Following in the footsteps of IPO...listing my condo Quail Hill condo for sale

NEW -> Contingent Buyer Assistance Program
[quote author="usctrojanman29" date=1221033209][quote author="Ambiepants / SoCal78" date=1221021616][quote author="usctrojanman29" date=1221019876][quote author="Ambiepants / SoCal78" date=1221019202][quote author="usctrojanman29" date=1221011917] The buyer is a middle-aged divorced woman... </blockquote>
Hmmm... I smell alimony funds as helping her afford the home.</blockquote>
Who knows, but her income is in the $200k range from the approval loan documents that I received.</blockquote>


Where... on approval loan docs... would it show what the buyer makes? I just looked back at my buyer's loan approval docs again and it shows just the basics and how much they were approved for.as well as their FICO scores but not their income or anything.</blockquote>
They included a copy of the residential mortgage loan application and a copy of the FICO scores along with the pre-approval and bank statements when they submitted the offer (I guess they wanted to show that she was a qualified buyer).</blockquote>


I don?t find that to be strange at all.

In fact, I do the exact same when submitting an offer.

Given today?s credit environment, it let?s the seller know that you?re a qualified buyer that means business.
 
[quote author="usctrojanman29" date=1221033209][quote author="Ambiepants / SoCal78" date=1221021616][quote author="usctrojanman29" date=1221019876][quote author="Ambiepants / SoCal78" date=1221019202][quote author="usctrojanman29" date=1221011917] The buyer is a middle-aged divorced woman... </blockquote>
Hmmm... I smell alimony funds as helping her afford the home.</blockquote>
Who knows, but her income is in the $200k range from the approval loan documents that I received.</blockquote>


Where... on approval loan docs... would it show what the buyer makes? I just looked back at my buyer's loan approval docs again and it shows just the basics and how much they were approved for.as well as their FICO scores but not their income or anything.</blockquote>
They included a copy of the residential mortgage loan application and a copy of the FICO scores along with the pre-approval and bank statements when they submitted the offer (I guess they wanted to show that she was a qualified buyer).</blockquote>
That's a good idea if they buyer wanted you to know they were serious and they could afford your place.



IR2, as a buyer, is it possible to submit this information without revealing personal information such as social security numbers and bank account numbers?



usctrojanman, congrats on the quick sale! Thanks for sharing your story with us. :-)
 
[quote author="CalGal" date=1221088691] is it possible to submit this information without revealing personal information such as social security numbers and bank account numbers?</blockquote>
I don't see why you couldn't just take a bank statement, a Sharpie, and black out your account # so they just see the pertinent info.
 
[quote author="CalGal" date=1221088691][quote author="usctrojanman29" date=1221033209][quote author="Ambiepants / SoCal78" date=1221021616][quote author="usctrojanman29" date=1221019876][quote author="Ambiepants / SoCal78" date=1221019202][quote author="usctrojanman29" date=1221011917] The buyer is a middle-aged divorced woman... </blockquote>
Hmmm... I smell alimony funds as helping her afford the home.</blockquote>
Who knows, but her income is in the $200k range from the approval loan documents that I received.</blockquote>


Where... on approval loan docs... would it show what the buyer makes? I just looked back at my buyer's loan approval docs again and it shows just the basics and how much they were approved for.as well as their FICO scores but not their income or anything.</blockquote>
They included a copy of the residential mortgage loan application and a copy of the FICO scores along with the pre-approval and bank statements when they submitted the offer (I guess they wanted to show that she was a qualified buyer).</blockquote>
That's a good idea if they buyer wanted you to know they were serious and they could afford your place.



IR2, as a buyer, is it possible to submit this information without revealing personal information such as social security numbers and bank account numbers?



usctrojanman, congrats on the quick sale! Thanks for sharing your story with us. :-)</blockquote>


IR2 will say yes. On offers he has submitted for me, we have included recent pay stubs (they don't usually have SSN numbers any longer, especially if you obtain them electronically) and the most current online bank statements.
 
