned property, it is very beneficial to hire an agent that is familiar in that field. It is a sad fact how differently banks can operate, and if you don’t have an agent that is proficient in the bank owned property, they could cost you lots of money, and even possibly the property.

Author Info: Marcus Fetzer knows all about researching Big Bear, CA foreclosure deals plus Big Bear realty in general. Check out his other posts online.

Marcus Fetzer Finance big bear, Finance, home buying, home for sale, house for sale, luxury homes, new homes, property, property listings, real estate, realty, resort homes, single family homes, vacation homes

You may not be aware that buying an REO, a bank owned property, is quite a different process then buying a property the old fashioned way, and it is extremely important that your Realtor understands the difference. Let me tell you why if your Realtor doesn’t know the vast difference between the two, how it can cost you a lot of money, and possibly cause you to all together lose your property.

When a bank owns a property, they have complete control over the situation. They have the ability to make the rules and do not have to follow any disclosure requirements. The bank will typically have you, the buyer, sign an addendum which will give them full disclosure to the process, and leave you with no protections.

The bank will set a timeline that they demand you stay on top of, or they will enforce consequences on you. The odd thing is that they can take all the time they need before they deliver any type of response to you. Almost a month ago, I was approved and have been holding money in escrow for a bank owned property. It took the bank three weeks into the thirty-day period before they even opened my escrow.

We didn’t get a copy of the signed contract or bank addendum until three weeks into the deal. Of course, the bank addendum we signed at the beginning of the transaction had us agree to pay a $100.00 per day per Diem for every day we went over the 30 days agreed upon in the contract.

Then they did nothing on time to make it possible for us to make the deadline. As many of you know, the majority of short sales do not close successfully. This is usually due to the listing agent not knowing how to do them, but taking the listing anyways. If the listing agent doesn’t put in all the work ahead of time, a short sale is a nightmare. REO’s can be the same. In this case, the listing agent assured me that he had done all the footwork and the bank was ready to move.

Article submitter Allen Fulton knows all about shopping Big Bear, CA foreclosures plus Big Bear, CA houses in general. Check out his other articles on the internet.

Allen Fulton Finance bank owned property, big bear, Finance, home buying, home for sale, house for sale, luxury homes, new homes, property, property listings, real estate, reo, resort homes, single family homes, vacation homes

I just had the REO from heck nightmare with some insane per diem issues. I anted to spread the word of caution around to anyone who is listening.

Obviously, we decided to proceed with our offer on the cabin, knowing it would probably be a prolem if we did not. This is where my experience came into play. I have had this happen to me numerous times on bank owned purchases and I have learned that my buyer just needs to forget about the bank and make sure he does everything he needs to do to stay on track.

As long as we can prove that the delay was not of our doing, we can get out of having to pay the per Diem. I made for sure that all inspections, including the termite inspection, was done by the listing agent, and done in a timely manner. Fortunately, since my client is paying for this property in cash, we needn’t worry about the appraisal. If a client were to be purchasing a home from a loan, you need to be in direct contact with the lender throughout the process, making sure the appraisal is completed in time.

If at all possible, you do not want any last minute situations popping up during the closing period. More then likely not everything is going to go your way, but if you follow the steps you need to take throughout the process, things will turn out just fine. I find myself always telling my clients that the banks really don’t have an idea of what may be happening at every moment throughout the process. It seems as though they just kind of float through just waiting for something to happen.

It hasn’t been uncommon for me in the last few years to witness banks doing something that is just out of sorts. You will rarely find a bank transaction that actually goes all the way through the process without a glitch. The key it to hire a bright, informed realtor to help you have a successful experience.

Author Info: D. Thuster knows all about shopping Big Bear, CA foreclosure deals plus Big Bear realty overall. Check out his other posts online.

Daniel Thuster Finance bank owned property, big bear, Finance, home buying, home for sale, house for sale, luxury homes, new homes, property, property listings, real estate, reo, resort homes, single family homes, vacation homes

A whole lot of aspects have to be considered before you consider buying a home. One is checking the home features. I bet you don’t want that in the end run, what you will be buying need repairs. When coming into this entire process of owning a home, you can’t really avoid problems. And to ensure the home to be in excellent state, why not take the option to involve in real estate transactions?

At first probably you are already convinced that you will not need a real estate agent’s help. However, think again. You will go though holding papers and if you are just alone for that, you will be taking much time than to compare if you have asked for an agents help. Maybe what fears you is the additional expense. Whoa! But that’s a misconception. That direct cost is not true. If I am wrong in saying that, then that is because you have allowed it so. Remember that in the first place, you are the boss in that transaction. His/her job will only be as to guiding you towards the step before you own the house. There will be an expense yes, but not direct one. Second reason, you are assured of the legalities. Third, you could have wide choices of home because they have listings for you to see. The search won’t anymore be a tedious one for you. And fourth reason, you paper works will lessen. All of those are the job of a real estate agent, so allow them to work in their own field.

