What Happened Here? (sorry long post)

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IrvineHunter_IHB

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<p>Hello all, i'm a long time lurker, but 1st time poster. i want to thank the mods and administrators for a great and informative forum. I have a question for all. We moved down to Irvine from SF in July 2005 and we were looking to buy a place. but, it was tough trying to buy a place from 500 miles away. We went with a realtor and were shocked at how high prices were in Orange County. We were interested in this property: 10501 Prather Lane in Tustin CA (sorry, i know this is an Irvine blog). it was listed for 965K and when we looked at the property it had been sitting on the market for 20+ days. which back in the "boom" was an eternity. the house did not show well and needed some fixing to do. we put an offer for 900K and our realtor was pissed. he almost didn't want to do the contract. but we told him we weren't going any higher. a few hrs after we submitted the offer, we were told that another offer all of a suddenly appeared (after 20 days of nothing) that was over the asking price, and our realtor told us that it is a multiple offer situation and if were interested in bidding even higher. we said forget about it....and we told the realtor to take a hike as well. </p>

<p>now, just out of curiosity, i went to zillow.com at the sales history, and sure enough, in 6/05, the house sold for 994K (remember, list price was 965K). then, in 1/07 it is listed as having been sold for 841K (???), and then 3 mos later in 4/07, sold for 920K. i suspected something funny was going on back in 6-05 and this kind of confirms it. if it isn't too much trouble, for those who have access to title records, etc. is this sale history info from zillow accurate? thanks again for a great forum.</p>
 
<p>IrvineHunter,</p>

<p>My quick search shows the home was a bank-owned and went through a foreclosure sale on 4/07. The previous borrower refinanced at $1.08M and went into default. Bank bought back at $841K.</p>

<p> </p>
 
<p>IrvineHunter - Welcome to the forums and good to see another former lurker ask a question. While we focus on Irvine we have nothing against the rest of OC. By the way what brought you down from the bay area and where (if you don't mind me asking) were you living? I lived in the the east bay for over 3 years and went to school in the city. There are many things about the bay area I miss that you can't find here.</p>

<p>Anyway you found a good one and looks like a fraud case to me.</p>

<p>On June 23rd, 2005 this place was bought for $994k with 100% financing.</p>

<p>Then on November 1st, 2005 the refi'd for probably 100% of the "value" for $1.08mil pocketing around $80k.</p>

<p>Oops then on January 31st, 2007 the bank had to buy it back $841,500.</p>

<p>It's not over yet but on April 13th, 2007 a new sucker bought it for $920k.</p>

<p>Too bad no one told the neighbor at 10490 Prather because they just listed their home for $1,034,500.</p>

<p>I hope you read my posts as you would know that I can be a little sarcastic. But if they had accepted your $900k offer US Bank and Credit Suisse wouldn't have lost $250k.</p>
 
<p>Thanks for your quick replies. I knew something fishy was going on. graphrix- that's okay, i like your sarcastic comments. we lived in San Francisco for 2 years, moved down because of the job. we had so many horrible experiences, not only with the realtor involved with the Prather property but with others during our home search that we finally dispensed with them completely.</p>

<p>after the Prather fiasco, we looked at purchasing a condo (one of the jasmine units) in quail hill, figuring, let's not spend 900+ for a home but get a cheaper condo. after all, we lived in a small apt SF, so the jasmine ones felt huge. but, we got jerked around so much by both our new realtor and the listing realtors that we finally gave up on it. now, looking how the jasmine condos are tanking, i'm so glad we didn't get sucked into the phony bidding wars that they wanted us to get into. </p>

<p> </p>
 
IrvineHunter - My experience has been that 90% of the re agents I have talked with or had dealings with are liars. We found it so disheartening to entrust large parts of a decision making process to someone, only to find out they were constantly lying. My experience has been that most re agents will say anything to close a deal. We seem to have had much better experiences by omitting the buyer's agent completely, and it seems it may be getting easier and more common to also eliminate a full commission seller's agent.<p>



My father taught me something about buying a car. He says you are paying too much unless you have gotten kicked off of at least three dealership lots. So, maybe this can be extended to, you are paying too much for a property unless the agent writing the offer contract is pissed.<p>



I like graphrix's sarcastic comments also.
 
