Big Bear Real Estate

Big Bear Swim Beach Open! Big Bear Lake Meadow Park

2010-06-22T10:20:00.000-07:00

12-5pm Everyday but Tuesday and Wednesday
Available for Private Group Parties, Rentals

Offers an area for families to swim and bbq in a safe supervised environment

Swim Beach Info

2010 BIG BEAR GOLF COURSE OPEN FOR BUSINESS

2010-06-17T12:12:00.000-07:00

Feel like a pro at 7,000 feet – you’ll be surprised at how far your ball will soar! The 9-hole, mountain-style Bear Mountain Golf Course is located at the base of Bear Mountain Resort in the Moonridge meadow area. The course provides a tranquil atmosphere for players of all abilities and is complete with a pro shop, snack shop/restaurant, club and cart rentals. Come play in mild summer breezes, aromatic pine trees and blue skies for an unmatched golf experience. Hit a few balls before your round or practice all day long at our driving range located on the north end of the course. We also offer a chipping green to keep your short game sharp.

BEAR MOUNTAIN GOLF COURSE

Big Bear Cabin Rental

2010-06-15T19:29:00.000-07:00

Looking for a great place to stay this SUMMER and don't have a lot of time to call around or cash to spend?

Contact Michele at 714-469-6217 to rent Castle Batina in Moonridge.

2 Bedrooms, 2 bath

Sleeps 8
Pool Table
Parking for 4 cars
Laundry
Bunk Bed
Pull out sofa
$200/night
2 night minimum
No cleaning fees, no taxes, no add on charges
No deposit, you pay half now and half at check out

Private, rustic and clean with cabin feel
No Pets
No Smoking

If you're looking for convenience and affordability, you just found it!
714-469-6217

What Category does YOUR agent fall in?

2010-04-07T12:16:00.000-07:00

Real Estate agents are human beings and fall into two categories from what I can tell (1) Those who care about only themselvesand think this is good business (2) Those with a desire to help thier clients.
Be careful you dont select the wrong one! Do you want this guy handling your affairs?
All markets are driven by competition, correct? And salespeople thrive or fail in that process, correct? And Realtors are salespeople whith specific skills and specific pressures that fluctuate according to the public. Right now the slow Big Bear real estate market is making agents act crazy and forget their purpose. The main goal is no longer to do the best job for the client but to make the most money by any means possible. Dont get me wrong, as an agent I fall subject to the same stresses as anyone.
Here is how you know if your agent is sincere in their efforts to represent you in the most honorable manner...do they return your calls no matter how frequent you ask the same questions or voice the same concerns? do they tell you up front what the probability of your offer being accepts is and support thier remarks with facts instead of conjecture? do they get back to you when they say they will every single time? do they walk through every contract with you so you fully comprehend what you are signing your name to if you so chose? do they tell you what their efforts are in finding your dream cabin or a strong buyer if they have your listing? do they make excuses when something goes wrong or are they accountable for the job they were hired to do for you? do they report to you regularly on market changes that are relevant to your goals? do they fight for your interests even when that means they make less money? do they push you to do what they want you to do or let you call the shots?

Do yourself a favor and keep all these things in mind when selecting and entrusting your most important investment with an agent. Although agents are people too and have all the faults and weaknesses as anyone else, they are required to conduct their business by a code of ethics that is paramount. Your money and your needs are the key, a good agent who is only interested in your happiness will be upfront with you, share with you all the information so you can make good decisions, make you the primary driving force in a successful deal and will always always always tell you what their limitations are.
Knowing what category your agent is in will make all the difference in the world. SO ask lots of questions, listen to your gut and dont let any agent con you. Every transacation these day has some glitches but if your agent is focused on solutions then you will win. I guarantee it.

KISS OF DEATH FOR BUYERS

2010-02-22T15:11:00.000-08:00

SO YOU FOUND THE PERFECT CABIN and now you are ready to make an offer. You have your prequal letter in hand and your agent is ready as well. The cabin of your dreams is listed at $150k and you are offering $100k...
S T O P R I G H T T H E R E.
First of all, I assume that you drove all the way to Big Bear and viewed several properties with the intention of finding the very best deal possible. Your agent SHOULD BE showing you current comps for each area so that you make good choices and a solid offer.

