Help - What would you offer on this home???

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[quote author="stone007" date=1238840107]Curious to hear thoughts on offer price for this 4 bedroom in Ladera Ranch. I looked at comps and they are considerably higher than asking. It's $214/square foot.



Let me know what you think. It's an REO..Anyone have scoop on the specifics on what the bank took it back for?



Thanks!



http://www.redfin.com/CA/Ladera-Ranch/11-De-Leon-Ln-92694/home/5894163</blockquote>


Looks like the bank, or someone, got it at auction $607.5K. I think market price is probably $600-625K or so. If I wanted that house, I'd probably offer them $575K to start, maybe $600K.
 
[quote author="stone007" date=1238840107]Curious to hear thoughts on offer price for this 4 bedroom in Ladera Ranch. I looked at comps and they are considerably higher than asking. It's $214/square foot.



Let me know what you think. It's an REO..Anyone have scoop on the specifics on what the bank took it back for?



Thanks!



http://www.redfin.com/CA/Ladera-Ranch/11-De-Leon-Ln-92694/home/5894163</blockquote>


Too funny, I told my wife about this very home over dinner tonight. Not in the context of let's bid on it --- but in the context of we don't need to look over the hill to Corona or Chino Hills anymore to see houses we would actually <em>want </em>at our targeted $525k price point --- they are getting closer and closer to Irvine. It won't be that much longer and we will start seeing this kind of a price tag on 2,500 sq ft homes in Oak Creek, West Irvine, or Woodbury. It might already be here in VoC for all I know.



<strong>Edited to add:</strong> I'd bid $534,801 on it. If you get outbid, its too soon to buy anyway.
 
Stone: <a href="http://www.flex-e-bill.com/OCTLink/Show.aspx?parcel=759-651-03&year=2008">Here is the copy</a> of that home's property tax bill, so you can see how high the Mello-Roos and everything is.
 
[quote author="SoCal78" date=1238845142]Stone: <a href="http://www.flex-e-bill.com/OCTLink/Show.aspx?parcel=759-651-03&year=2008">Here is the copy</a> of that home's property tax bill, so you can see how high the Mello-Roos and everything is.</blockquote>


Still cheaper than VoC...



:)
 
[quote author="stone007" date=1238840107]Curious to hear thoughts on offer price for this 4 bedroom in Ladera Ranch. I looked at comps and they are considerably higher than asking. It's $214/square foot.



Let me know what you think. It's an REO..Anyone have scoop on the specifics on what the bank took it back for?



Thanks!



http://www.redfin.com/CA/Ladera-Ranch/11-De-Leon-Ln-92694/home/5894163</blockquote>


If I really wanted to buy a home right now, and this home fit my needs, I would low ball; $550,000 or less. What do you have to lose?







My father taught me, when buying a new car, if I have not been asked to leave at least three dealers, I am paying too much.
 
[quote author="stone007" date=1238840107]Curious to hear thoughts on offer price for this 4 bedroom in Ladera Ranch. I looked at comps and they are considerably higher than asking. It's $214/square foot.



Let me know what you think. It's an REO..Anyone have scoop on the specifics on what the bank took it back for?



Thanks!



http://www.redfin.com/CA/Ladera-Ranch/11-De-Leon-Ln-92694/home/5894163</blockquote>


That crack in the foundation after the living room was killer for me. It just looks like a nightmare waiting to happen.
 
I remember when you first posted on the Forums you were looking at Yorba Linda. I'm curious what changed? I too like Ladera Ranch. However, I ruled it out completely on the day I decided to meet my agent there for a showing on a weeknight. I ended up making it to the appointment 45 minutes late because traffic was so bad. Living there would have added 20 minutes more to my commute on non-traffic hour and at least double that on peak hours.



I recommend you do a test run commute to which ever area you decide.



This house reminds me of a house I put an offer on in Ladera back in early 2008. It was a REO listed for $525,000 and it got bid up to $620,000. The house was big and had a big yard but had issues as the pervious owners had took out some of their frustrations with the bank out on the house. We offered $525,000 and didn't get it. Fast forward to now and we are thanking are lucky stars we did not. The exact same model a couple doors down is now for sale for less and it highly upgraded.



Unless this house is really the perfect match in terms of location, price, size, neighborhood qualities, I would not offer anything.
 
[quote author="crentist" date=1239060611][quote author="stone007" date=1238840107]Curious to hear thoughts on offer price for this 4 bedroom in Ladera Ranch. I looked at comps and they are considerably higher than asking. It's $214/square foot.



