Jul 22

7 Reasons Your Big Bear Listing May Not Be Marketed Fairly

Many sellers that list their home for sale in the Big Bear area get a raw deal from their listing agent. 

1. Listing with an out of the area agent gives you a small chance of being shown. Agents from out of the area list homes in Big Bear in the So Cal MLS, but not the local Big Bear MLS. Most homes sold in Big Bear are represented by a local Big Bear agent and are listed in the Big Bear MLS. Acces to your home may require a phone call or appointment. If the agent from out of the area has made it to Big Bear to put on a So Cal lock box, it isn’t programmed for the local agents MLS key.

2. Listing with the wrong local agent will give out of the area agents less motivation to show your home. Some of Big Bear’s local agents will offer less commission to agents through the So Cal MLS, than the local MLS. So, an out of the area agent may only see the commission offered at 2% and the agents that are local may see a 3% commission.

3. Does your listing agent syndicate to sites that promote your home, or do they keep the listing out of the hands of sites that could help sell your home? 

4. Does your listing agent have professional photos taken of your home for display on line? We are still seeing photos taken from cell phones and posted in the Big Bear and So Cal MLS. In this day and age, photos are the new open house. The maximum number should be uploaded and they should be a high quality representation of your home.

5. Does the description tell potential buyers the truth, or just what everyone wants to hear?  An example of this is: I see listings that are over 5 miles from Big Bear Lake that state “Near the Lake”, or homes on 2500 square foot lots that state “Secluded Setting”.

6. Is your short sale priced well below market value? Listing short sales below market value gives the consumer miss-information, and is damaging to the overall market. Banks are not inclined to accept offers through short sale that are below the true market value. Banks will do an appraisal or BPO to establish that the short sale offer is not shorting them on the payoff any more than the market dictates.

7. Is your home easily accessible and show ready?  I don’t understand why agents will list homes and not install a lock box or give access. They also fail to put up yard signs and insert photos of the home. As a seller, you only get one chance to make a good impression, and failure to prepare the house, photos and access will kill the buzz of your new listing.

 

If you would like to list your home with an agent that truly markets your home, please give me a call.

Steve 909 725 5889

MY CLIENT REVIEWS

Jul 18

Top 10 Short Sale Myths

Myth #1: The homeowner must fall behind on mortgage payments in order to qualify for a short sale.

Debunked: 
 Years ago this may have been true, but not in 2012.

  • A financial hardship must exist, such as the ARM (Adjustable Rate Mortgage) increasing in monthly payments.
  • Loss of job or income.
  • Health or medical issues.
  • Extraordinary loss in home value (which may be considered a hardship).

Note: Agents should not advise a homeowner to miss a mortgage payment. 

Myth #2: Banks would rather foreclose on a property than approve a short sale.

Debunked: 
 Many still believe this myth to be true, but more accurately, banks would prefer not to foreclose on a property due to the $50-70k it may cost the bank per transaction. Banks lose less money on a short sale than on a foreclosure.

Note: In California, some lenders may pay owners as much as $25,000 to opt for a short sale. 

Myth #3:
 Homeowners must be pre-approved by their lender to be eligible for a short sale.

Debunked:  Absolutely not true. By and large, most lenders will consider short sale offers. However, each lender may have unique and specific processes to follow, from listing the home to the acceptance of a short sale. Bypassing any part of this process may result the sale not closing, so be sure to follow each lenders’ processes closely.

Myth #4: Short sales never close.

Debunked:  Obviously not true. In some areas of the U.S., nearly 50% of all closings are considered to be “distressed” properties, meaning REOs and short sales.

Myth #5: Short sales take months (and months) to close.

Debunked:  The short sale processes must be learned. Once mastered, it may not be uncommon to close a short sale in 30 days.  However, certain idiosyncrasies may slow the process and each lender presents their own unique set of specific challenges. No two short sale transactions are identical.

Myth #6: Damage to the homeowner’s credit standing is comparable in a short sale and a foreclosure.

Debunked:  In many cases, credit repercussions and deficiency protections are more damaging with a foreclosure. Short sale transactions can often lead to faster financial recovery for the homeowner and should be carefully considered.

Note: If the homeowner missed no mortgage payments, they may be eligible to finance the purchase of a home immediately following a short sale transaction.  

Myth #7: Following a short sale, the homeowner will be ineligible to purchase another property for the next 5-7 years.

Debunked:  Not true. Using conventional lending guidelines, some consumers may obtain a Fannie Mae backed mortgage a short 24 months after the close of their short sale.

