What’s Fannie Mae’s “First Look” Policy?

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Fannie Mae’s First Look Policy Many of today’s buyers looking for a “deal” tend to lean towards bank owned properties….and the king of bank owned homes in Big Bear Lake is Fannie Mae.  Fannie Mae‘s website, www.homepath.com, offers up-to-date information on what’s available, what’s currently in escrow and what’s coming on the market. Fannie Mae‘s […]

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Bear Valley Electric asks for Rate Hike

This article was written by reporter Judi Bowers of The Big Bear Grizzly. Bear Valley Electric Service has applied for a rate increase. If approved, customers could see as much as an extra $7.56 on their monthly bills. The application was filed with the California Public Utilities Commission Feb. 16. While the timeline calls for […]

Read the full article →

What’s Fannie Mae’s “First Look” Policy?

Fannie Mae’s First Look Policy Many of today’s buyers looking for a “deal” tend to lean towards bank owned properties….and the king of bank owned homes in Big Bear Lake is Fannie Mae.  Fannie Mae‘s website, www.homepath.com, offers up-to-date information on what’s available, what’s currently in escrow and what’s coming on the market. Fannie Mae‘s […]

Read the full article →

Foreclosure Trends for Big Bear Lake (92315)

The information below is provided by www.foreclosureradar.com.  I subscribe to their website to learn about important real estate trends in the Big Bear Lake area. 92315 Foreclosure Trends Foreclosure Filings—Notice of Default filings are the first step in the foreclosure process. Notice of Trustee Sale filings set the date and time of an auction, and […]

Read the full article →

Going through well construction by Arrissia Owen of The Grizzly

Sugarloaf is getting a new well. Saw this in The Grizzly this morning and wanted to share.  I’ve always found it interesting that the Big Bear Department of Water and Power only provides water….it doesn’t provide power.  All of our power at the present time comes from Bear Valley Electric.  I thought this was informative […]

Read the full article →

"Kitchens Sell a House" by Carla Hill of Realty Times

Read this this morning in “Realty Times”.  It was written by Carla Hill and published on January 24, 2012. Kitchens Sell a House by Carla Hill It’s a tool used by house flippers all across the nation. Stagers know its power. Real estate agents push its importance. What is this not-so-well-kept secret of real estate? […]

Read the full article →

Lakefront Property Sold in Big Bear Lake for 2011

I put together a quick “google map” of all the lakefront properties in Big Bear that sold in 2011. CLICK HERE to view a larger interactive map of all the Lakefront Homes that Sold in 2011. There was 1 bank owned sale last year, 2 short sales, and 13 traditional type lakefront sales in Big Bear […]

Read the full article →

Historical Deed Recordings Chart for the Entire Big Bear Valley

    I like referring to this chart….it’s helpful in determining trends (like which months are stronger than other months of the year), and how the number of sales are holding up compared to previous years.  

Read the full article →

Want to Increase the Value of your Flip?

Read this article and thought it would be good to share with anyone interested in cleaning up their home before putting it on the market.  Credit for this article goes to Phoebe Chongchua of Realty Times. Kitchen Makeover Without Spending a Fortune by Phoebe Chongchua If you’re selling your home then you should know that […]

Read the full article →

WSJ Article on the “Accidental Landlord”

I’m running across this scenario more and more with sellers who are having a hard time selling their property….they become “accidental landlords”.  Thought it was worth sharing. Do you Really Want to be a Landlord by Amy Hoak:  Wall Street Journal 12/12/2011 Jeannette Boccini thought she had found a great renter, someone who would take […]

Read the full article →

Statistics on 2011

Below are statistics for the Big Bear area in 2011.  These numbers were compiled from the Big Bear Association of Realtors.  A couple interesting things stand out. I was surprised at how many 2 bedrooms sold this past year. I’ve known this, but I thought I would point out that 312 out of 861 residential […]

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Bear Valley Electric asks for Rate Hike

by admin on March 4, 2012

This article was written by reporter Judi Bowers of The Big Bear Grizzly.

Bear Valley Electric Service has applied for a rate increase. If approved, customers could see as much as an extra $7.56 on their monthly bills.

The application was filed with the California Public Utilities Commission Feb. 16. While the timeline calls for approval as early as December, it could take up to 18 months before the application is approved, said Harry Scarborough, director for the local utility company. The application was filed by Golden State Water Company, the parent company of Bear Valley Electric.

