Wells Fargo pre-qualfication at village of Irvine
- Thread starter Very cool
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NEW -> Contingent Buyer Assistance Program
Ugh... I am reminded of all of those things... Bye bye childhood Irvine
Hello little China. Can I just have the environmental hazards only? At least that way I can die a slow blissful death in my beautiful ticky tacky Irvine home with baseball and apple pie.
actually, if you come to the Tustin school district side of Irvine, its more diverse. TUSD is FCB repellent! I've definitely noticed in my neighborhood there are few FCBs, no renters, and all owner occupied houses, many of them people who have been living in Irvine or other areas of Orange County for years, sold their old house, and moved here.
I can afford Hidden Canyon, Turtle Ridge, Quail Hill, etc. I purposely chose TUSD side of Irvine to avoid the issues that Someguy is talking about. It may not be as good of an "investment" in terms of appreciating real estate values, but this is my primary residence, and I don't treat it as an investment to be flipped for maximum financial gain.
How often does this happen? About how much money would you guess the Irvine Company makes off of this racket? One million, ten, a hundred or more?
I don't think it's very often but more in the last 2 years.
Since the non-refundable deposit is very high, these type of buyer will make sure they can get the fund ready upon closing before they put down that non-refundable deposit. But a lot can change from time of signing until the closing time and some are just unfortunate got caught in the midst of policy change.
YellowFever
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someguy
Well-known member
Dang it Jizz and your rational fact based advice! Look, Irvine bad, 4444, do not buy. The Irvine of my childhood (30 years ago) is nearly gone, but maybe there's some hope if FBs can be convinced to look elsewhere.
So, Irvine too sunny, too much traffic, drivers dangerous, too production (not custom designer brand) house, too much children playing outside, too much white people being nosy with their "hello! how's it going?" questions when they walk by a neighbor, too much pizza and burger restaurants... there must be more, what am I missing? Oh too much craft beer! Too much drug addicts using legal Marijuana! Great shame! Terrible city! 4/10 would not recommend.
So, Irvine too sunny, too much traffic, drivers dangerous, too production (not custom designer brand) house, too much children playing outside, too much white people being nosy with their "hello! how's it going?" questions when they walk by a neighbor, too much pizza and burger restaurants... there must be more, what am I missing? Oh too much craft beer! Too much drug addicts using legal Marijuana! Great shame! Terrible city! 4/10 would not recommend.
SoclosetoIrvine
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YellowFever
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Yeah, no qualifying by prefer lender, no home.
You can use other outside lender for the mortgage but still need pre-quality by the prefer lender first inorder to be offer a home.
Only way to get around this is by telling the builder that you are all cash buyer and you will required to put down a $100k to $150k non-refundable deposite.(the amount varies depends on the builder and the price of the property). And at the time of closing, you can either pay all cash or use a outside lender to obtain a mortgage to pay for the house. But with this method if buyer failed to obtain a mortgage or come up with the cash, that 6 figure deposite is gone. This had happen to a few FCB buyer from China due to their capital control.
You can use other outside lender for the mortgage but still need pre-quality by the prefer lender first inorder to be offer a home.
Only way to get around this is by telling the builder that you are all cash buyer and you will required to put down a $100k to $150k non-refundable deposite.(the amount varies depends on the builder and the price of the property). And at the time of closing, you can either pay all cash or use a outside lender to obtain a mortgage to pay for the house. But with this method if buyer failed to obtain a mortgage or come up with the cash, that 6 figure deposite is gone. This had happen to a few FCB buyer from China due to their capital control.
someguy
Well-known member
YellowFever said:
Ugh... I am reminded of all of those things... Bye bye childhood Irvine
Hello little China. Can I just have the environmental hazards only? At least that way I can die a slow blissful death in my beautiful ticky tacky Irvine home with baseball and apple pie.someguy said:
actually, if you come to the Tustin school district side of Irvine, its more diverse. TUSD is FCB repellent! I've definitely noticed in my neighborhood there are few FCBs, no renters, and all owner occupied houses, many of them people who have been living in Irvine or other areas of Orange County for years, sold their old house, and moved here.
YellowFever
New member
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YellowFever said:
I can afford Hidden Canyon, Turtle Ridge, Quail Hill, etc. I purposely chose TUSD side of Irvine to avoid the issues that Someguy is talking about. It may not be as good of an "investment" in terms of appreciating real estate values, but this is my primary residence, and I don't treat it as an investment to be flipped for maximum financial gain.
sgip
Well-known member
Back on subject - if your FICO score is reasonable, and you have a clear income (W-2 Yes, Self Employed... eh... who knows...) and can scare up enough bank statements to show a massive down payment, then you can get approved. $500k in a 401k? That works, even though you won't be touching these funds.
Are you required to close with that down payment? No. Pre-qualification is nothing more than a general "thumbs up" signal saying that you're a buyer capable under general terms to purchase.
My .02c
Soylent Green Is People.
Are you required to close with that down payment? No. Pre-qualification is nothing more than a general "thumbs up" signal saying that you're a buyer capable under general terms to purchase.
My .02c
Soylent Green Is People.
YellowFever
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Loco_local
Active member
How often does this happen? About how much money would you guess the Irvine Company makes off of this racket? One million, ten, a hundred or more?
Loco_local said:
I don't think it's very often but more in the last 2 years.
Since the non-refundable deposit is very high, these type of buyer will make sure they can get the fund ready upon closing before they put down that non-refundable deposit. But a lot can change from time of signing until the closing time and some are just unfortunate got caught in the midst of policy change.
This is not necessarily true. Not all builders in Irvine require you to be pre-approved by their lender (some will allow an alternative lender...it might impact where you fit on the "priority" list though). Even Irvine Company will let you buy at times without (in this market, the only time they probably would and even then I have no idea, would be on a standing inventory home...that said, to buy standing inventory, usually they want quick 30 day close...so you better have everything lined up and legit).YellowFever said:
YellowFever
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