Big Bear Short Sales Don’t Always Stick

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 very next day the bank counter offered with $117,000, and my clients jumped on it. Luckily for us, the bank also fixed some busted pipes underneath the house that more then likely the original owner wouldn’t have been able to do. The fact of the matter is that the bank held out for a month and a half, and didn’t accomplish anything as a short sale property.

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.

The end result was the bank declining our offer and allowing the house to go into the foreclosure stage. Again, I patiently watched and search the MLS listings until I came across the house listed as a bank owned property, and priced at 390,000. I agreed with my clients that the house was extremely over priced, and thought we should wait with the hopes of the price dropping. After we waited two weeks and the house still hadn’t been sold, we decided it was the perfect time to make another offer.

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 has much experience shopping Big Bear, CA foreclosures plus Big Bear, CA houses in general. Check out more of her articles on the web.