Are you practicing or do you want to leave with your dream cabin? By low-balling..you could aggravate the seller, waste everyone's time and not come out with what you want. Your goal is to be the very best buyer for this property and to give the seller no reason to turn your down. So do your homework, trust your agent and then go for it. Good luck!

Whats Happening with Gas Meters and Stop-Waste Valves in Snow Conditions

2010-02-11T09:12:00.000-08:00

An entry from a colleague:
Another thing which is occuring lately is that the Gas Co. and Water Co. won't turn on their meters if they are covered with snow--they did not dig! (it is up to the homeowner or agent to provide access to the meters). We don't know that they aren't turned "on" until I show up at the house and there is a tag on the door or kitchen counter (they don't call you to inform you).

The Gas Co. won't turn furnace or water heaters "on" if the vents are covered with snow above the roof (they will keep the meter locked off).

Also, I can't find stop-and-waste valves under snow (they should be revealed). And I won't turn water "on" to the home if the sub-area crawl space is blocked with snow-ice, because I have to check for all drain valves being "closed" prior to turning water "on" (so I don't flood the place).

Bob Cherry

When the House of your Dreams is Sold to Someone Else

2010-02-10T16:32:00.000-08:00

Buyers-

That night you're dreaming about the home. You toss and turn, thinking about how you will arrange your furniture, which color you might paint the bedroom. The next morning your agent calls to say the house has been sold to somebody else.

How did that happen? You're astonished, then angry, and later, depressed. You wonder if the seller had a buyer in his back pocket all along. How did you get deceived?

You weren't. What typically happens -- and I can't explain why -- is the minute you want to buy a home, so do three other people. It's extremely common for the seller of a dated and neglected listing to suddenly receive two, three or more offers, all within minutes of each other.

Here's what you do next time: Put down a large intial deposit more than 5k please! Do not ask for anything extra from the seller like cleaning the carpet or hauling unwanted furniture, Sign all the disclosures right away and completely. Ask the other agent what is the most important thing to the seller and then deliver.

For more call me at 714/469-6217 or visit my website. Sign up for my monthly Newsletter and lets get you that Big Bear mountain getaway!

LISTEN UP SHORT SALE SELLERS! JAN 2010

2010-01-20T18:18:00.000-08:00

Short sale sellers who don't price their homes appropriately are unlikely to receive viable offers. That's because pricing needs to appeal to more than the buyer to ensure a short sale transaction will close.

Pricing a short sale correctly involves choreographing a delicate dance between bringing in an offer and getting the bank to buy into that offer. Moreover, if a Notice of Default has been filed, time is of the essence. In that instance, there are only so many days left on the calendar before a short sale seller may lose the home to foreclosure.

Price it wrong, and the home goes to the bank. That's one of many reasons why it's important to hire an experienced short sale listing agent. The short sale price needs to be attractive to the following five parties:

• The Short Sale Bank.

Because short sales can take a minimum of 3 months to close from listing inception, the price should be based on pending sales, which will become the comps at closing. Banks will generally accept an offer priced within reason of comparable sales.

• The Buyer.

Short sale buyers want to buy under market; they want a good deal. Otherwise, buyers have little incentive to wait 90 days or more for a short sale to close. Sellers will catch a buyer's eye if the home is priced under the competition.

• The Buyer's Agent.

Short sales aren't high on the list of a buyer’s agent’s favorite transactions. Buyer's agents generally earn a lower commission on short sales, the deals take longer to close and sometimes they don't close at all. The listing verbiage needs to assure the buyer's agent it's worth the time invested.

• The Buyer's Lender

A buyer and seller can arrive at a mutually agreed price, but the buyer's lender will hire its own appraiser to determine market value. This means the home will need to appraise in line with the comparable sales. Pricing too low is rarely a problem. But if it's priced too high, it won't appraise, and either the buyer will need to foot the difference in cash or the pending sales will blow up.

• The Seller.

Some types of short sales are subject to deficiency judgments and mortgage debt forgiveness tax, which means sellers need to get the highest possible price. Attractive pricing will encourage multiple offers, and multiple offers tend to bid up the price.

