Irvine_Native - Don’t worry about being kicked out. I have a couple of rental homes in Irvine and, believe it or not, the lease takes priority over the sale. The buyer takes it “subject to” the lease. Now, if it’s a month-to-month, obviously the tenant need be given only 30 days notice. The only thing that can void your lease is a 1st TD being foreclosed.
This would be a nice little retirement type home at $400k. This might as well be called a detached condo due to the size of the lot.
Whoever buys it should get a good inspector to check the place out. Actually, if its currently occupied by tenants, I would want them out and the place vacant as a contingency in the offer. When I was investing, I always preferred buying empty houses. Easier to see whats in front of you.
Yeah, thats interesting. The desc says “taking backup”, but the status says “active on market”. ——-
In a rapidly rising market, I can see why people might put in a backup offer, but why would you do this in a declining market? In a declining market you should be the only bidder on the property, and you should be lowballing the seller to tears. To knowingly compete with another buyer in a market like this is foolish. It only serves to help the seller who will use your offer to pressure the other buyer.
I suspect the “taking backup” is BS. It makes the property sound like a good deal, after all someone else is willing to pay that price. It is probably a trick of the agent. A relic of a market long gone…
Posted by Ranger Rick on 04/13/07 at 07:36 AM
“As is” with tenants in place… sounds risky to me.
Posted by Irvine_Native on 04/13/07 at 08:14 AM
Sucks to be those tenants. Gonna get kicked out. This is my fear when we move into a new rental this summer.
Posted by SoCalwatcher on 04/13/07 at 08:19 AM
I STILL scratch my head in utter disbelief to pay $700K for a 1,500 sq ft. tract house….
Posted by Donut on 04/13/07 at 09:24 AM
The desc says “taking backup”, but the status says “active on market”.
Yeah, he’s taking backup offers to having the renters!
It’s the perfect time for him to sell, the teaser rate on the ARM they bought with in Aug ‘05 either kicked off last fall or is about to kick off and fluctuate. Suddenly instead of having a nice comfy $2000 minimum payment, home-borrowerman is looking at much more substantial payment.
Posted by Justin on 04/13/07 at 10:21 AM
Just wait 1-2 years, places like this will be in the 500k range, it does have potential, a lot of nice architectural highlights, where are the flippers!!
Posted by solvingadream on 04/13/07 at 11:13 AM
I wouldn’t take it for 500k or 400k. That place is a dump. If the housing market only comes down to that point I will just keep my money in the bank, continue renting and saving, and then move some place like this (paying cash).
http://tinyurl.com/2bp536
Or cough up a little more and live in an even better place.
http://www.cbdfw.com/
Posted by Tom on 04/13/07 at 12:46 PM
solvingadream,
no offense, but Irvine is VERY different from “Dorrington, Texas”. that is, at least somewhat, why it is more expensive to live here.
I own a charming little 2 bedroom standalone investment rental property in Michigan. It is only worth about $95,000. It is about one mile from the beach along Lake Michigan which is really beautiful in the summer….but you also get sub zero temps and snow in the winter. Plus lower paying jobs, etc.
Posted by Donut on 04/13/07 at 12:51 PM
The only thing that can void your lease is a 1st TD being foreclosed.
Posted by buster on 04/13/07 at 12:48 PM
Irvine_Native - Don’t worry about being kicked out. I have a couple of rental homes in Irvine and, believe it or not, the lease takes priority over the sale. The buyer takes it “subject to” the lease. Now, if it’s a month-to-month, obviously the tenant need be given only 30 days notice. The only thing that can void your lease is a 1st TD being foreclosed.
Posted by Mr Vincent on 04/13/07 at 06:05 AM
This would be a nice little retirement type home at $400k. This might as well be called a detached condo due to the size of the lot.
Whoever buys it should get a good inspector to check the place out. Actually, if its currently occupied by tenants, I would want them out and the place vacant as a contingency in the offer. When I was investing, I always preferred buying empty houses. Easier to see whats in front of you.
Yeah, thats interesting. The desc says “taking backup”, but the status says “active on market”.
——-
Posted by IrvineRenter on 04/13/07 at 06:23 AM
In a rapidly rising market, I can see why people might put in a backup offer, but why would you do this in a declining market? In a declining market you should be the only bidder on the property, and you should be lowballing the seller to tears. To knowingly compete with another buyer in a market like this is foolish. It only serves to help the seller who will use your offer to pressure the other buyer.
I suspect the “taking backup” is BS. It makes the property sound like a good deal, after all someone else is willing to pay that price. It is probably a trick of the agent. A relic of a market long gone…
Posted by Ranger Rick on 04/13/07 at 07:36 AM
“As is” with tenants in place… sounds risky to me.
Posted by Irvine_Native on 04/13/07 at 08:14 AM
Sucks to be those tenants. Gonna get kicked out. This is my fear when we move into a new rental this summer.
Posted by SoCalwatcher on 04/13/07 at 08:19 AM
I STILL scratch my head in utter disbelief to pay $700K for a 1,500 sq ft. tract house….
Posted by Donut on 04/13/07 at 09:24 AM
The desc says “taking backup”, but the status says “active on market”.
Yeah, he’s taking backup offers to having the renters!
It’s the perfect time for him to sell, the teaser rate on the ARM they bought with in Aug ‘05 either kicked off last fall or is about to kick off and fluctuate. Suddenly instead of having a nice comfy $2000 minimum payment, home-borrowerman is looking at much more substantial payment.
Posted by Justin on 04/13/07 at 10:21 AM
Just wait 1-2 years, places like this will be in the 500k range, it does have potential, a lot of nice architectural highlights, where are the flippers!!
Posted by solvingadream on 04/13/07 at 11:13 AM
I wouldn’t take it for 500k or 400k. That place is a dump. If the housing market only comes down to that point I will just keep my money in the bank, continue renting and saving, and then move some place like this (paying cash).
http://tinyurl.com/2bp536
Or cough up a little more and live in an even better place.
http://www.cbdfw.com/
Posted by Tom on 04/13/07 at 12:46 PM
solvingadream,
no offense, but Irvine is VERY different from “Dorrington, Texas”. that is, at least somewhat, why it is more expensive to live here.
I own a charming little 2 bedroom standalone investment rental property in Michigan. It is only worth about $95,000. It is about one mile from the beach along Lake Michigan which is really beautiful in the summer….but you also get sub zero temps and snow in the winter. Plus lower paying jobs, etc.
Posted by Donut on 04/13/07 at 12:51 PM
The only thing that can void your lease is a 1st TD being foreclosed.
Unless the fist TD was a refi after the lease.