Trojan's return to home ownership in Irvine

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If you low balled the short sale price right at the beginning, how come the seller didn't wait 2 weeks to get more offers?
It seems the agent and sellers jumped the gun taking your offer first before getting other offers.
 
USC,

Congratulations!!! I wish you much health and happiness in your new home. You went through a lot of work to get your place but in the end it sounds like it was worth it.
 
zubs said:
If you low balled the short sale price right at the beginning, how come the seller didn't wait 2 weeks to get more offers?
It seems the agent and sellers jumped the gun taking your offer first before getting other offers.
Click to expand...
Based on USC's story... not sure if his was the first or only offer. He said it was 2 or 3 months before they told him something, so maybe they worked on other offers and they dropped out and then ended up with his. Hopefully USC can clear that up.

But that's what I hear about shorts, if you are patient, it will work out for you because it takes a while for the banks to approve a short price and by then, competing buyers may have moved on. That's what happened to two of my friends as they were not the first offers in... and one of them got in for UNDER the list price which was already low as a bait price.
 
zubs said:
If you low balled the short sale price right at the beginning, how come the seller didn't wait 2 weeks to get more offers?
It seems the agent and sellers jumped the gun taking your offer first before getting other offers.
Click to expand...
The house was scheduled to be foreclosed on about 50 days after the property was listed so I think time was of the essense.  My sense is that the husband was a lot more motivated to get the short sale done because he didn't want a foreclosure on his credit.  As they say....the early bird catches the worm.  That being said, it was nice seeing that the highest back up offer was $25k higher than my offer amount/purchase price.  :D
 
iacrenter said:
USC,

Congratulations!!! I wish you much health and happiness in your new home. You went through a lot of work to get your place but in the end it sounds like it was worth it.
Click to expand...
It was definitely a roller coaster of a ride and there were several things I thought it wasn't going to happen, but it all worked out in the end and that's what counts.  It was so nice using that pool and spa this past weekend.
 
irvinehomeowner said:
zubs said:
If you low balled the short sale price right at the beginning, how come the seller didn't wait 2 weeks to get more offers?
It seems the agent and sellers jumped the gun taking your offer first before getting other offers.
Click to expand...
Based on USC's story... not sure if his was the first or only offer. He said it was 2 or 3 months before they told him something, so maybe they worked on other offers and they dropped out and then ended up with his. Hopefully USC can clear that up.

But that's what I hear about shorts, if you are patient, it will work out for you because it takes a while for the banks to approve a short price and by then, competing buyers may have moved on. That's what happened to two of my friends as they were not the first offers in... and one of them got in for UNDER the list price which was already low as a bait price.
Click to expand...
I submitted my offer 2 days after the home was listed and within one week the listing agent called me to let me know that my offer was signed off by the sellers and submitted to the bank for short sale approval.  The other buyers/offers came along later on.  My offer price was based upon an expectation that the bank would counter back with something higher and to account for a remodeling budget amount that I had in my mind.  Even with me having to kick in an extra $10k for the 2nd loan, the total price was still below my max price.  Besides, I also got all of the buyer agent commission less my broker transaction fee. 
 
The value village is where you get the biggest bang for your bucks. TUSD's Myford, Orchard and Beckman are really good schools. Asian average API scores at all three surpassed all Irvine schools. First you got to knock up an Asian girl so you future kids could be in that high API racial category so don't go around knocking up Qwerty's relatives.

An ample size yard allowed amenities like a pool and spas. Both Fieldstone and Lewis were the 90's recession products on larger lots by Irvine standard.  If you bought in either one of both tracts then I knew you were not paying attention to the elevation. That's OK when you seem to enjoy your backyard and rarely sees the front of the house.

I will give a 2/3 approval of your purchase. Schools and yard size are good but elevation way under PAR. In RKP's language "dated". You are really far from landfill, jail, toll road, cell towers, high fire danger, ancient burial ground and Walmart. You did great!

There are several very large lots in legendary Patrick Star's happy ending Ivywood backing up to Jamboree and I doubt you would ever accept vehicular acceleration noise to built your Asian wife trap.

Good Luck!   
 
Nice to have your own pool instead of lazing around the beach. The privacy and access is great.  Everytime I go down to Laguna and lie near the water the locals don't know if they should coax me back into the ocean or hit me with a harpoon.
 
irvinehomeshopper said:
The value village is where you get the biggest bang for your bucks. TUSD's Myford, Orchard and Beckman are really good schools. Asian average API scores at all three surpassed all Irvine schools. First you got to knock up an Asian girl so you future kids could be in that high API racial category so don't go around knocking up Qwerty's relatives.