Appealing to all five of these entities may seem impossible to do, but it is possible. There is an art to pricing a short sale. I can honestly report that all my short listings in Big Bear -- in our soft market -- receive multiple offers.

CONTACT ME FOR MORE ON SHORT SALES AND WHERE TO FIND THEM IN BIG BEAR
MICHELE HOLLOWAY, REALTOR
REALTY EXECUTIVES BIG BEAR

Keeping the lender out of your Short Sale

2010-01-19T10:37:00.000-08:00

Keeping the lender out of your Short Sale will increase your closing ratios and decrease your frustration & anxiety!

By Spickes • October 28th, 2009

In today’s market, most Realtors are under the perception that lenders have majority control over their Short Sales. In fact, after verbally surveying over 500 Realtors at the 2008 and 2009 NAR Conference, most think they only have 0-20% control over the outcome of their Short Sale transactions, giving majority control to the lenders, their customer service and loss mitigation reps. When we talk about “control”, what does this mean?

First of all, the turnover in the lending industry, particularly loss mitigation, is astonishing at the moment. Furthermore, it is extremely rare to find a loss mitigation or customer service rep that holds a real estate license. Let’s be very clear on this point. What the Listing or Buyer’s Agent is responsible for in the Short Sale is completely separate of what the lenders are required to do, and require a completely different set of specialized skills. One of the few reasons why a lender is involved in a Short Sale is to consider and approve a purchase contract that a Listing Agent has procured, because it nets the lender something less than the full amount owed. The lender doesn’t have the ability to tell you, the Listing Agent, when to go active on MLS, based on the type of loan. In most cases, neither the specific loss mitigation rep, or the Agent know the specific and unique difference in working a Short Sale for a FHA, VA, and a Conventional loan. When the listing Agent goes active in MLS to procure an offer solely depends on the type of loan the Seller has in a Short Sale. If most Agents don’t know this, then how in the heck would a customer or loss mitigation rep know this? Due to the fact that most real estate agents have had a limited amount of Short Sale education and training, who are most agents relying on to tell them what to do next in the Short Sale? If you’re saying the lender, that’s absolutely correct… and this is presenting significant issues and dilemmas. If you are relying on the lender to tell you what they need, phone call after phone call, fax after fax, and you don’t already know what is required by each individual lender, including their specific addendums, PRIOR to getting them involved, you must know that there is a lot more to learn about Short Sales.

The degree to which you can keep the lender out of your Short Sale transaction is only going to increase your closing ratios and decrease your anxiety, frustration, and any unnecessary obstacles typically experienced by most Realtors in their Short Sale transactions today.

Shifting your paradigm for which you process your Short Sales is essential and necessary. After attending the CDRS Certification Program, Realtors, even those with other Short Sale certifications, say that they had no idea there was so much more to learn about the Short Sale process and that there is a completely different and intelligent way of working these seemingly complex transactions. If you haven’t been through the CDRS Program, trust the many other Realtors going through this program… you don’t have the entire picture, even if you think you do! Please don’t be foolish in thinking you’ve had enough Short Sale education! In truth, most Agents don’t know what they don’t know. Watch recent Video Testimonials.

Remember, you are the quarterback of the Short Sale transaction, not the lender.

Knowledge is powerful! Until next time, we wish you the best of luck in your Short Sale business.

Buyers have drastically changed their purchase process

2010-01-19T10:00:00.000-08:00

Buyers have drastically changed their purchase process over the last quarter or so. This means that buyers understand the maket conditions, are doing their research and are taking more time to comparison shop. I can tell you that I work wtih buyers frequently and they are more methodical in their search. Even investors with loads of cash are taking a few trips to get comfortble wtih the inventory before making an offer. The key is to make sure that offer leads to a closed transaction. We have more deals falilng apart over poorly qualified buyers, buyers getting cold feet and agents simply not doing their job these days more than ever. So slow down, get the job done right, look around and be sure you are getting what you want at the price you need.
So while the demand is up and prices are down, patience is necessary all around. It could take a month or more for a buyer to select their next getaway and if its a Short Sale, heaven help us all! Michele Holloway, Realtor.

