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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

Buying a home in Big Bear Lake, California is a dream for many. As far as Big Bear homes go, bank-owned homes are really something worth looking into. More often than not you can get a great price on these Big Bear homes. But sometimes there is quite a bit more red tape to cut through.

Because the bank doesn’t know very much about the history of the homes they foreclose on, they are immune from disclosure requirements. This means they don’t have to provide any disclosures that relate to the general condition of the home, even Big Bear Lake homes. The house could have flooded numerous times and be chock full of mold, but they don’t have to tell you because they probably don’t know about it.

So if you are interested in one of these Big Bear homes, you definitely need a professional home inspector. It is vital to making a good purchase that you have your home inspector thoroughly examine every part of the home, perhaps more than other conventionally sold properties.

Your home inspector will check for contract code quality construction in things like the electrical work of your home which could pose a potential fire risk. He can also check things like roofing or plumbing for leaks in the house. Qualified home inspectors will even go further into detail and check things like the oven for proper heating.

You will spend on average about one thousandth of the actual home price to have inspectors thoroughly examine most Big Bear homes. It is definitely well worth the minor expense.

It is always better to know what you are getting into from the onset. Even if a home is brand new, it is always a good idea to check everything anyway. Some builders may not be as good as others and do things in a shoddy or completely wrong manner. Knowledge is power.

Article by Grizzly B.K. (pen), Big Bear homes realtor as well as a homeowner in Big Bear, California.

Bart Kane Finance big bear homes, big bear lake, big bear lake ca, big bear mountain, big bear real estate, big bear rentals, big bear vacation, Finance, mountain property, vacation, vacation homes

Still in a fragile state due to the recent economic downturn, the real estate market is slowly recovering. Even so, it is a buyer’s market throughout the country. It is likely that it will remain that way for quite some time, and the popular vacation hotspot of Sea Isle City, New Jersey is also affected by this.

Near historic lows on mortgage rates, plus property values that have rolled back to 2003 values, have caused many real estate investors to view this market as an excellent time to purchase vacation rental properties or second homes. Sea Isle City is certainly worth consideration for such investments.

The Jersey Shore is a popular Eastern Seaboard vacation destination for Philadelphia and New York City residents due to its proximity and its stunning beaches of white quartz sand. This region has maintained a prestigious and luxurious reputation despite the economy, drawing young socialites, college students, families, and all kinds of other tourists with all its charms – lovely seaside communities, boardwalks full of family attractions, unique festivals, fine dining, boutique shopping and a thriving live music scene.

Situated on a barrier island in Cape May County, the southernmost county of New Jersey, Sea Isle City boasts relatively mild winters as well as slightly lower temperatures than the rest of the state during the summer. It has about 3,000 year-round residents, giving it a small-town feel – a perfect place to escape from the city and relax. Most of the real estate available consists of vacation rentals owned by investors as well as private vacation homes. While it is best known as a summer beach hotspot, the town is starting to be recognized as a peaceful winter getaway, and offers many spring and fall activities as well.

As the Jersey Shore’s reputation for being a desirable vacation destination has increased over the last decade, so, too, did real estate prices. Sea Isle City certainly experienced the boom, but it was not insulated from the economic problems that the rest of the country faced. While the town still has a thriving tourist industry, rental properties are available for purchase far less expensively than they have been for some time.

Given the current economic climate, it could be many years before we see any noticeable increase in property values. Not just any property is a good buy, regardless of how low the price is in comparison to a few years ago. It is critical to understand average rental rates for homes in the area before deciding to invest. A knowledgeable Sea Isle City real estate agent who keeps careful watch on rates for vacation rentals will be able to assist in choosing properties with the most opportunity for return on investment.

The current real estate market has frightened some people out of investing in vacation homes as well as other real estate. This is allowing some smart investors to take advantage of the overabundance of properties available. The right purchase of Sea Isle City rental property could bear much fruit over the years for careful real estate buyers.

Landis Company specializes in Sea Isle City, New Jersey real estate, including seashore condos, townhouses and single homes for sale or for rent. Powered by SEO 2.0 Services

Stephen Daniels Finance beachfront property, east coast, Finance, investments, jersey shore real estate, real estate, sea isle city new jersey, sea isle city real estate, vacation homes

You don’t need to be wealthy to buy your Nicaragua vacation house. More and more exciting financing opportunities are coming on the market.

