Parklane in walnut

[qwerty]

Qwerty - College Park, Very nice!!

#1) Do you have any trouble with the train passing by?  The few people I asked said the noise wasn't too bad, you can hear it but it's nothing major. 

#2) Do you know if there are any bball courts around that area?  8)

the train noise is not bad if you have the double pane windows, you can hear it more with single pane windows obviously, but the noise lasts all of 5 seconds. for us its not an issue.

there are some bball courts nearby on deerfield and hearthstone, right by the Culver Plaza, a couple of minutes away by car.

 

[irvinehomeowner]

#2) Do you know if there are any bball courts around that area?  8)

Now you're talking my language.

There's some courts at the elementary and mabye pocket parks (amazingly enough, Harvard Park has ZERO basketball courts). If you're looking for full courts that are lighted, your best bet would be Heritage Park, Orchard Park (across from Heritage, not the park in Orchard Hills).

 

[homer_simpson]

Good to know there are a few courts near by. 

 

[irvinehomeowner]

That's one thing I like about Irvine... I can find pick-up games most days and not worry about getting into a fight or getting shot (well... for the most part... I've told those stories before).

 

[homer_simpson]

LOL, good to know.  I use to play at Mile Square in FV, cant count the number of times we were involved in arguments... ugh.

 

[irvinehomeowner]

I remember reading the paper about some high-profile assault case at Miles Square involving players who got into a fight.

I've only played there a few times... many many moons ago... too far from Irvine for me... hehe.

 

[usctrojancpa]

See Homer, aren't you glad that I steered you over to Talk Irvine?    It was just a matter of time until someone chimed in to give you their opinion.

 

[homer_simpson]

I'm so glad!! Thanks again for all your help! Need to find a safe area to park the M3 lol.  :-*

 

[homer_simpson]

Thanks for everyone's input about this place.  I'm currently in works with purchasing a detached condo at the Parklane community.  Got the price down to $560k, seller will not pay any closing cost but the agent is willing to kick back 1%.  The seller also wants a 60 day close of escrow, is this normal?  I thought 45 days was normal.  Anything I need to investigate before pulling the trigger harder?  ???

 

[irvinehomeowner]

Did the seller give you a reason for the extended escrow? Could be wherever they are moving to requires that time frame.

Inherently, I don't think a long escrow is bad... since it allows for things that may take longer than 30-45 days... but it could affect things like loan rate locks etc etc.

 

[homer_simpson]

Yeah, she told me' she needed some time to find a place to move to.

 

[qwerty]

you should have done a 30 day close with a 30 day rent back instead. the longer the escrow the more things can go wrong.

 

[usctrojancpa]

you should have done a 30 day close with a 30 day rent back instead. the longer the escrow the more things can go wrong.

Exactly and it costs you move to lock your interest rates for more than 30 days.  30-day escrow with a rent back agreement FTW!

 

[irvinerealtor]

you should have done a 30 day close with a 30 day rent back instead. the longer the escrow the more things can go wrong.

Exactly and it costs you move to lock your interest rates for more than 30 days.  30-day escrow with a rent back agreement FTW!

Not so fast...

The longer escrow period actually protects the buyer.  Buyer can walk at any time, but seller is pot-commited.
Once the sale is completed and recorded, any problems with the home are the new owner's responsibility. 
If another home comes on the market that is more attractive (price, location, etc.) it might be worth it for the buyer to walk, even if it means forfeiting their earnest money. Can't do that if it's already been transferred.

A short escrow is more protective of the seller, which is who typically pushes for a quick sale/rentback.

Good luck,
-IrvineRealtor

 

[homer_simpson]

Thanks for your replies guys,

We both agreed on a 45 day close because my Loan person recommended it and a 15 day rent back.    Thanks again everyone for your insight as this is my first ever purchase.  Hope everything goes through, I'm not sure how the appraisal is going to look.

 

[irvinehomeowner]

I may be paranoid but I'm actually afraid of rent-backs... especially if it's long like 30 days. Who knows what will happen in that time frame?

When we sold our other home, we had to rent-back because the buyer didn't get their loan approved until the last week and our agent was already gearing to do another open house because we thought it was going to fall out. The escrow got extended 10 more days so they could go through another bank and they gave us an extra 3 weeks to find a rental but the whole time I was so worried we were going to break something in the house for the new owner.

 

[usctrojancpa]

you should have done a 30 day close with a 30 day rent back instead. the longer the escrow the more things can go wrong.

