RSSBig Bear Short Sales vs Big Bear REO’s.
Feb 10
Travel Tips Big Bear, home buying, home for sale, house for sale, luxury homes, New Homes, property, property listings, real estate, resort homes, single family homes, Travel Tips, vacation homes No Comments
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 case involves a really neat family I have been dealing with for over a year. They are from North Hollywood and have wanted to buy a place up here for a long time. When we initially looked, we couldn’t find anything that really fitted their needs. They decided to wait a year and then take a look when the prices had really dropped.
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.
We had waited about a month, and still hadn’t heard back from the bank. In my mind I already knew the selling agent hadn’t done his part to get the process going to complete a short sale. I informed my clients that our only choice now was to wait for a response from the bank. About another month or so went by before the selling agent informed me that the bank pulled the listing without giving a response to our offer.
Which just goes to show you that short sales can be very unpredictable. I am sure this saga will continue…
Article submitter Marie Strahg knows all about shopping a Big Bear, CA foreclosure plus Big Bear realty overall. Read more of her posts online.
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