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@bigbearbummers
UPDATE VI: The $1,000 Question
***********PREVIOUS POSTS BELOW*********** This is utter devastation. They can only cut the price another $18,000 before their entire down payment vanishes. And after that they’ll probably just walk away rather than throw more good money after bad. After 254 days on market, it looks like that’s where we’re headed. ********PREVIOUS POSTS BELOW******** While I understand sellers being slow to…
SOLD: Code Brown
This long, sad saga is finally over. *********PREVIOUS POSTS BELOW********* Their down payment was only $90,000, which means if they want to avoid a short sale they will have to write an additional check for $40,000 to get out of this. How on earth have they not walked away yet? I realize it’s difficult for banks to foreclose in California, but this is insane. In a previous update I noted…
PRICE CUT III: Double Double
These dorks have been listed since July 2024 and just refuse to do what it takes to get rid of this place. A sale at this price will result in a loss of $102,000. They would still get some of their down payment back, but that assumes this price is FINALLY attractive enough to nab a buyer. The listing history is absolutely nuts: ********PREVIOUS POSTS BELOW******** After being stuck at…
Price Cut III: Seeing the Light (Saber)
Good for the listing agent for convincing their client to get serious, but this means their $88,000 down payment is as good as gone. My advice to recent buyers is to do whatever it takes to hang on for a few more years – things will eventually normalize. The problem is that not everybody is in that financial position to ride things out (rising insurance costs aren’t helping), and job losses,…
SOLD: It's a Moose-take
They were smart to let it go rather than wasting time with chickenshit price cuts. But that must have hurt. ********PREVIOUS POST BELOW******** Address: 42415 Heavenly Valley Dr, Big Bear Lake, CA 92315 Link: https://www.redfin.com/CA/Big-Bear-Lake/42415-Heavenly-Vly-Dr-92315/home/4114021 Beds/Baths: 3 bed, 3 bath, 2,200 squares Purchase Price (9/2023): $980,000 Asking Price:…
Fancy Finishes Facilitate Fruitful Flip
FORECLOSURE: Aurora Floorealis
Called it! ******PREVIOUS POST BELOW****** Address: 491 Imperial Ave, Sugarloaf, CA 92386 Link: https://www.redfin.com/CA/Sugarloaf/491-Imperial-Ave-92386/home/3077202 Beds/Baths: 1 bed, 1 bath, 504 squares Purchase Price (2/2020): $140,000 Asking Price: $224,900 Difference: +$84,900 Commission (3%): -$6,747 Total Gain: +$78,153 These people are out of their freaking minds if they think…
PRICE CUT V: The $1,000 Question
This is utter devastation. They can only cut the price another $18,000 left before their entire down payment vanishes. And after that they’ll probably just walk away rather than throw more good money after bad. After 254 days on market, it looks like that’s where we’re headed. ********PREVIOUS POSTS BELOW******** While I understand sellers being slow to make meaningful price cuts in a…
PRICE CUT IV: Code Brown
PRICE CUT II: Seeing The Light (Saber)
A sale at this price will result in a brutal loss of $53,000. Clearly not how they saw things going when they first listed for a wildly optimistic $475,000. I bet they’re kicking themselves for waiting so long to get serious, but what’s done is done. ********PREVIOUS POSTS BELOW******** Oh man, I had forgotten about these people. Despite a full year on the market they are committed to these…
PRICE CUT: Doing a Full 360
PRICE CUT II: FHA Fail
With this recent price cut, it’s time to update our calculations: $585,337 (total mortgage debt) minus $495,000 (current ask) = $90,337. $90,337 minus $20,000 (owner’s forfeited down payment) = $70,337 (total forgiven amount). $70,337 plus $16,020 for listing agent fees = $86,357 (total loss to bank) I don’t know exactly how it works with FHA reimbursements to lenders, but this is a total…
ANOTHER SALE: Competition Package
A while back we noted that the buyer of Unit #10 overpaid for his condo, citing the other, much lower-priced listings in the building. Well now we have a sold comp to reaffirm just how badly Unit #10 blew it. Unit #31, which we noted was smaller but in similar condition, just let theirs go for $410,000. They bought near the last peak in 2006 for $367,000, so they didn’t lose any money. But…
PRICE CUT: The Flip That Flopped
PRICE CUT II: Live, Laugh, Lose
This is only their second price cut in eight months, in case you’re wondering how deep their delusion goes. A sale at this price will result in a $41,770 loss, but the market for these tiny shacks just isn’t there. If they truly want to sell then they need to drop the price below $300,000 and do it STAT. But they would walk away before they got that low because their entire down payment would…
PRICE CUT: Seeing the Light (Saber)
Oh man, I had forgotten about these people. Despite a full year on the market they are committed to these tiny, meaningless price cuts. Look at this sad, slow journey from Wishing Price ($475,000, $460,000), to Washing Price ($458,000), to Petulant Child ($439,900 – just $100 less than they paid), to Flesh Wound ($425,000, $419,900). Next comes the Oh Shit, We Just Lost Half Our Down Payment…
PRICE CUT IV: The $1,000 Question
While I understand sellers being slow to make meaningful price cuts in a desperate desire to avoid monetary loss, this is just getting sad. These people need to rip off the Band-Aid and get this thing sold. At this point they have been on the market for an astounding 233 days. For those of you keeping score at home, their total loss after fees has crept up to $102,570. Their down payment was…