39408 Point Rd - Big Bear Lakefront Foreclosure39408 Point Road, one of the better Big Bear lakefront foreclosures to have been listed in quite some time, offers an important perspective for those homebuyers looking for an exception deal. As a 3 bed, 2 bath home, just over 2000 square feet, with 160 feet of lakefrontage in a decent location and listed for only $449,000, it's arguably one of the better deals we've seen in the Big Bear real estate market in the past year.

This lakefront home is listed by an out-of-area agent in an out-of-area MLS and was priced quite aggressively. If a Big Bear agent does not have access to this outside MLS or if that agent is not diligent in keeping an eye on that MLS for new listing opportunities, this one might have passed them and their clients by.

That being said, for those agents that do keep their eye on multiple MLS listings, they must have recognized what a great opportunity this was for potential lakefront homebuyers, as there were 4 offers within the first day it was listed and there was at least one more additional offer the following day. This certainly suggests that that as far as Big Bear lakefront homes for sale go, this was viewed by buyers as a significant opportunity.

But this exemplifies a point that I often make to those looking for that elusive real estate bargain:

If a property lists at a price which is a "steal", there are many, many , MANY buyers out there in this market waiting to pounce on the opportunity. And when these buyers make their offers, a bidding war ensues. And when a bidding war ensues, the price goes up, and at the end of the day, that "steal" may not be anywhere near the value that it was at the original list price.

Does this mean that you don't offer on the property? Of course not! You have to give it a try. But there are two important things to consider when in this situation and when looking for a deal:

1) Manage your expectations.

In this market, it is somewhat unrealisitic to think that a property will list significantly below current market value and that there will not be multiple offers. Multiple offer scenarios are frustrating as you do not know what the other offers are and only one person will ultimately have an accepted offer. Make your offer, don't get emotionally manipulated into making a higher offer than is reasonable, and hope for the best.

2) Realize that the best Big Bear real estate deals out there are not only the ones that are listed at below market prices.

Although counterintuitive, the truth is that the best priced listings do not always end up being the best deals at the end of the day. Sometimes the best deals are found through aggressive negotiations on existing listings whose price is closer to market values. Sometimes great deals are found through encouraging your real estate agent to solicit homeowners of properties you are interested in that do not currently have their homes listed for sale. Sometimes the best deals are found by having your agent identify and solicit homeowners who may be more motivated to sell. (i.e. finding homeowners who are delinquent on their payments and soliciting them as to whether they would consider selling)

If you're truly interested in buying a Big Bear home and are looking for a great deal, oftentimes waiting for that underpriced property to come along may not be the sure thing you think it is. Sometimes trying different strategies, being a little more proactive, and using your agent's resources and expertise can provide you with even better opportunities in today's market.