Your question then as home buyer is how will you search for that agent?

Finding professional agent can be a challenge. Start finding the right estate agencies out there. They may be small or large agencies but it’s the commitment level you should always consider. Individual agent matters most than agencies. Find an agent whom you think you are interested to work with. Look for the experience that agent has because it is much better that you find someone who works for more than two years holding their record from the agency that they are tested.

Try also searching for the listings online. There are lots of websites that refers for agents. Find time to read testimonials in individual profiles. But also consider those newbie but someone who has various successes in the field.

Referral from your family, friend, neighbors or coworkers is also a good option. At least, they can tell their experiences working with that particular agent.

Eventually, as you settled to start business with that agent, remember to be familiar with the different processes in the inspection of your papers. Be familiar and have that careful awareness. It’s best if you have lawyer of consultant too.

Maintain that perspective in the home you’ve been building in your head. Do not just think of today but think about future options. Think about walk-through as you deal with financial matters. So before finally closing deal to a real estate agent, weigh all of your ideas that relates to owning the house. If it is final then behold that house and start living in the luxury of its comfort!

Purchasing the beautiful and luxurious Vancouver real estate is a convenient reason for relocation. On a similar note, you may also be interested in Vancouver travel.

Adriana Noton Finance buyers, buying houses, Finance, homes, house for sale, new homes, properties, property management, real estate, real estate development, realty, vancouver

Bellingham Washington is situated on the coastline on Bellingham Bay. Bellingham is just 90 minutes north of Seattle Washington and 60 minutes south of Vancouver, British Columbia, Canada. Mount Baker just an hour away is residence to some of the greatest powder for snow boarding, sking and snowmobilers. It is the best place to acquire a home, property or land due to the mixture of culture, place, education, outdoor activities and span of age groups.

Bellingham is home town to Western Washington University, Whatcom Community College and Bellingham Technical Institute. There are a lot of lakes, rivers and streams for persons who like to swim, camp, fish, canoe or kayak. This is one of the top ten spots of the country for persons who truly get pleasure from the outdoors.

Most persons who research real estate prices will discover that this region continues to stay in front of national averages. When looking for property, a new or older residence make contact with a Bellingham Washington real estate agent to make your search is easier. A real estate agent can salvage you time and help discover the ideal home or estate.

If you can’t stand one hundred degree summers and minus wind chill winters that survive forever but would like to benefit from all four seasons of the year than Bellingham Washington is the area. With many lakes in the region there is no lack of activity for boaters, kayakers, water skiing, jet skis and people who love to swim or fish.

If you enjoy the rough country and just want to hike, walk or camp there are numerous areas inside an hour that you can enjoy for the day or weekend. In fact Mount Shuksan is one of the most photographed mountains in the world. It is easy for an active individual or people to enjoy a full weekend or day out.

Bellingham Bay is part of Puget Sound and Part of the San Juan Islands making this an perfect area for salmon fishing, crabbing, clamming, boating and sailing. If you enjoy boating there are lots of islands to explore. Many of the islands have designated camp areas and docks.

A number of people will just catch a ferry to an island to bike around or go to see for the day. The Pacific Northwest is really unique place to live. It is no wonder it is one of the more attractive parts of the country to live. If you’re looking to buy a residence get in touch with a Bellingham Washington real estate agent.

Want to find out more about bellingham houses for sale, then visit Mark Roberts’s site on how to choose the best bellingham homes for sale for your needs.

categories: homes,house,house for sale,home for sale,real estate,buy a home,places to live,shopping

Mark Roberts Finance buy a home, Finance, home for sale, homes, house, house for sale, places to live, real estate, shopping

The finest location to live is Belingham Washington because it is on the coast. Just 60 minutes south of Vancouver British Columbia, Canada and an hour and a half north of Seattle Washington. Mount Baker just an hour away is residence to some of the greatest powder for snow boarding, sking and snowmobilers. It is the ideal area to get a house, property or land due to the diversity of culture, place, education, outdoor activities and span of age groups.

Bellingham is home to Western Washington University, Whatcom Community College and Bellingham Technical Institute. You will discover no lack of water sports and activities focused around lakes, rivers and streams. It is one of the top spots in the state for people who get pleasure from outdoor activities.