THREE WAYS TO GUARANTEE YOUR BIG BEAR LISTING WILL SELL

2010-01-19T09:32:00.000-08:00

TOP THREE WAYS TO GUARANTEE YOUR BIG BEAR PROPERTY WILL SELL:

1- BE THE PRICE LEADER IN YOUR NEIGHBORHOOD BY FAR, DONT BOTHER CHASING THE MARKET, this will only drive you crazy. FIND THE LOWEST COMP AND THEN SHAVE OFF ANOTHER 15K MINIMUM FOR STARTERS. BE PREPARED TO DO IT AGAIN.
Remember that your Realtor did not create the market conditions, buyers did. So hang in there and listen to your agent.

2-MAKE YOUR PROPERTY AS APPEALING AND EASY AS POSSIBLE FOR SHOWINGS. NOBODY WANTS TO SEE AN UGLY HOUSE, SMELLY HOUSE OR A HOUSE THAT LOOKS LIKE THE ADAMS FAMILY LIVES IN IT. AND NO AGENT WANTS TO TAKE THEIR BUYER TO A HOUSE THAT REQUIRES JUMPING THROUGH HOOPS TO GET INTO. HANG A LOCKBOX AND STICK A KEY IN IT. MAKE SURE THE KEY WORKS FOR CYRING OUT LOUD. MAKE IT EASY. GET AN OFFER. SIMPLE

3-YOUR AGENT'S DAILY ACTIVITIES WILL GENERATE YOUR TRAFFICE. BE SURE YOUR AGENT IS TRAINED WELL AND IS MARKETING YOUR PROPERTY. YOU DONT NEED TO BE IN EVERY MAGAZINE AND YOU DONT NEED FANCY SIGNS OR WEBISTES...JUST BE SURE YOUR AGENT IS ON THE BALL, LOOKING FOR A QUALIFIED BUYER DAILY BY CALLING EVERYONE THEY KNOW AND IS PUSHING YOUR PROPERTY TO ALL THE AGENTS IN TOWN. ASK YOUR AGENT FOR THEIR DAILY SCHEDULE AND BE SURE THAT PROSPECTING IS AT LEAST 3 HOURS OF THEIR DAY. THIS IS HOW YOU WILL KNOW A GOOD ACTIVE AGENT FROM A PASSIVE OLDIE BUT GOODIE. GOOD LUCK.

MICHELE HOLLOWAY. REALTOR

Weekly Economic Summary on credit markets- Jan 15, 2010

2010-01-15T11:46:00.000-08:00

Weekly Economic Summary - January 15, 2010

Guy Knox-
The first week of the business year (from January 4 through January 8, 2010) gave us little understanding of the underlying direction of interest rates. In fact, the lesson taught seems to have been that there really is no underlying direction. The markets’ direction, notably that of the credit markets, is very difficult to anticipate, their movements each day depending on the nature of the economic data most recently released. With that in mind, let’s look at how the markets moved last week.

 Monday (Jan. 4) began with stock markets strengthened by the prior week’s news that manufacturing orders were increasing in quantity and size in the U.S., as measured by the ISM [Institute for Supply Management] Index. At the same time, evidence of a global manufacturing rebound was declared, and the Dow Jones Industrial Average (DJIA) rode the good news to a level 1.5% higher than where it had stood the day before, while many analysts declared enthusiastically that the economy may have fully turned the corner at last.

Tuesday, then, the National Association of Realtors released its Pending Home Sales Index, a measurement of how many contracts for purchases of homes had been signed in the month of November. The index, largely because the $8,000 first-time homebuyer tax credit program expired in November (before being extended by Congress), plunged by 16%. This economic indicator, which rarely influences the overall markets greatly, seems to have single-handedly negated the declarations that the economy had “turned the corner,” and investors rushed for the safe haven of Treasury securities once again. Thus, the 10-year Treasury note’s yield fell nearly 9 basis points and there was gloom all around.

Wednesday, the markets rested and recovered, though there was a report that apartment vacancies had hit 8% in 2009, a 30-year high, and landlords in response had lowered rents by 3%.

Thursday, the rest and recuperation continued. The 10-year T-note had edged back up to 3.821%, suggesting that rates might actually be in an uptrend.