The real estate in Nicaragua has exploded over the past decade. Retiring baby boomer have realized that Nicaragua real estate offers the same as can be found in Costa Rica but for half of the cost. Nicaraguan vacation homes have become a hot ticket. Up until recently, most real estate sales in this country have been completed as cash only transactions. However, this scenario has changed as the investment market matures and various financing options have emerged.

It is now possible for non-Nicaraguan nationals to secure bank financing in Nicaragua. Financing is offered by the well known names in Nicaraguan banking such as Bancentro, BDF and BAC. Buyers can now apply for financial assistance of up to 90% of the total purchase price! Interest rates float in the range of 9-12% per annum amortized over 10 to 15 years with an option to extend.

An increasing number of developments are also offering developer financing. This type of financing often provides the best deals. A handful of developers offer short term (generally 5-6 years) financing at extremely rates with no pre-payment penalties. For example, a fantastic resort on the Pacific with a golf course is currently offering a 2 year financing option at 2.9% with a 50% down payment. Other nearby developments are offering 7 year financing on condos, completed home and ocean view lots at 8% with a 30% down payment. Another brand new beach condominium project within walking distance of the village of San Juan del Sur is offering 15 year financing at 9%. The terms of developer financing vary from development to development and are open to negotiation.

Yet another type of available financing includes developments that have specific arrangements with American style mortgage brokers. This type of financing option offers longer term financing opportunities on very competitive terms. The terms of this type of financing is similar to that offered by American or Canadian banks.

The least common means by which to finance your Nicaragua vacation home is a private vendor take back mortgage. Although less common, it can be worth asking about. These days there are an increasing number of real estate deals to be had using this method of financing. Vendors know that the North American credit market has become very tight and this might be the fastest way to sell their Nicaragua real estate.

Financial assistance in buying your Nicaragua vacation home is now available. These financing options have made Nicaragua real estate more attractive than ever. These options coupled with Nicaragua’s low cost of living make investing in Nicaragua Real Estate more interesting than ever before. Financing your Nicaragua vacation is now a real possibility.

Go to real estate nicaragua to find more information regarding nicaraguan vacation houses.

Jane Moore Finance beach homes, central america, central america realestate, Finance, international real estate, international realestate, nicaragua, nicaragua realestate, nicaragua realty, real estate, real;estate, vacation home financing, vacation homes, vacation property

1. Pack Belongings. Clean out any old magazines and newspapers. Pack up your belongings that you do not need like decorations or figurines. Pack up and relocate any clothing that you wont need to open up the closets in the home. Clean up the garage and remove large items. These tips allow buyers to see how their possessions will look in the oceanfront home without all of the clutter.

2. Clean your windows. Pay particular attention to the oceanfront windows. The view will be a big selling point and besides dirty windows are a turn off.

3. Give your oceanfront home a deep cleaning. Wipe down the doors, door knobs, and light switch plates to remove dirt and fingerprints. Clean the floors and shampoo the carpet. Clean any appliances and dust the furniture. A clean home makes a great first impression and shows the buyers that the ocean home has been well taken cared of.

4. Replace dim and blown light bulbs. Clean any dirty window treatments, i.e. draperies, blinds, etc. The goal is to make the rooms as bright as possible. Arrive early and turn lights on before buyers arrive to see the home.

5. Make any repairs that you can find. Minor repairs like door adjustments, torn or missing window screens, caulk on exterior doors and windows and interior counter tops and tubs, broken or missing electrical cover plates, and dripping faucets will make a good first impression. Don’t know what to repair, why not get a sellers home inspection. This will show you what the buyers home inspector would see and give you the opportunity to repair the items before the buyers knows they were ever an issue. You can also market the ocean home as being pre-inspected.

6. Maximize your curb appeal. Cut the grass, rake any leaves, trim the bushes, and edge the walks. Put a couple of bright potted flowers near the entryway to cheer things up and get the buyers attention.

7. Repair cracks and holes that exist in the driveway. Once repaired apply a sealant for added protection.

8. Clean dirty gutters.

9. Change the front door hardware and house numbers.

10. Get rid of odors in the home. Shampoo the carpeting and wash the curtains to make the house smell fresh and clean. If the carpet is worn and won’t come clean, maybe you should replace it. The new carpet will add value to the home. This added value will probably be a lot more than the expense of the new carpet. Also, open the windows to let some fresh air in.

Hubert Miles is the founder of Waterfront Houses USA, an online advertising service that offers Oceanfront Homes and Ocean Homes For Sale available in the US and Canada.

Hubert Miles Finance business, Finance, homes, houses, ocean homes, oceanfront homes, property, real estate, resort, second homes, travel, vacation homes

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