Most persons who investigate real estate prices will discover that this region continues to stay in front of national averages. To purchase a new or older house, property or just need help doing a search contact a Bellingham Washington real estate agent. A real estate agent can help you locate the ideal property or home.

If you can’t stand one hundred degree summers and minus wind chill winters that survive forever but would like to benefit from all four seasons of the year than Bellingham Washington is the area. With many lakes in the region there is no lack of activity for boaters, kayakers, water skiing, jet skis and people who love to swim or fish.

If you enjoy the rough country and just want to hike, walk or camp there are numerous areas inside an hour that you can enjoy for the day or weekend. In fact Mount Shuksan is one of the most photographed mountains in the world. It is easy for an active individual or people to enjoy a full weekend or day out.

Bellingham Bay is part of Puget Sound and Part of the San Juan Islands making this an perfect area for salmon fishing, crabbing, clamming, boating and sailing. If you enjoy boating there are lots of islands to explore. Many of the islands have designated camp areas and docks.

A number of people will just catch a ferry to an island to bike around or go to see for the day. The Pacific Northwest is really unique place to live. It is no wonder it is one of the more attractive parts of the country to live. If you’re looking to buy a residence get in touch with a Bellingham Washington real estate agent.

Mark Roberts Finance Finance, home for sale, homes, house, house for sale, real estate

There is a plus side to the housing market being in a decline, and that would be the limited amount of bad agents out there. This is a great benefit if you are in the market to buy or sell a home, because chances are you will find a more reliable, up-to-date realtor. In the past a lot of agents did a lot of their work from their offices, but now they really do need to be out in the field in order to be successful. With that information though, you do still need to be careful in choosing your agent.

There are still people out there looking to make an extra buck, and are only part time agents. The clerk at the gas station may take on a client or two for some extra money. Even the utility worker can claim he is a full time agent, when he’s not. When this type of deception is going on, it is not beneficial for the buyer or seller at all.

The market has undergone a massive upheaval and you can not do business the same way as five years ago. In Big Bear, bank owned properties make up 10% of the inventory and 40% of the sales. If your realtor is not proficient in dealing with REO’s, Short Sales, etc, you are asking for trouble.

Here is an example of a predicament one of my clients was recently involved in. The clients I had been working with made an offer in escrow with a bank that was out of our area. We held up our part and followed all instructions that we were supposed to, while waiting for the escrow to be opened. With the last 20 sales that I have worked on with bank owned properties, there has always been an issue opening the escrow.

To make a long story short, after weeks of no response to my pressings, the bank finally admitted to me that they had accidentally filed the paperwork with the wrong office. And to add insult, they suggested that we could still be liable for the delay. I turned it all around, but some people are just gone terrible with details. I think I am getting too old for this business!

If I had not had any experience with this sort of scenario, I might not have caught the mix up in time. Someone who works in the industry part-time can cost their client a lot of money in these situations. Be sure you enlist the services of someone who has worked in their field for quite some time and can offer you added protection in your home-buying.

Bryan Cole Finance Finance, home buying, home for sale, house for sale, luxury homes, new homes, property, property listings, real estate, realty, resort homes, single family homes, vacation homes

A very common question that I am asked these days is ” What exactly is the difference between a short sale and a REO?” Typically I then go into a detailed explanation of the negatives and positives and eventually make then understand that REO’s are for sure the way to go. I’ve had a few deals in the last couple of months that really bring that realization to light.

The first family I had been dealing with for a little of a year. They were from North Hollywood and had been in search of a place in my area for quite awhile. When we first began our search, we couldn’t find anything that sparked their interests. They had made the decision to wait about a year or so in the hopes that the prices of homes would eventually fall.

Finally, a few months ago I took them out again, and we found a cabin that was exactly what they were looking. The scenery of Oak Trees and the spic and span cabin was definitely a plus. The cabin was priced at $149,000, but still a steal of a deal. The only problem I had anticipated we would have, was that the cabin was listed as a short sale. Even after explaining to the family the complications and time that can come along with a short sale, they loved the cabin so much they didn’t want to give it up.

Over a month into the process, and we still hadn’t heard a response back. It was around this time that I had come to the conclusion that the selling agent hadn’t done his part in filing the short sale paperwork. I informed my clients that the only option we had now was to wait until the bank responded. The selling agent contacted me over a month later to inform me that the bank had snatched this property from him, and didn’t respond to our offer.

Which just goes to show you that short sales can be very unpredictable. I am sure this saga will continue…

Mike Kohn Finance Finance, home buying, home for sale, house for sale, luxury homes, new homes, property, property listings, real estate, realty, resort homes, single family homes, vacation homes