And on Friday, the weak employment report, with 85,000 jobs lost instead of the predicted 10,000, sent investors back to the shelter of safe haven investments. Indeed, the 2-year T-note yield fell below 1% to 0.936%, and the spread between the 2-year note’s yield and the 30-year bond’s yield, or the “yield curve,” widened to a record 3.74%, which suggests a coming change for interest rates, but doesn’t say much, sadly, about the nature of the change.

The markets have been moving almost entirely based on the latest news, rather than based on a consensus about where the economy is headed. Thus, the credit markets are even more difficult to predict than usual, and the wisest among us, one suspects, will not try to.

To sign up for my free Newsletter delivered to your computer or doorstep click here: www.MicheleHolloway.com

Monthly Newsletter at your Door Step!

2010-01-12T20:55:00.000-08:00

H A P P Y N E W Y E A R

Click here to sign up for a Monthly Newsletter delivered to your home!

Buyers- never before have we seen such a substantial inventory of distressed homes, either offered by Short Sale or Bank Owned. There are dozens of homes under $300k that are in good condition and priced below market value.

Sellers- your competition is the "shadow inventory" that grows daily. In order to sell your property you MUST be the price leader in your area and WOW people by list price AND condition of your home. Be sure your agent is current with market trends and views property regularly.

JUST SOLD: 100 cabins sold since Jan 1st 2009.
LEAST EXPENSIVE

$67,000.00 DAYS ON MARKET WAS 28 ALL CASH BUYER
ONE BEDROOM FIXER IN ERWIN LAKE

MOST EXPENSIVE

$1,685,000.00 DAYS ON MARKET WAS 194
FIVE BEDROOM LAKE FRONT IN BIG BEAR WEST

For current information on NEW lending policies, Short Sale how- to, shop cabins online or get Live Support visit my website: http://www.micheleholloway.com/

Recreation Residence in Big Bear Lake

2008-09-13T14:15:00.000-07:00

$85,000.00 TO $300,000.00

I specialize in Recreation Residences in Big Bear, CA

In the 1920s the Forest Service commissioned hundreds of cabins to be built on Government Owned Land. These cabins still stand today. In Big Bear alone there are over 400 cabins.

The Forest Service still owns the land but any person can own the cabin at a cost lower than conventional real estate.

The market for Rec Res has stayed level while other real estate has sky-rocketed and then plummeted. There are no loans for Rec Res property since the home owner does not own the land. Most transactions are done with Cash Only or Owner Carry arrangements with little down. There is Posessory Deed. The owner is given a Special Use Permit good for 20 years blocks of time and pays an annual Fee approx $200.00- $2,000.00. The home owner must comply with Forest Service guidelines such as:

• Clearance of brush and debris from cabin
• Safety and Hazard issues like stairs and access to grounds
• Utilities usually include water tank, holding tank and propane gas.

In order to maintain their permit, the owner must abide by the Forest Service rules on remodeling and upgrading the cabin as well. The interior of the cabin is pretty much off limits to the Forest Service but the exterior MUST be in compliance. Some other regulations:

☼No gardens allowed ☼No fencing a llowed
☼No modern amenities on the exterior like siding or hot-tubs ☼ No rental of cabin
☼Certain paint or stain colors for exterior only ☼No mailboxes

Now, it sounds like the Forest Service is pretty harsh, but in reality they really want these special properties to be maintained and used. These properties usually are listed under $300k depending on location. There are lakefront properties and Lakeview properties as well as cabins tucked in the forest. These cabins were built for Summer use and most have slowly been updated to fit our modern needs.

For more information on these special hones, call me or email today. I specialize in Recreation Residence homes. Here are a few examples of what is currently on the market:

Seller- Termite Report Information

2007-08-31T13:42:00.000-07:00

Termite Report Information

The purpose of performing a termite inspection at the time of listing is to prepare the seller for any termite work that may be necessary in order to close an escrow. Based on the report, you can factor any repair work into your expected net from a sale. There are fewer “surprises” during the course of an escrow, which only adds to frustrations that mount during a sale. This report also prepares the sales team to better negotiate an offer, allowing them to protect your best interests with the termite report in mind.

