38 Twiggs - Loan Info

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escrowbear_IHB

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Can anyone get the loan info for this? Not too many juliets balconies have come up and this is a short sale. Does the price listed mean that is what the bank will take for this property? Where do you guys think this will end up?
 
[quote author="escrowbear" date=1239142523]this is a short sale. Does the price listed mean that is what the bank will take for this property?</blockquote>No, most likely indicates what the homeowner <strong>hopes</strong> the bank will take.
 
Any updates on 38 Twiggs? I called the listing agent last week and they said it was just sold in auction. Anyone can confirm this?



BTW, I don't see any forclosure activity in Woodbury in RealtyTrac. Is it the first official forclosure there?
 
[quote author="Mazy" date=1242128742]Any updates on 38 Twiggs? I called the listing agent last week and they said it was just sold in auction. Anyone can confirm this?



BTW, I don't see any forclosure activity in Woodbury in RealtyTrac. Is it the first official forclosure there?</blockquote>


Investor picked it up for $1.086mil on 5/5. RealtyCrap sucks, there is plenty of foreclosure activity in Woodbury. Although foreclosure radar doesn't show 38 Twiggs, it does show about 20 homes in foreclosure currently. Since it is a new community, sometimes things aren't recorded properly at the county, and unless FR knows the default is attached to the home then they will publish it, but if not... then it won't be published. So really there are a lot more in Woodbury that none of the foreclosure websites publish.
 
[quote author="graphrix" date=1242129863][quote author="Mazy" date=1242128742]Any updates on 38 Twiggs? I called the listing agent last week and they said it was just sold in auction. Anyone can confirm this?



BTW, I don't see any forclosure activity in Woodbury in RealtyTrac. Is it the first official forclosure there?</blockquote>


Investor picked it up for $1.086mil on 5/5. RealtyCrap sucks, there is plenty of foreclosure activity in Woodbury. Although foreclosure radar doesn't show 38 Twiggs, it does show about 20 homes in foreclosure currently. Since it is a new community, sometimes things aren't recorded properly at the county, and unless FR knows the default is attached to the home then they will publish it, but if not... then it won't be published. So really there are a lot more in Woodbury that none of the foreclosure websites publish.</blockquote>


haha! I like that name, but I didn't see much in Irvine Realtor's forclosure search either (correction: Within our criteria of 4+BR/2+Bath/2500+Sqft SFR), so I thought perhaps the Woodbury land was even more sacred. Glad to be wrong on that.



Nonetheless, 1.086 mil for 38 Twiggs deserves a...

<img src="http://i155.photobucket.com/albums/s297/buskalizer/drooling_homer.jpg" alt="" />

(or does it? Too many bears around...)
 
[quote author="escrowbear" date=1242426513]http://www.redfin.com/CA/Irvine/38-Twiggs-92620/home/5958423



Back onto the market for 1,399,000



Quick Flip



How come on redfin, it doesn't show the price sold of 1.08?</blockquote>


There's a delay in posting sold prices-they have to get the records from the county. Check back in a month or so, it will probably be there then.
 
[quote author="graphrix" date=1242129863][quote author="Mazy" date=1242128742]Any updates on 38 Twiggs? I called the listing agent last week and they said it was just sold in auction. Anyone can confirm this?



BTW, I don't see any forclosure activity in Woodbury in RealtyTrac. Is it the first official forclosure there?</blockquote>


Investor picked it up for $1.086mil on 5/5. RealtyCrap sucks, there is plenty of foreclosure activity in Woodbury. Although foreclosure radar doesn't show 38 Twiggs, it does show about 20 homes in foreclosure currently. Since it is a new community, sometimes things aren't recorded properly at the county, and unless FR knows the default is attached to the home then they will publish it, but if not... then it won't be published. So really there are a lot more in Woodbury that none of the foreclosure websites publish.</blockquote>


Wow - that investor got it for a good price. I wish I had $1M in cash to plop down and flip homes. Why don't we start IHB Ventures for these kind of transactions? Anyone interested? I'm willing to manage the fund. (And live in the homes until they're flipped, too) ;)
 
38 Twiggs sold for $1.4M with a close date of 6/25 per MLS.



That's a mid 2005 price equivalent for those scoring at home, approximately 13-15% off peak bubble pricing...



