
In Escrow
549 Cienega Road recently went into escrow. I wrote about this property back in early February (click here to view what I thought of it) back when it was a short sale. Unfortunately for the seller, this property never sold and went back to the bank.
I had a pretty good feeling that this property wouldn’t sell as a short sale (and I’m sure you could sense the sarcasm), but everything didn’t add up. The previous owner bought the property near the peak of the market and paid more than what I thought it was ever worth ($1,100,000). According to my title information they had a first trust deed for $880,000 and a second for $200,000. They put $20,000 down!! It was a second home and they were trying to short sell it at $599,000. To top it off, not too many agents knew about the property because it was listed with an agent off the mountain that didn’t expose the property to the local real estate agents.
So you say, “What’s the big difference between listing with a local agent and one from off the mountain”? Once the property went back to the bank, the bank listed with a local real estate agent (Bryan Iverson of ReMax) at $654,900 (almost 10% higher than the original list price). Yes, it was free and clear at this point, and maybe agents had the same feeling I had regarding the likelihood that the short sale wouldn’t get approved….but, at the end of the day the bank received 5 offers on the property and it went into escrow above the asking price.
As soon as I get the closing details I’ll post them for you.

549 Cienega Road, Big Bear Lake, CA

Boat Dock for 549 Cienega




















































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