Big Bear Short Sales Are Terrible

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 family I had been dealing with for a little of a year. They were from North Hollywood and had been in search of a place in my area for quite awhile. When we first began our search, we couldn't find anything that sparked their interests. They had made the decision to wait about a year or so in the hopes that the prices of homes would eventually fall.

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.

It is obvious why I have such a disdain for short sales. I am sure this won't be the end of it…

Submitted by: M. Strahg has much experience shopping a Big Bear, CA foreclosure plus Big Bear realty overall. Read more of her posts online.