You, as the seller, are responsible for all “Section 1” work, which is any existing damage caused by wood destroying pests, excessive moisture, and/or dry rot situations. Throughout the report, we have highlighted those section 1 items for your review. There is a “work authorization” page in the report that we will need you to sign and return, if there is any section 1 work that needs done. We will not forward the authorization page of the report to the termite company until the last weeks of an open escrow.

Any questions you have on this topic will be handled in a timely manner by our Administrative Staff.

What Every Buyer Should Know

2007-07-30T13:12:00.000-07:00

Buying a home is one of the largest financial commitments a person can make in his or her lifetime.

It's especially critical for first-time buyers to make informed decisions about the investment that they are about to make.

My advice to you...

Define your wants versus your needs. Making a list of wants and needs before beginning the search for a home can make the entire process less overwhelming.

Check your credit rating. Make improvements to strengthen your score.

Investigate the neighborhood. Where are the schools and places of worship? How far is the nearest hospital or grocery store? How are the utilities handled?

Insist on a home inspection. Attend property inspections, be aware of environmental concerns and ask questions. Read the NHD Report with your agent and ask questions.

Get help with the details. Coordinating these and the many details of a move can be overwhelming for even the most experienced homebuyer.

Make use of our Concierge Program to assist you with your move, painting, roofing, winterizing and other necessities.

Don't rush.

ADVICE TO SELLERS

2007-07-11T10:41:00.000-07:00

Setting the Stage to Sell Your Home
How can you ensure that your home will make the best impression possible? Here are some tips for savvy home sellers:

Curb appeal . The outside of your house can be the source of a very good first impression. Most buyers do “judge a book by its cover”. Make certain the trees and bushes are trimmed. Have the grass mowed, trimmed and edged. Walkways should be swept. Clean away any debris and store toys, bicycles, gardening equipment and the like out of sight. Keep garage door closed and remove parked cars. During spring and summer months consider adding a few showy annuals, perhaps in pots, near your front entrance. This all adds to curb appeal. If it’s wintertime, make sure all walks and driveways are clear of snow and ice.

Interior appeal . Most people are turned off by even the smallest amount of uncleanness or odor when buying a home. Sellers lose thousands of dollars because they do not adequately clean. If your home is squeaky clean, you will be able to sell faster and net hundreds, if not thousands of dollars more. Potential buyers dislike a home that has too much furniture, overflowing closets, crowded kitchen and bathroom countertops or lots of family photos or collectibles on display.

Many people are extremely sensitive to offensive odors. Odors MUST be eliminated especially if you are a smoker, have pets or young children in diapers. There are a number of ways you can make your home smell great. Here are a few tips to eliminate bad odors: shampoo carpets; empty trash cans and ash trays; bathe your pets; freshen the cat litter box frequently; and place open boxes of baking soda in smell-prone areas. Introduce pleasing smells by placing flowers or potpourri in your home and by using air fresheners.

We realize that most owners are part-time residents of Big Bear and may need some assistance with accomplishing some of the items listed above. Please feel free to contact our Concierge Service Agent, who will be happy to assist you. 800-757-2210.

Pricing
You may have an idea of how much you want or need from the sale of your home. But what is a buyer willing to pay?

Please call for a FREE CMA. This is a comparative market analysis of homes, currently on the market and homes that have sold in the last 6 months that are most like your home in style, size, neighborhood and features. Your agent will explain how to come up with the most likely sale price based on the competition.

Your Role as the Seller
Keep the house in model condition - clean, neat and like nobody lives there.
Make agent access as convenient as possible. Allow a lockbox, signage with info box and make arrangements to be out of the house during showings.
For showings: have all lights on, do not use fragrant sprays, have trash empty, pay special attention to pets (inside or out) and their food, odors, etc. You agent will assist you with this.
Prepare all Disclosures requested of you by your agent to ensure a smooth escrow when a buyer has been accepted.
Have Fun!

Market Stats

2007-07-11T10:40:00.000-07:00

2007 Statistics as of 7/5/2007

1888 Total Active Listings. ( + 50 last 7 days)

92 Price Reductions in the past 7 days.

102 New Listings in the past 7 days.

There is more than a 20 MONTH SUPPLY of available inventory.

Year to Date Sold Information.