Myth #8: After a short sale transaction, the homeowner will receive a 1099 and be forced to declare the loss as income.

Debunked: The owner may indeed receive a 1099, but due to the 2007 Mortgage Forgiveness Debt Relief Act, among other considerations, the homeowner may not owe any taxes on their transaction.*

Note: This Act is due to expire at the end of 2012.

Myth #9: The lender will sue the homeowner after the close of a short sale (or foreclosure, or deed in lieu of foreclosure) for the deficiency.

Debunked: California has certain anti-deficiency protections in place for short sales and foreclosures, depending on the circumstances.*

Myth #10: As an agent, I don’t need additional training to learn all of the ins and outs of the short sale process. And if I wait long enough, the market will recover so I may not need to deal with short sales at all.

Debunked: How long are you willing to wait? Based on the most recent housing reports, home values are still falling. Hopefully, 2012 will see the bottom of the housing market but price recovery may continue to take some time.


*Information provided by CAR (California Association of Realtors)
Mar 06

SHORT SALES: TOP 10 MYTHS DEBUNKED!

Myth #1: The homeowner must fall behind on mortgage payments in order to qualify for a short sale.

Debunked: 
 Years ago this may have been true, but not in 2012.

  • A financial hardship must exist, such as the ARM (Adjustable Rate Mortgage) increasing in monthly payments.
  • Loss of job or income.
  • Health or medical issues.
  • Extraordinary loss in home value (which may be considered a hardship).

Note: Agents should not advise a homeowner to miss a mortgage payment. 

Myth #2: Banks would rather foreclose on a property than approve a short sale.

Debunked: 
 Many still believe this myth to be true, but more accurately, banks would prefer not to foreclose on a property due to the $50-70k it may cost the bank per transaction. Banks lose less money on a short sale than on a foreclosure.

Note: In California, some lenders may pay owners as much as $25,000 to opt for a short sale. 

Myth #3:
 Homeowners must be pre-approved by their lender to be eligible for a short sale.

Debunked:  Absolutely not true. By and large, most lenders will consider short sale offers. However, each lender may have unique and specific processes to follow, from listing the home to the acceptance of a short sale. Bypassing any part of this process may result the sale not closing, so be sure to follow each lenders’ processes closely.

Myth #4: Short sales never close.

Debunked:  Obviously not true. In some areas of the U.S., nearly 50% of all closings are considered to be “distressed” properties, meaning REOs and short sales.

Myth #5: Short sales take months (and months) to close.

Debunked:  The short sale processes must be learned. Once mastered, it may not be uncommon to close a short sale in 30 days.  However, certain idiosyncrasies may slow the process and each lender presents their own unique set of specific challenges. No two short sale transactions are identical.

Myth #6: Damage to the homeowner’s credit standing is comparable in a short sale and a foreclosure.

Debunked:  In many cases, credit repercussions and deficiency protections are more damaging with a foreclosure. Short sale transactions can often lead to faster financial recovery for the homeowner and should be carefully considered.

Note: If the homeowner missed no mortgage payments, they may be eligible to finance the purchase of a home immediately following a short sale transaction.  

Myth #7: Following a short sale, the homeowner will be ineligible to purchase another property for the next 5-7 years.

Debunked:  Not true. Using conventional lending guidelines, some consumers may obtain a Fannie Mae backed mortgage a short 24 months after the close of their short sale.

Myth #8: After a short sale transaction, the homeowner will receive a 1099 and be forced to declare the loss as income.

Debunked: The owner may indeed receive a 1099, but due to the 2007 Mortgage Forgiveness Debt Relief Act, among other considerations, the homeowner may not owe any taxes on their transaction.*

Note: This Act is due to expire at the end of 2012.

Myth #9: The lender will sue the homeowner after the close of a short sale (or foreclosure, or deed in lieu of foreclosure) for the deficiency.

Debunked: California has certain anti-deficiency protections in place for short sales and foreclosures, depending on the circumstances.*

Myth #10: As an agent, I don’t need additional training to learn all of the ins and outs of the short sale process. And if I wait long enough, the market will recover so I may not need to deal with short sales at all.

Debunked: How long are you willing to wait? Based on the most recent housing reports, home values are still falling. Hopefully, 2012 will see the bottom of the housing market but price recovery may continue to take some time.