According to the application, Bear Valley Electric hopes to increase its revenues by 9.85 percent. That equates to an approximately 7.79 percent rate hike for customers. Additionally, there is a cost recovery rate in place that is expected to be eliminated from customers’ bills by about 2014, which is around 5.5 percent.

But, sometime later this year, a temporary rate increase is set to take effect that will allow the local utility to recoup costs associated with the January 2010 snow storm and bark beetle tree removal. That increase is about 4 percent, which equates to a little more than $6 for the average customer. Coupled with the proposed general rate increase of $7.56, customers could pay about $13 more every month for a while.

Scarborough said that while the temporary catastrophic event memorandum account rate hike will fall off, as will the cost recovery fees instituted in 2002, Bear Valley Electric will file for more increases in the future. Increases are needed to meet the state requirement to provide 33 percent of its energy via renewable resources by 2020.

In the application, Bear Valley Electric states it is attempting to increase revenue by $4.01 million. The application states $1.64 million is a general office allocation in base rates, $1.05 million needed because actual sales are substantially lower than the adopted sales forecast and $1.32 million due to proposed inflation rates.

Jay Obernolte, Big Bear Lake City Councilman, attended a press briefing on the rate increase Feb. 27 and asked Bear Valley Electric representatives why the increase is needed now. People will be upset if the utility company is arguing for a rate increase because sales decreased due to demand being down as a result of conserving electricity, Obernolte said.

Scarborough said the PUC allows public utility companies to raise revenues to make their financial portfolios whole. The place to argue that it’s a crazy concept is before the CPUC and the Department of Ratepayer Advocates, Scarborough said.

Only about 25 percent of the rate increase goes to offsetting the sales shortfall, Scarborough said. The majority of the funds will go toward upgrading the infrastructure.

Part of the upgrades could include placing electric lines underground along Big Bear Boulevard. When the highway was widened, the vaults were built, but the service wasn’t placed underground. Scarborough said Bear Valley took over the utility company in the 1930s and some of the poles in the ground are from that era.

Also included in the application is a proposal to provide a rebate to consumers who install solar energy. Larger utility companies such as Southern California Edison offer the rebates, but Bear Valley has not been allowed to do so, according to Tracey Drabant, energy resource manager for Bear Valley Electric.

The proposal also calls for approval of an agreement with Snow Summit Mountain Resort for upgrades through a share savings program. The resort uses diesel as an energy source for snow making. The upgrades to the electrical system would allow the resort to use electricity during off peak hours to make snow rather than the diesel, which would be a cleaner energy source and a cost savings.

Bear Valley Electric applied for a rate increase in 2008, which resulted in a change to monthly billing and increases for the past four years. It was met with considerable opposition, and it’s possible this rate hike could face the same uphill climb before approval.

The Big Bear Lake City Council tabled discussion and any action opposing the proposed rate increase at its Feb. 27 meeting. Councilman Rick Herrick, who attended the press briefing on behalf of his radio station KBHR 93.3 FM, along with Obernolte, asked the council to table the matter until Bear Valley Electric could make a formal presentation to the council. Herrick said its a complicated issue that deserves further investigation.

Obernolte asked City Manager Jeff Mathieu to make sure city staff continues to gather information on the proposed rate hike while waiting on the presentation. A public participation hearing will also be scheduled in Big Bear, Drabant said.

If the PUC approves the rate increase, Bear Valley Electric hopes to implement the increase in 2013.

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What’s Fannie Mae’s “First Look” Policy?

by admin on February 22, 2012

Fannie Mae’s First Look Policy

Many of today’s buyers looking for a “deal” tend to lean towards bank owned properties….and the king of bank owned homes in Big Bear Lake is Fannie Mae.  Fannie Mae‘s website, www.homepath.com, offers up-to-date information on what’s available, what’s currently in escrow and what’s coming on the market.

Fannie Mae‘s “First Look” policy according to their website is a “marketing period created to promote homeownership and contribute to neighborhood stabilization — it allows homebuyers to bid and purchase foreclosed properties before they are made available to investors”.  The “First Look” policy is typically a 15 day time period…you can view the countdown time period on Fannie Mae’s property information page on Homepath.com displaying the days remaining to purchase.  Eligible buyers during the “first look” policy are owner occupants.  (Owner occupants are those buyers that will occupy the property as their principal residence within 60 days of closing and will maintain their occupancy for at least 1 year. Owner-occupant purchasers are required to sign an Owner Occupant Certification as a rider to the Real Estate Purchase Addendum. A buyer purchasing in the name of a trust, purchasing as a vacation/part-time residence, or purchasing so another person or relative can live in the property will typically be considered an investor and not eligible during First Look).