Let me know what you think. It's an REO..Anyone have scoop on the specifics on what the bank took it back for?



Thanks!



http://www.redfin.com/CA/Ladera-Ranch/11-De-Leon-Ln-92694/home/5894163</blockquote>


That crack in the foundation after the living room was killer for me. It just looks like a nightmare waiting to happen.</blockquote>


That's a deal breaker for me too. That home should be on a post tensioned concrete slab and NEVER settle.



If it did settle and cause that crack (I'm just guessing, I haven't looked at it any more than the one picture), the way to repair the foundation is raze the house and start over.
 
We ruled out YL only because the travel time to the freeway and inland didn't save us considerable time than just living in South OC close to the 241 and sucking up the commute and the price of the toll.



I am thinking foundation crack with the house I sent link for, as we saw it extended into the slab that was noticeable outside where the crack extended. Not sure how that happens with a house build fairly recently. Seems like a recipe for trouble. Interesting, seller's agent told me there are already 11 offers on the place.
 
[quote author="stone007" date=1239107765]We ruled out YL only because the travel time to the freeway and inland didn't save us considerable time than just living in South OC close to the 241 and sucking up the commute and the price of the toll.



I am thinking foundation crack with the house I sent link for, as we saw it extended into the slab that was noticeable outside where the crack extended. Not sure how that happens with a house build fairly recently. Seems like a recipe for trouble. Interesting, seller's agent told me there are already 11 offers on the place.</blockquote>
Let those 11 suckers deal with a jacked up foundation and the big bucks it'll take to fix it. PASS!
 
[quote author="stepping_up" date=1239147866]Will getting homeowner's insurance be a problem with a cracked foundation?</blockquote>


If it has a PTCS, it will be impossible. If it doesn't, no problem. But why buy a home with structural problems like this? If the house needs $50K in work, I'd need at least $100K in discounting to make it worth my trouble.
 
I never posted a picture of the crack..I think another blogger also had a picture of the crack and posted it. It's a straight line across the entry way - Maybe 3 feet. We looked in the garage and the crack doesn't extend there BUT other side of the crack that extends outside, you can see a 1 inch crack in foundation outside..



Maybe that's why the house is priced at $214/sq foot????
 
[quote author="No_Such_Reality" date=1239152013]Am I blind or did they remove a photo that showed the crack? I only see five photos and I don't anything that shows a crack.</blockquote>


I don't see anything like that either.
 
[quote author="stone007" date=1239152511]I never posted a picture of the crack..I think another blogger also had a picture of the crack and posted it. It's a straight line across the entry way - Maybe 3 feet. We looked in the garage and the crack doesn't extend there BUT other side of the crack that extends outside, you can see a 1 inch crack in foundation outside..



Maybe that's why the house is priced at $214/sq foot????</blockquote>


The crack does extend into the garage. I have pictures I'll post when I get home.
 
[quote author="crentist" date=1239166783][quote author="stone007" date=1239152511]I never posted a picture of the crack..I think another blogger also had a picture of the crack and posted it. It's a straight line across the entry way - Maybe 3 feet. We looked in the garage and the crack doesn't extend there BUT other side of the crack that extends outside, you can see a 1 inch crack in foundation outside..



Maybe that's why the house is priced at $214/sq foot????</blockquote>


The crack does extend into the garage. I have pictures I'll post when I get home.</blockquote>


Crack in the marble tile:

<a href="http://s240.photobucket.com/albums/ff82/bibipham/?action=view&current=IMG_3696.jpg" target="_blank"><img src="http://i240.photobucket.com/albums/ff82/bibipham/IMG_3696.jpg" border="0" alt="Photobucket"></a>



Crack from outside:

<a href="http://s240.photobucket.com/albums/ff82/bibipham/?action=view&current=IMG_3698.jpg" target="_blank"><img src="http://i240.photobucket.com/albums/ff82/bibipham/IMG_3698.jpg" border="0" alt="Photobucket"></a>



Crack on other side of the wall in garage:

<a href="http://s240.photobucket.com/albums/ff82/bibipham/?action=view&current=IMG_3699.jpg" target="_blank"><img src="http://i240.photobucket.com/albums/ff82/bibipham/IMG_3699.jpg" border="0" alt="Photobucket"></a>
 
Somebody call the realtor and ask if the house has a Post Tensioned Concrete Slab or not so I can either stop obsessing or go to guns and laugh at these fools, please?
 
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