Travel Tips

Don’t Trust A Big Bear Short Sale

My clients often ask me what the difference is between a short sale and an REO. I normally go into quite a detailed explanation about the ups and downs of both, and always wind up telling them REO’S are always the way to go. I’ve actually dealt with this situation a couple of times in the last few months that really confirmed the truth.

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.

Finally, a few months ago I took them out again, and we found a cabin that was exactly what they were looking. The scenery of Oak Trees and the spic and span cabin was definitely a plus. The cabin was priced at $149,000, but still a steal of a deal. The only problem I had anticipated we would have, was that the cabin was listed as a short sale. Even after explaining to the family the complications and time that can come along with a short sale, they loved the cabin so much they didn’t want to give it up.

A month into the process we still hadn’t heard back from the bank. At this point I was fairly certain the listing agent was full of it and hadn’t really done what he needed to do to get a short sale done. I told my clients that all we could really do was wait and see what the bank would do. After a month and a half, the listing agent called me to say that the bank had just taken the listing away from him and never gave us an answer.

Which just goes to show you that short sales can be very unpredictable. I am sure this saga will continue…

Article submitter Marie Strahg has much experience shopping a Big Bear, CA foreclosure and Big Bear realty in general. Check out more of her posts online.

Tags: 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