There are a lot of assumptions about buying bank owned properties in Big Bear. Here are a couple that I see a lot.
1. Banks or REO sellers will take a lot less than the list price.
2. The listing price for a bank owned property is going to be aggressive.
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The fact is bank owned homes in Big Bear are selling closer to the list price than organic sales, 97% vs. 95%. Many times, banks will price their properties so aggressive that they receive multiple offers that go over full price.
Also, just because a property is a bank owned does not mean the price is in line, or aggressive. Banks, like many sellers, make the mistake of overpricing their properties.
The key to both of these assumptions is look at each one individually to determine the correct market value. That is good advice for buying any property in Big Bear.
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