Why I Hate Big Bear Short Sales

So I was dealing with a short sale home and I knew for sure it wouldn\'t be a short sale for long…

I was sure that fairly soon I would see the listing again, but now being sold by the bank. I informed my clients that I would check for the cabin everyday in hopes to see it back on the market again. A little over a week later, the cabin was again listed, but now for $130,000 and being sold by the bank. I immediately contacted my clients with the great news, and we wrote an offer that day for $115,000.

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.

After the bank took ownership of the property, we were able to settle on a fantastic offer, and get a few repairs out of the deal as well. The second time I came across this situation it was very similar to the first. My clients in this situation, made an offer of $340,000 on a property listed as a short sale, and priced at $389,000. Again we played the waiting came for over two months while the bank had the house reappraised and had numerous BPO\'s completed.

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 made a generous offer of $333,000, and sat back waiting for a response from the bank. Within a day, we heard back from the bank, and they had declined our offer again. After another week went back, and numbers were tossed around, we made a final offer of $339,000 and had it put into escrow. In conclusion, we again were able to get a better price, in a faster amount of time, when the homes we were interested in, were bank owned.

Submitted by: S. Miller knows all about shopping Big Bear, CA foreclosures and Big Bear, CA houses in general. Check out more of her posts online.