[quote author="usctrojanman29" date=1221033209][quote author="Ambiepants / SoCal78" date=1221021616][quote author="usctrojanman29" date=1221019876][quote author="Ambiepants / SoCal78" date=1221019202][quote author="usctrojanman29" date=1221011917] The buyer is a middle-aged divorced woman... </blockquote>
Hmmm... I smell alimony funds as helping her afford the home.</blockquote>
Who knows, but her income is in the $200k range from the approval loan documents that I received.</blockquote>


Where... on approval loan docs... would it show what the buyer makes? I just looked back at my buyer's loan approval docs again and it shows just the basics and how much they were approved for.as well as their FICO scores but not their income or anything.</blockquote>
They included a copy of the residential mortgage loan application and a copy of the FICO scores along with the pre-approval and bank statements when they submitted the offer (I guess they wanted to show that she was a qualified buyer).</blockquote>


Is all this really necessary? If a written offer is made, earnest money offered, and a valid pre-approval is given, why give your fica and other info? I would never give income and bank statements with a home offer, that is not the seller?s business.
 
[quote author="ConsiderAgain" date=1221090304][quote author="usctrojanman29" date=1221033209][quote author="Ambiepants / SoCal78" date=1221021616][quote author="usctrojanman29" date=1221019876][quote author="Ambiepants / SoCal78" date=1221019202][quote author="usctrojanman29" date=1221011917] The buyer is a middle-aged divorced woman... </blockquote>
Hmmm... I smell alimony funds as helping her afford the home.</blockquote>
Who knows, but her income is in the $200k range from the approval loan documents that I received.</blockquote>


Where... on approval loan docs... would it show what the buyer makes? I just looked back at my buyer's loan approval docs again and it shows just the basics and how much they were approved for.as well as their FICO scores but not their income or anything.</blockquote>
They included a copy of the residential mortgage loan application and a copy of the FICO scores along with the pre-approval and bank statements when they submitted the offer (I guess they wanted to show that she was a qualified buyer).</blockquote>


Is all this really necessary? If a written offer is made, earnest money offered, and a valid pre-approval is given, why give your fica and other info? I would never give income and bank statements with a home offer, that is not the seller?s business.</blockquote>


As a seller who fielded 6-7 offers on my property in a short time, I wish I would have had bank statements and pay stubs for everyone. Very few submitted such information. They all had pre-quals but those are BS half the time...



If I'm down to two offers at the same price level as a seller I would take the one that submitted bank statements to evidence funds over the other all other things being equal. Less risk. Our first buyer that we went under contract with had a prequal but couldn't move the transaction forward do to insufficient funds availability.



You can bet that if I am chasing an REO down the line where there could be competing offers, I will submit all that information to the bank to make it easier for them to select and accept my offer...
 
[quote author="ipoplaya" date=1221090590][quote author="ConsiderAgain" date=1221090304][quote author="usctrojanman29" date=1221033209][quote author="Ambiepants / SoCal78" date=1221021616][quote author="usctrojanman29" date=1221019876][quote author="Ambiepants / SoCal78" date=1221019202][quote author="usctrojanman29" date=1221011917] The buyer is a middle-aged divorced woman... </blockquote>
Hmmm... I smell alimony funds as helping her afford the home.</blockquote>
Who knows, but her income is in the $200k range from the approval loan documents that I received.</blockquote>


Where... on approval loan docs... would it show what the buyer makes? I just looked back at my buyer's loan approval docs again and it shows just the basics and how much they were approved for.as well as their FICO scores but not their income or anything.</blockquote>
They included a copy of the residential mortgage loan application and a copy of the FICO scores along with the pre-approval and bank statements when they submitted the offer (I guess they wanted to show that she was a qualified buyer).</blockquote>


Is all this really necessary? If a written offer is made, earnest money offered, and a valid pre-approval is given, why give your fica and other info? I would never give income and bank statements with a home offer, that is not the seller?s business.</blockquote>


As a seller who fielded 6-7 offers on my property in a short time, I wish I would have had bank statements and pay stubs for everyone. Very few submitted such information. They all had pre-quals but those are BS half the time...



If I'm down to two offers at the same price level as a seller I would take the one that submitted bank statements to evidence funds over the other all other things being equal. Less risk. Our first buyer that we went under contract with had a prequal but couldn't move the transaction forward do to insufficient funds availability.



You can bet that if I am chasing an REO down the line where there could be competing offers, I will submit all that information to the bank to make it easier for them to select and accept my offer...</blockquote>


Agreed, but isn?t all this done on the pre-qualification level? I guess I don?t understand how one can get the prequalification letter without verifying income/reserves with the lender. My point was I wouldn?t show this info to the seller.



