New TI Member (Long time first time) looking for some help

NEW -> Contingent Buyer Assistance Program
Cubic Zirconia said:
flipper said:
Cubic Zirconia said:
flipper said:
Cubic Zirconia said:
A little older, but have you seen these also? :http://www.redfin.com/CA/Irvine/78-Dovecrest-92620/home/4789108http://www.redfin.com/CA/Irvine/21-Laurelwood-92620/home/4790272

Tustin Fields: look it up in the previous threads. There might be some history to it.
No on Tustin Ranch?
Click to expand...

Both are short sales. It takes at least 3-4 months to negotiate with the banks and sometime the buyers will walk away. From the listings description, they are in the final stage of the negotiation. You should try to put an offer in. But there may be other undertable dealings that you should be OK with to get the deals done. For example, you may be required to pay $10k negotiator's fee or pay $10k to buy sellers furniture, etc.
Click to expand...

Oh, the second one is a short sale too? The price has gone up from $875k to $925k- that's an indication of short sale?
Yes, it does take time to buy short sales, and till the end you won't know if you got the property or not!
Click to expand...

The description says SHORT SALE APPROVED. CALL LISTING AGENT OR READ REMARKS.

Priv Rmks SHOWING THURSDAY JUNE 7TH STRICTLY 'BY APPOINTMENT', GATED COMMUNITY. short sale, no repairs no termite. HOA and taxes are current, BANK APPROVED FIRST BUYERS AND THEY FOUND ANOTHER HOME. Final commission subject to lender reductions 50/50. This is a short sale through a third party document processing and expediting service. Commission reflects listing agency paying negotiation costs at closing. Email David for an explanation. MLS will be kept current. Wet signatures, POF, approval, no contingencies, no repairs of any kind;as is, Min. $15,000 dep Sellers choice; Heritage Escrow , 
Price Excl all TV's, ceiling fans family room, bedrooms and den
Click to expand...

Sorry, the first one- they don't say it's a short sale, but they have jacked up the price.
Click to expand...
Special Conditions: Short Sale/Subj to Lender Approval**

NTS 11/09/11, amount $1,004,982.

In fact the property was foreclosed on 12/16/08. But trustee withdrew the sale due to some problems in foreclosure process.

This property has one loan from Washington Mutual. The trustee was trying to sell the property again earlier this year with a starting bid of $820k. All Washington Mutual loans have been sold to JPM with a discount. If the seller is really interested in short sale, it should be approved easily. I think the seller is playing games here by either dragging on the process or gaming for loan modification.
 
irvinehomeowner said:
So if it's been foreclosed on since 12/16/08... what has it been doing for the last 3.5 years?

Shadow inventory?
Click to expand...
No, trustee sale voided due to problems in the foreclosure process. So the property is still owned by the origin owner.
 
flipper said:
irvinehomeowner said:
So if it's been foreclosed on since 12/16/08... what has it been doing for the last 3.5 years?

Shadow inventory?
Click to expand...
No, trustee sale voided due to problems in the foreclosure process. So the property is still owned by the origin owner.
Click to expand...
So was the owner making any payments since 08? I'm assuming not since it was supposed to be foreclosed and got another notification in 2011. Or was the sale withdrawn also because of some agreement with owner?
 
Cubic Zirconia said:
    Listing Terms: Cash
    Listing Terms: Cash To New Loan
Click to expand...

My recommendation is to disregard the "listing terms" notes section above for 95% of the listings.  This is a multiple option drop-down box for brokers to select when inputting the listing, and it is often incorrect. The intended use for this space is to note if a property is not eligible for specific types of financing (VA or FHA, usually. Some properties are likely ineligible for ANY financing). The best option is "Submit" which means "submit all offers" but in seeing the other terms above often buyers get unnecessarily confused.

-IR2
 
Sounds like you are shopping for school reputation. I recommend Fieldstones Sorrento in Cypress. It funnels into Oxford Academy. Just make sure you have smart kid to pass the exams not like mine so I am stuck among other Irvine parents to the low achievers.

