Seeking advice on purchasing an Irvine home

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Anteater Alum_IHB

Anteater Alum_IHB

New member
The Forum is fantastic by the way. A quick question for the many knowledgable posters. Am serious considering buying because of desire to relocate to Irvine. Prices may continue to fall but this is a quality of life move rather than monetary. I can live with further price decline but am not willing to rent. So here are the quick questions.



1. Is it realistic to find 500-600k SFR homes out of foreclosure?

2. If I have a 20% downpayment, stellar credit and great income, but have not sold my other home, but the lenders/bank are the same, any negotiation possibility?



Thanks.
 
I can't answer #2, but there are quite a few older homes in that price range that are not foreclosures, but they probably will need quite a bit of work.
 
<a href="http://www.redfin.com/CA/Irvine/14811-Groveview-Ln-92604/home/4666331">http://www.redfin.com/CA/Irvine/14811-Groveview-Ln-92604/home/4666331</a>



<a href="http://www.redfin.com/CA/Irvine/4072-Loma-St-92604/home/4671941">http://www.redfin.com/CA/Irvine/4072-Loma-St-92604/home/4671941</a>



<a href="http://www.redfin.com/CA/Irvine/14651-Countrywood-Ln-92604/home/4665522">http://www.redfin.com/CA/Irvine/14651-Countrywood-Ln-92604/home/4665522</a>



<a href="http://www.redfin.com/CA/Irvine/10-Potomac-92620/home/4782835">http://www.redfin.com/CA/Irvine/10-Potomac-92620/home/4782835</a>



<a href="http://www.redfin.com/CA/Irvine/2-Meade-92620/home/4780350">http://www.redfin.com/CA/Irvine/2-Meade-92620/home/4780350</a>





<a href="http://www.redfin.com/CA/Irvine/29-W-Entrada-92620/home/4785766">http://www.redfin.com/CA/Irvine/29-W-Entrada-92620/home/4785766</a>



<a href="http://www.redfin.com/CA/Irvine/14251-Matisse-Ave-92606/home/4672589">http://www.redfin.com/CA/Irvine/14251-Matisse-Ave-92606/home/4672589</a>
 
[quote author="Anteater Alum" date=1225145555]The Forum is fantastic by the way. A quick question for the many knowledgable posters. Am serious considering buying because of desire to relocate to Irvine. Prices may continue to fall but this is a quality of life move rather than monetary. I can live with further price decline but am not willing to rent. So here are the quick questions.



1. Is it realistic to find 500-600k SFR homes out of foreclosure?

2. If I have a 20% downpayment, stellar credit and great income, but have not sold my other home, but the lenders/bank are the same, any negotiation possibility?



Thanks.</blockquote>
Don't do it, wait! This is coming from a former Irvine owner. The price to rent ratio is still out of whack in Irvine. Based upon rent, my condo that I sold should have been worth about $150k less than the sales price.
 
[quote author="ABC123" date=1225147563]<a href="http://www.redfin.com/CA/Irvine/14811-Groveview-Ln-92604/home/4666331">http://www.redfin.com/CA/Irvine/14811-Groveview-Ln-92604/home/4666331</a>



<a href="http://www.redfin.com/CA/Irvine/4072-Loma-St-92604/home/4671941">http://www.redfin.com/CA/Irvine/4072-Loma-St-92604/home/4671941</a>



<a href="http://www.redfin.com/CA/Irvine/14651-Countrywood-Ln-92604/home/4665522">http://www.redfin.com/CA/Irvine/14651-Countrywood-Ln-92604/home/4665522</a>



<a href="http://www.redfin.com/CA/Irvine/10-Potomac-92620/home/4782835">http://www.redfin.com/CA/Irvine/10-Potomac-92620/home/4782835</a></blockquote>
The only somewhat reasonably priced house in this bunch is Countywood. Why the hell would you by an old house for $400+/sf??? That's just nuts!
 
My perspective is that you are better off renting for eternity rather than buying. That said, the prospect of having to move when a landlord decides to up rent, or whatever, and uprooting my family is not all that appealing. For people like me, I'd rather pay for the comfort of knowing that I have a home and in an area with a great quality of life.
 
[quote author="usctrojanman29" date=1225147884]

The only somewhat reasonably priced house in this bunch is Countywood. Why the hell would you by an old house for $400+/sf??? That's just nuts!</blockquote>


Because it's Irvine, silly! Everyone wants to live here for the great quality of life.
 
[quote author="Anteater Alum" date=1225145555]The Forum is fantastic by the way. A quick question for the many knowledgable posters. Am serious considering buying because of desire to relocate to Irvine. Prices may continue to fall but this is a quality of life move rather than monetary. I can live with further price decline but am not willing to rent. So here are the quick questions.



1. Is it realistic to find 500-600k SFR homes out of foreclosure?

2. If I have a 20% downpayment, stellar credit and great income, but have not sold my other home, but the lenders/bank are the same, any negotiation possibility?



Thanks.</blockquote>


1. There are 41 SFRs currently on the MLS for sale at or under $600K in Irvine.

2. Your other debt will be counted against you (if you haven't sold your home, that includes your mortgage.) Many of the banks will require that you pre-approve through their lending staff. You do not need to buy through their loan officer, but they have two reasons for doing this: a) Assuring that you will be able to make it to the close of escrow. b) Attempting to get your business to get good loans on their own books.
 
There are also a bunch of duplexes in University Park that I didn't link. A lot of people here call University the ghetto of Irvine, but personally I like that area. Even though the houses are small, they seem to have a more spacious feeling plus a back yard.
 