Edit:



Maybe it?s a California thing, but prequalification has always been roughly equivalent to cash-in-hand in my experience.
 
[quote author="ConsiderAgain" date=1221090826]

Agreed, but isn?t all this done on the pre-qualification level? I guess I don?t understand how one can get the prequalification letter without verifying income/reserves with the lender. My point was I wouldn?t show this info to the seller.



Edit:



Maybe it?s a California thing, but prequalification has always been roughly equivalent to cash-in-hand in my experience.</blockquote>


I wish it were so, but IMO prequals don't stand for much. For example, I had obtained a prequal through a mortgage broker once upon a time. I wanted to submit one with an offer many months later and time was of the essence on the offer. I popped open the prequal the broker had sent in Word, changed the date to make if more current, upped the value a little bit, and printed it off... In my case it happened to be as good as cash-in-hand, but someone else could have done the same and not really been able to qual on what they stated.
 
[quote author="ipoplaya" date=1221091329][quote author="ConsiderAgain" date=1221090826]

Agreed, but isn?t all this done on the pre-qualification level? I guess I don?t understand how one can get the prequalification letter without verifying income/reserves with the lender. My point was I wouldn?t show this info to the seller.



Edit:



Maybe it?s a California thing, but prequalification has always been roughly equivalent to cash-in-hand in my experience.</blockquote>


I wish it were so, but IMO prequals don't stand for much. For example, I had obtained a prequal through a mortgage broker once upon a time. I wanted to submit one with an offer many months later and time was of the essence on the offer. I popped open the prequal the broker had sent in Word, changed the date to make if more current, upped the value a little bit, and printed it off... In my case it happened to be as good as cash-in-hand, but someone else could have done the same and not really been able to qual on what they stated.</blockquote>


I understand your point. It may be interesting for me when I eventually make an offer on a house in OC. I have no intention of surrendering that level of personal info to a house seller.



Will the seller reject a valid offer because they mistrust the bank?s approval of the loan backing the offer? We will see.
 
[quote author="ConsiderAgain" date=1221092029][quote author="ipoplaya" date=1221091329][quote author="ConsiderAgain" date=1221090826]

Agreed, but isn?t all this done on the pre-qualification level? I guess I don?t understand how one can get the prequalification letter without verifying income/reserves with the lender. My point was I wouldn?t show this info to the seller.



Edit:



Maybe it?s a California thing, but prequalification has always been roughly equivalent to cash-in-hand in my experience.</blockquote>


I wish it were so, but IMO prequals don't stand for much. For example, I had obtained a prequal through a mortgage broker once upon a time. I wanted to submit one with an offer many months later and time was of the essence on the offer. I popped open the prequal the broker had sent in Word, changed the date to make if more current, upped the value a little bit, and printed it off... In my case it happened to be as good as cash-in-hand, but someone else could have done the same and not really been able to qual on what they stated.</blockquote>


I understand your point. It may be interesting for me when I eventually make an offer on a house in OC. I have no intention of surrendering that level of personal info to a house seller.



Will the seller reject a valid offer because they mistrust the bank?s approval of the loan backing the offer? We will see.</blockquote>


Nope, they won't reject the offer, just maybe not look at it quite as favorable as compared to others all other things being equal. If you are $5K above the other guy, it probably doesn't matter how little you submit as long as there is a reliable prequal there.
 
[quote author="ConsiderAgain" date=1221092029][quote author="ipoplaya" date=1221091329][quote author="ConsiderAgain" date=1221090826]

Agreed, but isn?t all this done on the pre-qualification level? I guess I don?t understand how one can get the prequalification letter without verifying income/reserves with the lender. My point was I wouldn?t show this info to the seller.



Edit:



Maybe it?s a California thing, but prequalification has always been roughly equivalent to cash-in-hand in my experience.</blockquote>


I wish it were so, but IMO prequals don't stand for much. For example, I had obtained a prequal through a mortgage broker once upon a time. I wanted to submit one with an offer many months later and time was of the essence on the offer. I popped open the prequal the broker had sent in Word, changed the date to make if more current, upped the value a little bit, and printed it off... In my case it happened to be as good as cash-in-hand, but someone else could have done the same and not really been able to qual on what they stated.</blockquote>


I understand your point. It may be interesting for me when I eventually make an offer on a house in OC. I have no intention of surrendering that level of personal info to a house seller.