Cerritos is a poor choice eventhough Whitney is among the top tier. The armed home robberies are notorious along the Fwy 91 (Compton/north Long Beach corridor) La Palmas and Cerritos are the prime upper middle class communities where Asians have valuable possesions, electronics and cash. Blacks have been known as the perpetrators for convenient cross town robberies and stake outs.
 
irvinehomeowner said:
flipper said:
irvinehomeowner said:
So if it's been foreclosed on since 12/16/08... what has it been doing for the last 3.5 years?

Shadow inventory?
Click to expand...
No, trustee sale voided due to problems in the foreclosure process. So the property is still owned by the origin owner.
Click to expand...
So was the owner making any payments since 08? I'm assuming not since it was supposed to be foreclosed and got another notification in 2011. Or was the sale withdrawn also because of some agreement with owner?
Click to expand...

Normally if the owner is engaged in loan modification or short sale process, the bank can't legally foreclose the house until the bank formally declined the loan modification or short sale. Sometime trustee still foreclosed the house. Then the owner can file a lawsuit with Lis Pendens recorded so that the bank can't sell the house. Then the trustee will void the foreclosure.

Many shadow inventory (bank owned) properties you guys talked about are in fact not bank owned as foreclosure was voided.

The owner didn't pay enough to keep up.
NTS 11/05/08  $853314
NTS 09/30/09  $897381
NTS 11/09/11  $1004982
 
Default for several years and keep the payments in hidden cash. Threaten the bank for trashing the place if getting evicted then negotiate the bank to a 50% loan amount forbearance. Then bargain to a 2% fixed rate for 30 years.
 
irvinehomeshopper said:
Sounds like you are shopping for school reputation. I recommend Fieldstones Sorrento in Cypress. It funnels into Oxford Academy. Just make sure you have smart kid to pass the exams not like mine so I am stuck among other Irvine parents to the low achievers.

Cerritos is a poor choice eventhough Whitney is among the top tier. The armed home robberies are notorious along the Fwy 91 (Compton/north Long Beach corridor) La Palmas and Cerritos are the prime upper middle class communities where Asians have valuable possesions, electronics and cash. Blacks have been known as the perpetrators for convenient cross town robberies and stake outs.
Click to expand...

Like I mentioned earlier.. I have family that lives in Cerritos and they were robbed at gun point in their own home.. Cerritos/Cypress is a big nono for me.. I think part of the problem is Hawaiian Gardens and all the other ghetto communities close by. I'm not a big fan of Oxford/Whitney either I think too much pressure on the kids isn't necessarily a good thing... they should apply pressure on their own not from their parents or environment.. I want them to have a good social life. I understand that no one knows what schools would be good in 5,10-15 years from now (my first born is only 18 months), but I am trying to make educated guesses...
 
flipper said:
Cubic Zirconia said:
flipper said:
Cubic Zirconia said:
flipper said:
Cubic Zirconia said:
A little older, but have you seen these also? :http://www.redfin.com/CA/Irvine/78-Dovecrest-92620/home/4789108http://www.redfin.com/CA/Irvine/21-Laurelwood-92620/home/4790272

Tustin Fields: look it up in the previous threads. There might be some history to it.
No on Tustin Ranch?
Click to expand...

Both are short sales. It takes at least 3-4 months to negotiate with the banks and sometime the buyers will walk away. From the listings description, they are in the final stage of the negotiation. You should try to put an offer in. But there may be other undertable dealings that you should be OK with to get the deals done. For example, you may be required to pay $10k negotiator's fee or pay $10k to buy sellers furniture, etc.
Click to expand...

Oh, the second one is a short sale too? The price has gone up from $875k to $925k- that's an indication of short sale?
Yes, it does take time to buy short sales, and till the end you won't know if you got the property or not!
Click to expand...

The description says SHORT SALE APPROVED. CALL LISTING AGENT OR READ REMARKS.