*Information provided by CAR (California Association of Realtors)
Feb 14

Foreclosure Trends for Big Bear Lake, CA 92315

California Foreclosure Process

92315 Housing Data

Median House Value $194,400
Single Family 88 %
2-4 Units 4%
5+ Units 4%
Average Age 26.2
Owner-Occupied 63%
Median Rent $581
Source: 2000 Census

92315 Demographics

Population

Population 5,362
Density 826 persons / Sq Mi

Ages:

0-18 22%     18-64 59%     65+19%

Education Attainment

High School 25%
Some College 37%
Bachelors 15%
Graduate or Professional 7%

Income

Median Household Income $34,537
Married with One Wage-Earner26%

Work / Commuting

Working 44 %
Working in same County 90%
Avg Commute Time 22.6 min
Workers using Alternative Transportation 35%

Source: 2000 Census
Jan 31

2006 Home in Baldwin Lake Priced Under $70,000


Short Sale Beauty
Overview

Maps

Photos

Description

Market Stats

$69,900
2006 CABIN IN BIG BEAR ON LEVEL DOUBLE LOT WITH VIEWS! EASY ACCESS TO NORTH SHORE DRIVE AND HWY 18.DESIRABLE FLOOR PLAN WITH 2 BEDROOMS 1 BATH,SEPERATE LAUNDRY ROOM,DECK AND A 1 CAR DETTACHED GARAGE. DUAL PANE WINDOWS, CENTRAL HEAT.
Main Features
2 Bedrooms
1 Bathroom
1 Unit
Interior: 800 sqft
Lot: 5,000 sqft
Location
45401 Fifth
Big Bear City, CA 92314
USA

To get updates on open home dates and other property events, please click the “Like” button below:


Steve Hirschler Steve Hirschler

Coldwell Banker DRE# 01703081
(909) 725-5889
stevehirschler@gmail.com
http://www.stevesellsbigbear.com      

Listed by: ColdwelL Banker / The Tim Wood Group

Our recent listings

 

Subscribe to our listing feed

Nearby properties for sale

Powered By RealBird.com

Aug 30

Cabin in Big Bear Lake Central Under $140,000


Cabin in the Mountains / Big Bear Lake



Overview
Maps
Photos
Market Stats

$139,900
Single Family Home
Main Features
3 Bedrooms
1 Bathroom
1 Unit
Interior: 700 sqft
Lot: 9,310 sqft
Location
40135 Highland
Box 6416
Big Bear Lake, CA 92315
USA
To get updates on open home dates and other property events, please click the “Like” button below:


Steve Hirschler

Steve Hirschler

Coldwell Banker DRE# 01703081
(909) 866-3481
stevehirschler@gmail.com
http://www.stevesellsbigbear.com

      

Listed by: Coldwell Banker

Our recent listings

Subscribe to our listing feed

Nearby properties for sale

Powered By RealBird.com

May 28

Great Cabin in Sugarloaf Priced Below $120,000


Beautiful Mountain Cabin



Overview
Maps
Photos
Market Stats

$119,900
Single Family Home
Main Features
2 Bedrooms
1 Bathroom
1 Unit
Interior: 992 sqft
Lot: 4,750 sqft
Location
44861 Manzanita
Sugarloaf, CA 92386
USA
To get updates on open home dates and other property events, please click the “Like” button below:


Steve Hirschler

Steve Hirschler

Coldwell Banker DRE# 01703081
(909) 866-3481
stevehirschler@gmail.com
http://www.stevesellsbigbear.com

      

Listed by: Coldwell Banker / Steve Hirschler

Our recent listings

Subscribe to our listing feed

Nearby properties for sale

Powered By RealBird.com

Apr 13

Big Bear Lake Foreclosure Trends

Mar 29

YTD Inventory and Sales Information for the Big Bear Area

 

Total Active Inventory 671
Bank Owned Foreclosure Inventory 50
Short Sales Active 73
Current Pending Sales in Escrow 96
Bank Owned Foreclosures in Escrow 22
Short Sales in Escrow 16
Sold YTD Total 178
Sold YTD Foreclosures 58
Short Sales Sold 30
Days on the Market all Sold 184
Days on the Market Forclosures 66
Days on the Market Short Sales 165

Below are the Statistical Summaries for each of the property types:

Traditional Resale Sold YTD

Bank Owned Foreclosures Sold YTD

Short Sales Sold YTD

Photobucket
Steve Hirschler
Market Specialist, Inventory Expert,
Big Bear Real Estate Agent
Coldwell Banker
The Tim Wood Group
42153 Big Bear Blvd.
P.O. BOX 6820
Big Bear Lake, CA 92315
DRE#01703081
stevehirschler@gmail.com
909 866-3481 EXT. 217
CELL 909 725-5889
Fax 909 866-3531