Big Bear Short Sales Don’t Always Stick
Let me tell you about how I wrapped up a deal involving a short sale that was going nowhere fast…
I knew it would only be a matter of time before this property would again be on the market as a bank owned property. I encouraged my eager clients to be patient, and that I would be consistently searching all of the MLS listings until I came across their desired property again. Within a little over a week, my hunch was confirmed when I came across the same cabin, now listed at $130,000 and as a bank owned property. I called my clients within minutes, informing them of the fantastic news, and we wrote an offer for $115,000 cash that day.
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.
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.
After two months, the bank oddly enough rejected our offer, and let the house go in to foreclosure. Again I patiently watched and waited until I saw the house listed again, but for $390,000 this time around. My clients and I agreed that the house was quite a bit overpriced, and thought it better to wait to see if the price would come down at all. We waited two weeks, the price had not fell, and we felt it a perfect time to finally make an offer.
We offered the bank $333,000, and then patiently waited for a response. After only one day the bank declined our offer. It took about one going back and forth before we settled at $339,000. Again, bank owned, and a shorter time frame and a better price. So, if you’re keeping score, that would be bank-owned 2 and short sale at a big 0.
Article submitter S. Miller knows all about shopping Big Bear, CA foreclosures plus Big Bear, CA houses in general. Check out more of her posts online.