Priv Rmks SHOWING THURSDAY JUNE 7TH STRICTLY 'BY APPOINTMENT', GATED COMMUNITY. short sale, no repairs no termite. HOA and taxes are current, BANK APPROVED FIRST BUYERS AND THEY FOUND ANOTHER HOME. Final commission subject to lender reductions 50/50. This is a short sale through a third party document processing and expediting service. Commission reflects listing agency paying negotiation costs at closing. Email David for an explanation. MLS will be kept current. Wet signatures, POF, approval, no contingencies, no repairs of any kind;as is, Min. $15,000 dep Sellers choice; Heritage Escrow , 
Price Excl all TV's, ceiling fans family room, bedrooms and den
Click to expand...

Sorry, the first one- they don't say it's a short sale, but they have jacked up the price.
Click to expand...
Special Conditions: Short Sale/Subj to Lender Approval**

NTS 11/09/11, amount $1,004,982.

In fact the property was foreclosed on 12/16/08. But trustee withdrew the sale due to some problems in foreclosure process.

This property has one loan from Washington Mutual. The trustee was trying to sell the property again earlier this year with a starting bid of $820k. All Washington Mutual loans have been sold to JPM with a discount. If the seller is really interested in short sale, it should be approved easily. I think the seller is playing games here by either dragging on the process or gaming for loan modification.
Click to expand...

Sometimes I wonder if the banks are playing the same game.. letting the owners drag on the process with out any loan modification waiting for the market to turn around...
 
I have always known Irvine is a perfect place with an excellent social life and kids experience low peer pressure in schools. kids especially the asians love all those parks and trails and I see then out there all the time enjoying the great outdoor. I even have pictures from magazines
 
irvinehomeshopper said:
I have always known Irvine is a perfect place with an excellent social life and kids experience low peer pressure in schools. kids especially the asians love all those parks and trails and I see then out there all the time enjoying the great outdoor. I even have pictures from magazines
Click to expand...

It's still a different level compared to Whitney and Oxford (I think they should really be considered private schools)... as far as enjoying the great outdoor and parks and trails.. I'll start the new trend  ;)

quick unrelated question... are all parts of Northpark subject to the 1915 bond tax?
 
flipper said:
Many shadow inventory (bank owned) properties you guys talked about are in fact not bank owned as foreclosure was voided.

The owner didn't pay enough to keep up.
NTS 11/05/08  $853314
NTS 09/30/09  $897381
NTS 11/09/11  $1004982
Click to expand...
Looks like they probably were paying very little.

And I agree with you, my definition of "shadow inventory" is more broad, it includes homes that are in distress where it's still owned by someone... but that someone isn't paying for it.
 
I totally understand wanting to send your children to schools with the highest scores.  I drink that kool-aid also.  It's actually one of the driving forces of my move.  I do have to say that Irvine is not without pressure to do well.  There's a reason that there are so many tutoring places in Irvine.  I do love the safety of our city tho...except when someone goes crazy with a machete at Albertsons.  I do firmly believe that natural intelligence and motivation are 95% of a child's academic success and in life.  We all want to surround our kids in a safe nurturing environment.  Everyone's advice has been sound.  Have you given a thought to Maricopa in Stonegate?  Zoned to Stongate Elementary and NW high.
 
@Crispy, Many people are haunted by crimes like your relatives from Cerritos. You are not the only one. This is why by 9pm everything closes except for the Chinese cash only eateries.
 
OCgasman said:
I totally understand wanting to send your children to schools with the highest scores.  I drink that kool-aid also.  It's actually one of the driving forces of my move.  I do have to say that Irvine is not without pressure to do well.  There's a reason that there are so many tutoring places in Irvine.  I do love the safety of our city tho...except when someone goes crazy with a machete at Albertsons.  I do firmly believe that natural intelligence and motivation are 95% of a child's academic success and in life.  We all want to surround our kids in a safe nurturing environment.  Everyone's advice has been sound.  Have you given a thought to Maricopa in Stonegate?  Zoned to Stongate Elementary and NW high.
Click to expand...

I've looked at Stonegate a little... it didn't have a bedroom downstairs and only 3 bed total. It's not really in my budget after upgrades. Also there's the landfill and around 4k melloroos. I would pick NWII over Stonegate even if NWII might get rezoned to Irvine HS.
 
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