Fannie Mae’s Home Path Financing

  • Loan-to-Value’s of up to 97% for owner occupied properties and 90% for second homes and investment properties.
  • Allows for up to 10 financed properties (greater than 3 financed properties, LTV and FICO restrictions apply)
  • No condo project approval or condo questionnaire required
  • No appraisal required
  • No Mortgage Insurance required (ask your lending professional for more details)
  • Up to 6% of seller contributions allowed
  • Non-traditional credit allowed
  • Go to www.homepath.com for current listing of eligible Home Path properties.

Fannie Mae’s market share in Big Bear

301 of the 933 homes sold in the Big Bear Valley in 2011 were bank owned properties.  Fannie Mae represented 91 or 30% of all the REO’s sold according to the Big Bear Association of Realtors MLS.  Another way of looking at it…just under 10 percent of all properties sold in 2011 were owned by Fannie Mae.  Sales prices ranged from $26,900 to $380,000.  The average days on market was 84 days and the average sales price per square foot was $111.49.

Click here to search for Foreclosures in Big Bear.

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Foreclosure Trends for Big Bear Lake (92315)

February 16, 2012

The information below is provided by www.foreclosureradar.com.  I subscribe to their website to learn about important real estate trends in the Big Bear Lake area. 92315 Foreclosure Trends Foreclosure Filings—Notice of Default filings are the first step in the foreclosure process. Notice of Trustee Sale filings set the date and time of an auction, and […]

Read the full article →

Going through well construction by Arrissia Owen of The Grizzly

February 9, 2012

Sugarloaf is getting a new well. Saw this in The Grizzly this morning and wanted to share.  I’ve always found it interesting that the Big Bear Department of Water and Power only provides water….it doesn’t provide power.  All of our power at the present time comes from Bear Valley Electric.  I thought this was informative […]

Read the full article →

"Kitchens Sell a House" by Carla Hill of Realty Times

February 8, 2012

Read this this morning in “Realty Times”.  It was written by Carla Hill and published on January 24, 2012. Kitchens Sell a House by Carla Hill It’s a tool used by house flippers all across the nation. Stagers know its power. Real estate agents push its importance. What is this not-so-well-kept secret of real estate? […]

Read the full article →

Big Bear Bank Owned Property of the Week: 204 W Aeroplane, Big Bear City, CA 92314

January 26, 2012

Bank Owned Property of the Week: 204 W Aeroplane, Big Bear City, CA 92314 This Big Bear bank owned home has been on the market for 50 days…..Freddie Mac dropped the price a couple weeks ago from $114,900 to $94,900 so I think it’s priced fairly now. As I mentioned in the video, the only […]

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Lakefront Property Sold in Big Bear Lake for 2011

January 23, 2012

I put together a quick “google map” of all the lakefront properties in Big Bear that sold in 2011. CLICK HERE to view a larger interactive map of all the Lakefront Homes that Sold in 2011. There was 1 bank owned sale last year, 2 short sales, and 13 traditional type lakefront sales in Big Bear […]

Read the full article →

Historical Deed Recordings Chart for the Entire Big Bear Valley

January 20, 2012

    I like referring to this chart….it’s helpful in determining trends (like which months are stronger than other months of the year), and how the number of sales are holding up compared to previous years.  

Read the full article →

Want to Increase the Value of your Flip?

January 15, 2012

Read this article and thought it would be good to share with anyone interested in cleaning up their home before putting it on the market.  Credit for this article goes to Phoebe Chongchua of Realty Times. Kitchen Makeover Without Spending a Fortune by Phoebe Chongchua If you’re selling your home then you should know that […]

Read the full article →

WSJ Article on the “Accidental Landlord”

January 13, 2012

I’m running across this scenario more and more with sellers who are having a hard time selling their property….they become “accidental landlords”.  Thought it was worth sharing. Do you Really Want to be a Landlord by Amy Hoak:  Wall Street Journal 12/12/2011 Jeannette Boccini thought she had found a great renter, someone who would take […]

Read the full article →