Also depends on how quickly the seller requests the buyer to sign the contingency form.  In the current uncertain interest rate environment it is the buyer who is at risk if any interest rate lock were to expire due to a long escrow. In my eyes a longer escrow is more advantageous to a seller
Exactly and it costs you move to lock your interest rates for more than 30 days.  30-day escrow with a rent back agreement FTW!

Not so fast...

The longer escrow period actually protects the buyer.  Buyer can walk at any time, but seller is pot-commited.
Once the sale is completed and recorded, any problems with the home are the new owner's responsibility. 
If another home comes on the market that is more attractive (price, location, etc.) it might be worth it for the buyer to walk, even if it means forfeiting their earnest money. Can't do that if it's already been transferred.

A short escrow is more protective of the seller, which is who typically pushes for a quick sale/rentback.

Good luck,
-IrvineRealtor

 

[qwerty]

you should have done a 30 day close with a 30 day rent back instead. the longer the escrow the more things can go wrong.

Also depends on how quickly the seller requests the buyer to sign the contingency form.  In the current uncertain interest rate environment it is the buyer who is at risk if any interest rate lock were to expire due to a long escrow. In my eyes a longer escrow is more advantageous to a seller
Exactly and it costs you move to lock your interest rates for more than 30 days.  30-day escrow with a rent back agreement FTW!

Not so fast...

The longer escrow period actually protects the buyer.  Buyer can walk at any time, but seller is pot-commited.
Once the sale is completed and recorded, any problems with the home are the new owner's responsibility. 
If another home comes on the market that is more attractive (price, location, etc.) it might be worth it for the buyer to walk, even if it means forfeiting their earnest money. Can't do that if it's already been transferred.

A short escrow is more protective of the seller, which is who typically pushes for a quick sale/rentback.

Good luck,
-IrvineRealtor

I have to agree with Trojan, if im the seller and have a 60 day escrow im still going to have the buyer sign off on the contingnecies ASAP so they cant just walk away without giving up their deposit.

 

[irvinerealtor]

I have to agree with Trojan, if im the seller and have a 60 day escrow im still going to have the buyer sign off on the contingnecies ASAP so they cant just walk away without giving up their deposit.

Escrow length and contingency period are two different items. 
Typically seller wants the shortest length for both.
Typically buyer wants to take as long as possible on the contingency removal, for the "what if's" of life, and a COE date that coordinates with their move-in/move-out plans.

My point was that the longer escrow period benefits the buyer far more than the seller.

 

[socal78]

the whole time I was so worried we were going to break something in the house for the new owner.

You're a considerate person. I wish I had a seller like you. I was on the buy-side in a rent-back. The seller was going to be moving into a new construction without a firm move-in date and our agent at the time was pushing us into a 30-day escrow because she said the longer the escrow, the less chance of it closing. (Obviously, it's in her best interest that it does close, regardless of the effect to me but I believed her at the time that it was best for us.) The rent-back period was for about 2 months. There were lots of issues from the start. They didn't feel they should have to give us a deposit as you typically would if you were renting, because as long as they were there, they felt it was "their" house or so they said. They also didn't want to pay more per month than they had already been doing so on their mortgage, which was much less than my new monthly expenses on the place. To keep the deal together, I agreed no deposit and keep their monthly costs the same. Then came move-out time, and they wouldn't go because their house was not ready. Each week, they would say they would move out and did not. They were also bitter because home prices had gone up just since we closed, so they feel they got a raw deal. They broke stuff as they were moving out and did not fix it. They left a mess that I had to clean. Then they realized they needed us to continue their contract on the home-alarm system (which I didn't want and was never part of the deal) because it would cost them to break the contract. It would have been cheaper for them to just pay the time left even if they moved out rather than breaking the contract but they decided to rip it off the wall and leave a mess. Being an accidental landlord was not fun. I wouldn't want to do it again. I'm so hesitant now that I'd even be slightly uncomfortable with the customary COE + 3 days courtesy move-out time. I would avoid a rent-back next time if I could.

Edited to add: Their new construction never was ready in time. They ended up having to change course and go stay with family temporarily. If I ever bought from someone with wishy-washy move-out plans again, I'd definitely make sure there is some back-up plan in place if possible. My Realtor's solution to all this was advising us to go camp out in the patio of the house we bought and make lots of noise so they would be in a hurry to leave.  :