An ample size yard allowed amenities like a pool and spas. Both Fieldstone and Lewis were the 90's recession products on larger lots by Irvine standard.  If you bought in either one of both tracts then I knew you were not paying attention to the elevation. That's OK when you seem to enjoy your backyard and rarely sees the front of the house.

I will give a 2/3 approval of your purchase. Schools and yard size are good but elevation way under PAR. In RKP's language "dated". You are really far from landfill, jail, toll road, cell towers, high fire danger, ancient burial ground and Walmart. You did great!

There are several very large lots in legendary Patrick Star's happy ending Ivywood backing up to Jamboree and I doubt you would ever accept vehicular acceleration noise to built your Asian wife trap.

Good Luck!   
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For the price that I paid, I'm pretty happy.  The front lanscaping needs a little work and I do have painting the exterior of the home on my list of remodel projects.  I think I'll love the pool/spa and built-in BBQ more and more as I continue to these them.  The location was a big positive for me being far enough (but yet close enough) to the 5 Freeway, can hope onto the tollroad if I want to bypass the Jamboree traffic heading South, and having Tustin Marketplace within 2 miles is great.  The master bedroom (faces NE) gets great light in the morning as the sun rises and hits it in the morning with afternoon shade in the backyard.  It's not perfect by any means, but I'm enjoying it more and more.  You don't understand how nice it was to wash my car in the driveway.  :D
 
He is now an official goldmine. he holds both house deed and citizenship paper. Take that to China or anywhere in Asia he could come back with one wife and 10 concubines. They can all settle in his spa and each can massaged  one of his toes. I suggested 11 so you do the math. ;) 
Baby Irvine said:
Enough about the house. When are you getting married bro?
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USCTrojanCPA said:
WoodburyDad said:
Congrats on the purchase of your new home USC!
It looks like it was listed and delisted a few times
When did you know that you were in the running, when it went pending?
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Listing agent told me about a week after I submitted the offer that it was signed by the sellers and was submitted to the bank for approval.  Honestly, having dealt with the amount of short sales for my buyers I didn't put a lot of hope in getting the home (kind of a shot in the dark) but it all turned out for the best.
Click to expand...

Thanks for sharing your story.
I could see how short sales can be difficult.
These sellers were losing a home that they lived in for close to 12 years, since 1999.
Looks like over the last few years, they struggled to try and hang on.
The stress involved, such things are never easy particularly on a marriage.
Overall, the actual process though seems to have been pretty straightforward.
Sellers listed within a few weeks of receiving the NOD, took your offer and moved forward with it.
The auction sale was postponed only once before closing, which isn't bad at all.

 
WoodburyDad said:
USCTrojanCPA said:
WoodburyDad said:
Congrats on the purchase of your new home USC!
It looks like it was listed and delisted a few times
When did you know that you were in the running, when it went pending?
Click to expand...
Listing agent told me about a week after I submitted the offer that it was signed by the sellers and was submitted to the bank for approval.  Honestly, having dealt with the amount of short sales for my buyers I didn't put a lot of hope in getting the home (kind of a shot in the dark) but it all turned out for the best.
Click to expand...

Thanks for sharing your story.
I could see how short sales can be difficult.
These sellers were losing a home that they lived in for close to 12 years, since 1999.
Looks like over the last few years, they struggled to try and hang on.
The stress involved, such things are never easy particularly on a marriage.
Overall, the actual process though seems to have been pretty straightforward.
Sellers listed within a few weeks of receiving the NOD, took your offer and moved forward with it.
The auction sale was postponed only once before closing, which isn't bad at all.
Click to expand...
Their problem is that they were serial cash out refi'ers.  The pool/spa, BBQ, and rear hardscaping were put in about 5 years ago from what the neighbors told me.  My home inspector said they probably spent about $100k for everything in the backyard....the bank's loss and my gain i guess. 

Actually, they listed their home within a week of getting the NTS (Notice of Trustee Sale).  The listing agent actually postponed the auction 3 times (each for one month).  Obviously the listing agent's incentive was the commission and they even got each of us a 3% commission instead of the 2.5% that they put in the MLS listing.  Overall, the listing agent was a pleasure to work with and was very professional.  Which leads me to state the obvious....a good listing agent will make all the difference in the world when it comes actually being able to close on a short sale.
 
So you were first... and because this was a divorce-avoid-the-foreclosure sale... it sounds like they just wanted to push the first one through as fast as possible. Timing is everything.

Most other shorts seem to just sit around because the seller isn't motivated and may be living in the house for free.
 
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