Will the seller reject a valid offer because they mistrust the bank?s approval of the loan backing the offer? We will see.</blockquote>
I didn't ask for buyers to submit their bank statements and income information with their offers. That being said, I believe the buyer was serious and wanted to show that to me. It's all depends on the person.
 
7 Tall Oak closed yesterday for $705K. That's a CS index number of 225, which extrapolated to your place, would put your value around $580K. Sounds like your sale price is going to equate to mid 2005 pricing which is way over the Irvine or even QH average...
 
[quote author="usctrojanman29" date=1221093452]I didn't ask for buyers to submit their bank statements and income information with their offers. That being said, I believe the buyer was serious and wanted to show that to me. It's all depends on the person.</blockquote>


Congrats on your multiple offers and forthcoming buyers. I will likely be a headache for the seller I end up dealing with.
 
[quote author="ipoplaya" date=1221094051]7 Tall Oak closed yesterday for $705K. That's a CS index number of 225, which extrapolated to your place, would put your value around $580K. Sounds like your sale price is going to equate to mid 2005 pricing which is way over the Irvine or even QH average...</blockquote>
Is there any way to find out how much of that sales price the seller may have had to pay back in concessions?
 
[quote author="ipoplaya" date=1221094051]7 Tall Oak closed yesterday for $705K. That's a CS index number of 225, which extrapolated to your place, would put your value around $580K. Sounds like your sale price is going to equate to mid 2005 pricing which is way over the Irvine or even QH average...</blockquote>
That sounds about right as the units that closed in mid-2005 were sold for around $625k when the construction was complete. The final phase was completed in late 2005 and those sale prices where in the $675k range. If I would have sold 18-24 months ago, I probably could have gotten $725k to $750k based upon a $715k comp back in Jan. 2007 of a very blah unit. Oh well, I'm gonna be out with all of my equity and money spent on upgraded (not $80k because my dad and I did all the work).



However, there are 5 comps of attached 3bed condos in QH in the past 2 months where the price/sf was between $343 and $350 (excluding 1 short sale closing and 1 REO closing), but I knew I wouldn't be able to get that much as there were 4 other listings of my unit at or below that range.
 
[quote author="ConsiderAgain" date=1221094310][quote author="usctrojanman29" date=1221093452]I didn't ask for buyers to submit their bank statements and income information with their offers. That being said, I believe the buyer was serious and wanted to show that to me. It's all depends on the person.</blockquote>


Congrats on your multiple offers and forthcoming buyers. I will likely be a headache for the seller I end up dealing with.</blockquote>
Thanks, I think the place showed well and was priced right.



Chances are you'll be dealing with a bank, so give them hell!
 
[quote author="Ambiepants / SoCal78" date=1221094340][quote author="ipoplaya" date=1221094051]7 Tall Oak closed yesterday for $705K. That's a CS index number of 225, which extrapolated to your place, would put your value around $580K. Sounds like your sale price is going to equate to mid 2005 pricing which is way over the Irvine or even QH average...</blockquote>
Is there any way to find out how much of that sales price the seller may have had to pay back in concessions?</blockquote>
You have to have MLS access to see the detailed sales detail. There were no concessions and the property was purchased in CASH.
 
[quote author="ipoplaya" date=1221094051]7 Tall Oak closed yesterday for $705K. That's a CS index number of 225, which extrapolated to your place, would put your value around $580K. Sounds like your sale price is going to equate to mid 2005 pricing which is way over the Irvine or even QH average...</blockquote>
If I used a price/sf (7 Tall Oak is 1,800sf and had a sales price of $392/sf)...my condo is worth $722k which I could have gotten 18-24 months ago.
 
I don't see anything wrong with submitting financial information with an offer.



Back when it was a seller's market, that usually made the difference between two offers for the same price.



Not that it's a buyer's market, there is still that type of competition for units that are priced so that you will get multiple offers... like usc's.



If there was a house I really wanted and I knew there were multiple parties interested and giving my financial information would be the kicker... I would bust out my sharpie in a second.
 
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