<p>awgee,</p>

<p>I am sorry to hear that you do not have much luck with RE agents. And there is an explanation for your situation. Usually It truly comes down to personal relationship! True? Look at your own relationship with people whom you have relationship with. </p>

<p>There are many cliches for the explanation: mirroring, glass is either half-full or half-empty, what goes around comes around, buyers are liars, treat others as you want to be treated, the list goes on and on......</p>

<p>It rarely works when there is a distrust between agent and client. </p>

<p>I advise you to be very careful when you are on your own as dishonest people or fraudsters capitalize on FSBOs or FSBBs.</p>
 
nirvinerealtor- you seem to be one of the honorable realtors. but, back to awgee's point of less than honest agents, when our realtor at the time was showing us homes in northpark and northwood pointe (back in 2005), we noticed all that open land above portola parkway (the future home of orchard hills) and we asked him are they going to be building more new homes and he told us no, that's why we should hurry up and buy a home now. it was so crazy back then, i remember seeing a house and then no sooner then we had stepped out of the house, we would be told that there are potentially multiple offers and we have to decide right then and there. since we were from out of town, knew nothing of the neighborhoods, etc. we just couldn't bear the thought of making a huge purchase after one showing. but then voila, portola springs and orchard hills suddenly popped up.
 
<p>IrvineHunter,</p>

<p>The Irvine Company is very controlling when it comes to new home inventory (almost a market manipulation). This is the main reason why I feel safe investing in Irvine. Builders can not even release a new phase unless TIC say they can; eventhough you see the lots are graded and ready to built. Your agent back in 2005 would not have any visability of when and if Ochard Hills and PS open when the land were untouched. Your agent should have direct you to TIC.</p>

<p>I spoke to a TIC VP at the OH shopping center a few days ago. I wanted to know when the builder will start to build the very first model home for OH. The anwer I got was he is not aware of any date. </p>

<p>As far as offers go, most good agents will have a good pulse of the market. I think your agent was honest when he/she told you about the multiple offers as agents do extract information from the listing agents. And I would think you as buyer could tell if your agent is not being honest with you. </p>
 
Buyer shall NEVER trust agent, NEVER... reason is the current system does not set up in a way that his interest is the same as yours.


so REMEMBER, never TRUST what your agent says.
 
no-buck - It seems you have personal trust and relationship problems also. Maybe you and I need to form a "trust your agent" awareness group, because according to Nir, not trusting re agents is a personal problem and the issue of re agents being liars does not need to be addressed. And maybe IrvineHunter should join the group since he thinks the agents are engaged in phony, (read lying), bidding wars. Anybody else want to join? Is there anybody else who thinks re agents lie?<p>

Do you know how to tell if a real estate agent is lying?<p>

They are talking.<p>

( I don't know how to add one of those smiley faces )
 
They may not always be dishonest, but they are only looking after their commissions and not the long term interests of buyers/sellers.





Go to any open house and notice that realtors only try to cross market their other listings and try to get new clients.





They never tell you the correct story of why seller is selling the property, they always seem to have very serious buyers for the property and at least one offer expected in a day or two, they always ask for your phone number and follow up with you in next couple of days. Additionally, they always seem to think that potential buyers know nothing about the property or local market.





On a positive note, I have noticed that they are not scoffing at cautious buyers nowadays...
 
<em>"Your agent back in 2005 would not have any visability of when and if Orchard Hills and PS open when the land were untouched."</em>





Actually, no. I recall when Sukhee Kang first ran for city council in 2004(?) and he was talking about maybe trying to stop OH because the North Park residents didn't want it. Also, the draft EIR for OH was filed on March 2005, so checking with the city Planning office would have yielded some info.





I have found the City's personnel to be very helpful. Generally, if you pick up the phone, you can get the info you're looking for.
 
<p>awgee,</p>

<p>If you ever becoming a real estate agent, you will experience the kind of abuse that we get from both sellers and buyers. Buyers and sellers have their own agenda and they may not always want to share with their agents. Do you think I am right? What do buyers do to agents to deserve 100% dedication and honesty? Do buyer pay agent any commission? We only know information that was disclosed. You got my point.</p>

<p>We run into sellers who secretly skim equity and more from the banks and hire agents to accomplish their goals (I see this over and over). Just one of many examples.</p>

<p>We run into buyers who just want to get information from us and to have us show them arounds, then to have their discount agent or relatives close the transaction.</p>

<p>Moreover, don't you think real estate agents should get compensated for their time? RE agents have family to support just like everyone else. Remember average salary for agent for North Irvine is only $37,000/year. Sounds like a bottom of barrel type of job to me. Sounds like I am ranting! Something I do not like to do.</p>

<p>I do not see a need to form agent awareness group. Just do not have one! Problem solved. . Likewise, if I do not trust a particular buyer or seller, I just move-on.</p>

<p>ELS,</p>

<p>I agree with you that there was a general plan for OH by 2005; however, how would IrvineHunter's agent anwer "WHEN"? 2 years? 5 years? I drove up OH and the only contruction I saw "kicking" was something that looks more like a school structure. OH models were supposed to be oepned spring 2006!</p>

<p> </p>
 
<p>I'd say look at this post to see what type of people RE agents can be.</p>

<p><a href="http://forums.irvinehousingblog.com/discussion/323/my-agent-left-/#Item_12">http://forums.irvinehousingblog.com/discussion/323/my-agent-left-/#Item_12</a></p>

<p>-bix</p>
 
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