As I have often said, prices paid at auction are NOT indicative of market value. This $250K profit, over less than two months time, appears to be an excellent example of that.
 
1.4 million home in Woodbury in 2009? Woodbury is nice, but nothing unique in my opinion. And this house was in escrow 2 weeks after it was listed? There are people willing to pay big money for the houses they want. I think you have to question how in the world Irvine houses will drop more than 20% at the bottom.
 
[quote author="ipoplaya" date=1246436032]38 Twiggs sold for $1.4M with a close date of 6/25 per MLS.



That's a mid 2005 price equivalent for those scoring at home, approximately 13-15% off peak bubble pricing...



As I have often said, prices paid at auction are NOT indicative of market value. This $250K profit, over less than two months time, appears to be an excellent example of that.</blockquote>
It just proves the difference financing makes. Auction prices can give you an idea of the value of a home if you had to pay cash for it.
 
[quote author="Look4house" date=1246437124]1.4 million home in Woodbury in 2009? Woodbury is nice, but nothing unique in my opinion. And this house was in escrow 2 weeks after it was listed? There are people willing to pay big money for the houses they want. I think you have to question how in the world Irvine houses will drop more than 20% at the bottom.</blockquote>


You ain't seen nothing yet. Wait until <a href="http://www.redfin.com/CA/Irvine/25-Shepard-92620/home/5958398">25 Shepard</a> a few doors away closes the escrow, and you will think 1.4 mil for 38 Twiggs with its much bigger size has been a steal!
 
[quote author="usctrojanman29" date=1246438180][quote author="ipoplaya" date=1246436032]38 Twiggs sold for $1.4M with a close date of 6/25 per MLS.



That's a mid 2005 price equivalent for those scoring at home, approximately 13-15% off peak bubble pricing...



As I have often said, prices paid at auction are NOT indicative of market value. This $250K profit, over less than two months time, appears to be an excellent example of that.</blockquote>
It just proves the difference financing makes. Auction prices can give you an idea of the value of a home if you had to pay cash for it.</blockquote>


USC, just to clarify, if Irvine bottom out with 20% drop from now, I can get a similar home like this for perhaps a cash price of 900k?
 
Hey graph. I tried PM'ing you, but it doesn't seem to be going through. Yes, I'm serious and would love to hear more about flipping these auction foreclosures. Thanks
 
[quote author="Mazy" date=1246438852][quote author="Look4house" date=1246437124]1.4 million home in Woodbury in 2009? Woodbury is nice, but nothing unique in my opinion. And this house was in escrow 2 weeks after it was listed? There are people willing to pay big money for the houses they want. I think you have to question how in the world Irvine houses will drop more than 20% at the bottom.</blockquote>


You ain't seen nothing yet. Wait until <a href="http://www.redfin.com/CA/Irvine/25-Shepard-92620/home/5958398">25 Shepard</a> a few doors away closes the escrow, and you will think 1.4 mil for 38 Twiggs with its much bigger size has been a steal!</blockquote>


Shepard closed @ $1.45M, a 5% discount to peak purchase price...
 
[quote author="ipoplaya" date=1246590909]



You ain't seen nothing yet. Wait until <a href="http://www.redfin.com/CA/Irvine/25-Shepard-92620/home/5958398">25 Shepard</a> a few doors away closes the escrow, and you will think 1.4 mil for 38 Twiggs with its much bigger size has been a steal!



Shepard closed @ $1.45M, a 5% discount to peak purchase price...</blockquote>


I just saw that on MLS. I am a bit in shock! Can't believe it closed at this high price.
 
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