[quote author="IrvineRealtor" date=1225148077][quote author="Anteater Alum" date=1225145555]The Forum is fantastic by the way. A quick question for the many knowledgable posters. Am serious considering buying because of desire to relocate to Irvine. Prices may continue to fall but this is a quality of life move rather than monetary. I can live with further price decline but am not willing to rent. So here are the quick questions.



1. Is it realistic to find 500-600k SFR homes out of foreclosure?

2. If I have a 20% downpayment, stellar credit and great income, but have not sold my other home, but the lenders/bank are the same, any negotiation possibility?



Thanks.</blockquote>


1. There are 41 SFRs currently on the MLS for sale at or under $600K in Irvine.

2. Your other debt will be counted against you (if you haven't sold your home, that includes your mortgage.) Many of the banks will require that you pre-approve through their lending staff. You do not need to buy through their loan officer, but they have two reasons for doing this: a) Assuring that you will be able to make it to the close of escrow. b) Attempting to get your business to get good loans on their own books.</blockquote>


IrvineRealtor, to point #2...wouldn't the lender work with you, to some extent, if they held both mortagages? If they had my $500k mortgage on existing home that has not sold, but they also have an REO for $500k that I would like to buy....what are the possibilities? Then again, maybe they dont give a damn.
 
[quote author="Anteater Alum" date=1225147962]My perspective is that you are better off renting for eternity rather than buying. That said, the prospect of having to move when a landlord decides to up rent, or whatever, and uprooting my family is not all that appealing. For people like me, I'd rather pay for the comfort of knowing that I have a home and in an area with a great quality of life.</blockquote>
No one is telling you to rent for eternity. Why this desire to own? Why not wait a few years and you'll be able to buy the same home for 20%+ less than you will today. There is a reason why I sold (wish I would have done it sooner).
 
[quote author="Anteater Alum" date=1225148350][quote author="IrvineRealtor" date=1225148077][quote author="Anteater Alum" date=1225145555]The Forum is fantastic by the way. A quick question for the many knowledgable posters. Am serious considering buying because of desire to relocate to Irvine. Prices may continue to fall but this is a quality of life move rather than monetary. I can live with further price decline but am not willing to rent. So here are the quick questions.



1. Is it realistic to find 500-600k SFR homes out of foreclosure?

2. If I have a 20% downpayment, stellar credit and great income, but have not sold my other home, but the lenders/bank are the same, any negotiation possibility?



Thanks.</blockquote>


1. There are 41 SFRs currently on the MLS for sale at or under $600K in Irvine.

2. Your other debt will be counted against you (if you haven't sold your home, that includes your mortgage.) Many of the banks will require that you pre-approve through their lending staff. You do not need to buy through their loan officer, but they have two reasons for doing this: a) Assuring that you will be able to make it to the close of escrow. b) Attempting to get your business to get good loans on their own books.</blockquote>


IrvineRealtor, to point #2...wouldn't the lender work with you, to some extent, if they held both mortagages? If they had my $500k mortgage on existing home that has not sold, but they also have an REO for $500k that I would like to buy....what are the possibilities? Then again, maybe they dont give a damn.</blockquote>
Unless you should them that you have a lease and receiving rental income that debt will be counted.
 
[quote author="Anteater Alum" date=1225148350]

IrvineRealtor, to point #2...wouldn't the lender work with you, to some extent, if they held both mortagages? If they had my $500k mortgage on existing home that has not sold, but they also have an REO for $500k that I would like to buy....what are the possibilities? Then again, maybe they dont give a damn.</blockquote>


My guess is that it would have quite the opposite effect. You are effectively dividing a jumbo, pardon me... "jumbo conforming" loan into two parts and taking advantage of two smaller loans at lower rates. They'd probably do a more intensive search on your background and determine how your qualification jumped from half a million to a full million. They may even require a higher deposit, up to 50%.



If your income and debt support the purchase you shouldn't have any problem, but you won't find any <u>advantages</u> going to the same lender. As you wrote, as long as you fit in their guidelines, <strong>they don't give a damn.</strong>



To put this in other terms, if you loaned me money to buy a clearly depreciating asset, would you "work with me" so that I could buy twice as much and double your exposure, while giving me the same rate?
 
[quote author="usctrojanman29" date=1225148946][quote author="Anteater Alum" date=1225147962]My perspective is that you are better off renting for eternity rather than buying. That said, the prospect of having to move when a landlord decides to up rent, or whatever, and uprooting my family is not all that appealing. For people like me, I'd rather pay for the comfort of knowing that I have a home and in an area with a great quality of life.</blockquote>
No one is telling you to rent for eternity. Why this desire to own? Why not wait a few years and you'll be able to buy the same home for 20%+ less than you will today. There is a reason why I sold (wish I would have done it sooner).</blockquote>


Pretty soon, I will live in Irvine longer then I live anywhere else. I'm not sure it makes a big difference whether I rent or own (except I would totally redo this house or not buy this house period). Other than that I can still hang pictures on the wall, do my garden, wash my car in the driveway.



PS: Irvine changed a lot since I last live here. I now notice the noisy train at night and it's more crowded.
 
Are there any "bad" areas in Irvine? By this, I don't mean ghetto or rampant crimes. Certainly some neighborhoods are better, or more affluent than others, but is there any areas to steer clear from? Looking for a middle to upper middle class development with proximity to train, hospitals, parks, etc. Thanks.
 
You want to stay away from the Villages of Columbus development, if for no other reason it's a shithole.



Other than VoC there the rest of Irvine is fine if you're looking for that sort of housing.
 
I will not buy on top of the <a href="http://www.irwd.com/WaterQuality/IDP/IDPmap_Aug2008.pdf">TCE pool</a> but that's just me.
 
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