77 Sold in January.

98 Sold in February.

96 Sold in March.

88 Sold in April.

106 Sold in May

78 sold in June

There is an average of 91 properties selling each month

Leave the lights on!

2007-06-14T18:34:00.001-07:00

When selling a house be sure all utilities on so agents can show your property at night, test the water pressure and gas range. Your home inspector will need all utiliites to be on for your physical inspection as well. Also, the buyer will need all utilities on for the final walk through. Without lights, gas and water, the buyer may not agree to sign the Contingency Removal and your escrow will be delayed. Just a little advice from someone who knows.

BUYERS - READ THIS!

2007-06-13T14:33:00.000-07:00

Questions to expect from mortgage lenders
By Bankrate.com

Your mortgage lender will want to know a lot about you before approving your loan application, and justifiably so; they and their underwriters want to be assured that you meet their minimum level of creditworthiness before lending you money.

Areas of questioning

Here are the general areas of questioning you can expect from a lender:

1. Employment and income
2. Outstanding debts
3. Cash reserves and assets
4. Down payment
5. Loan purpose
6. Property use
7. Property type

Employment and income • Where do you work?
• How much do you make?
• How long have you been at your job?
• How is your income derived -- steady salary or irregular income?
• If it's the latter, you may need to provide more details to obtain a favorable interest rate.

Outstanding debts • What recurring debts do you have?
• How much do you pay a month for auto loans?

• Credit cards?
• How much of your monthly pretax income do these debts consume?

Cash reserves and assets • How much money do you have in the bank?
• How much will be left after you pay your down payment and closing costs?

Down payment • How much money are you putting down?
• Is this your own money?
• If not, is it a gift from your parents?
• A nonprofit agency grant?

Loan purpose • Is this mortgage for a home buy or refinance?
• If it's a refinance, do you want to take cash out at closing to pay off other debts?
• If so, how much?

Property use • Do you plan to live in the house?
• Is it investment property?

Property type • A condominium?
• A duplex?

The following responses tend to work in your favor: • Steady employment (two or more years) with the same employer or in same line of work.
• Low debt: no recent major buys (such as automobiles) and a debt-to-income ratio of 36 percent or less.
• Loan is for straight home purchase (or rate-and-term refinance).
• Property is detached single-family home to be used as primary residence.
• Down payment of at least 5 percent of sales price with your own money.
• You'll have at least two months' worth of mortgage payments in the bank after closing.

These responses tend to work against you: • Self-employed or contract worker.
• High debt: credit cards maxed out, total debt-to-income ratio more than 36 percent.
• Property is a duplex or condominium, to be used as a vacation home or rental.
• No cash left after home buy and closing costs.
• Down payment is 3 percent or less of buy price and money is borrowed.

Recreational Residences

2007-06-12T11:15:00.000-07:00

Recreation Residences were established by the Forest Service in the 1920's. These unique properties have beautiful lake views and tucked-away secluded locations. These homes sit on government-owned property, however you can acquire the cabin and received a Special Use Permit to use the cabin anytime you like. You pay annual fees for a 20 year permit.

These cabins offer a unique experience in Big Bear and many have been upgraded recently. There are currently 7 of these properties for sale between $150 and $399k. There is no financing available, so cash is the norm. These homes are perfect for families who plan to vacation all summer long beside the lake. These cabins are inexpensive and the owner maintains the interior.

For more info, ask for Michele Holloway at 909-584-2202. These homes otherwise would be million dollar properties.

Summer stats 2007 Big Bear Valley real estate market

2007-06-11T18:07:00.000-07:00

Hello there and welcome to the Big Bear Valley real estate forum. We will be discussing a variety of topics pertaining to the sale and purchase of property here in Big Bear. Please feel free to email me any questions or comments at any time about anything at all.

At the time of this writing - there are currently 1,234 residential listings active on the market; and 288 vacant parcels for sale.

It always a good time to buy or sell in Big Bear. As long as you have a strong agent on your side who knows what they are doing, you cannot go wrong.

For more information please visit my website at big-bear-real-estate.net or email me direct at Michele@MicheleHolloway.com

I am happy to provide free listings for buyers and free CMAs for sellers. Whatever your needs, I can handle them. So, get in touch.