If a realtor bought the home than I guaran-damn-tee you there was slim shady cash exchanged between buyer and seller. The RE agent that made the purchase probably receive a good portion of the commissions. In addition they probably received 103% financing that some crazy banks are still offering, which gives the buyers cash at closing.
Carlton Sheets?? LOL
Posted by noshellsnail on 07/10/07 at 07:19 AM
These properties are actually not very desirable. The MLS description does not mention they are few feet away from the 405. I used to live there and know the constant humming noise from the FWY. ——-
Posted by Ed on 07/10/07 at 07:33 AM
The 5 Bottle Tree listing actually did have an error—the word “and” repeated twice at the end.
Thanks for your great work!
Posted by No_Such_Reality on 07/10/07 at 07:38 AM
They bought and put it back on the market 30 days later with a 30% price increase?
Did they do any work? From the looks of the photos, I can’t see anything that was done. I see a dead grass by the patio with dead trellis vines, blanco cabinets from home depot with a white generic range, white ceramic tile counter top circa 1980 (how is that possible in a house built in 2000?), I see smudges on the generic white “freshly painted” walls, some junk in the middle of the wood flooring, “new” carpet that already looks to be showing wear, two generic white bathrooms with corian countertops and no idea whats on the floor.
So what did they do? Slop a coat of generic white on all the walls and put in cheap beige carpet and up the price $200K? Are they kidding me? Do they think we’re stupid? My RE agent can have a couple guys in to do that for $5000 in three days after I buy it.
Posted by Major Schadenfreude on 07/10/07 at 07:42 AM
Enjoying the show?
I certainly am, thanks!
We are just in Act I of a very long show, but I wish we could fast-forward to the end. However, I know the intervening acts will be a pleasure to watch too.
Posted by CrucialTaunt on 07/10/07 at 08:11 AM
“I suppose each one helps empty my Reservoir of Schadenfreude.“ - IR
I am officially proclaiming your reservoir to be deep and abrasive enough to qualify as an an “Endless Ocean of Schadenfreude.“
IR - You make renting imminently bearable! Thanks!
Posted by tim b. on 07/10/07 at 08:12 AM
FYI: The property at 5 Bottle Brush is a foreclosure, currently owned by HSBC Mortgage Services Inc. I think that would explain the dead grass and the lack of updating.
Posted by Richie on 07/10/07 at 09:54 AM
I see smudges on the generic white “freshly painted” walls,
My 14-year-old stepson must have visited.
Posted by awgee on 07/10/07 at 10:08 AM
Do you need some popcorn? We have extra.
Posted by Major Schadenfreude on 07/10/07 at 10:42 AM
Yes, I would like some popcorn AND some kleenex please - to wipe away the tears…OF LAUGHTER!!!
Thanks for that info. Being a foreclosure, that might explain what looks like indoor “road-kill” on the wood floor near the fire place.
I am surprised they did not continually lower the price until it sold. I have seen many REOs come on the market at the high price and then they lower it a few days later and claim that there has been a huge price reduction.
Posted by Major Schadenfreude on 07/10/07 at 10:47 AM
I just went to the HSBC Mortgage Services Inc. web site, but I couldn’t find a link for “Employment Opportunities”.
I wonder why?
Posted by Incredulous on 07/10/07 at 11:05 AM
On the Commonwealth ad, the last sentence is actually three sentences without punctuation. There should be a new sentence starting with the word upgrades (which, of course, should be capitalized) and another sentence starting with call owner.
No misspelled words but the grammar needs work - along with the price.
Posted by Aboot on 07/10/07 at 11:09 AM
Does anyone else get a happy feeling looking at the Kool-Aid man? He just cheered me up.
Posted by No_Such_Reality on 07/10/07 at 11:26 AM
When did it becomes a foreclosure? Was that the February sale the bank Repo?
If the Bank took it bank at $615K why would they put it on the market at $815K?
Posted by lendingmaestro on 07/10/07 at 11:33 AM
Don’t all realtors and most Irvine homeowners know that we can get access to what they bought it for a couple months ago? What realtor could possibly allow the sellers to list at that price.
The only explanation would be if the borrowers bought the home for 615k and the appraisal at the time of purchase was 815k. They must have thought…“What an awesome deal!!“
Newsflash people, the house is only worth what someone is willing to pay for it, NOT what it appraises for.
Posted by lee in irvine on 07/10/07 at 11:55 AM
“Newsflash people, the house is only worth what someone is willing to pay for it, NOT what it appraises for.“
Actually, I’d like to add to that—the home is only worth what a third-party lending institution is willing to loan a motivated buyer.
Pass the popcorn down here.
Posted by Ranger Rick on 07/10/07 at 12:12 PM
Can you tell what the occupation of the buyer is? I’m hoping it is a realtor so they can get two helpings of Schadenfreude!!!!!!!
“If the Bank took it bank at $615K why would they put it on the market at $815K?“
Because the bank is still drinking the Kool-Aid. They are in utter chaos in the foreclosure department. I know of two foreclosures in Ladera by the same bank and the same floor plan with the same upgrades. One property has been reduced down to $470k and the other is still at $550k. They have no clue what is going on.
I imagine the genius (sarcasm intended) who wrote their loss mitigation procedures told them to start out at the total cost of all outstanding loans plus any foreclosure costs. This was probably a 100% financing deal, so the bank is in for $615K x 1.25 = $768K plus foreclosure costs. So they start at 815K and chase the market down.
If they lower it quickly enough, the might find a buyer / GF at $675K.
The HSBC bank mortage Service branch tried to make some quick bucks so that they bought it from RECONTRUST which was servicing the forclosure on this house in Feb. They must think it was really a bargain.
Posted by henry on 07/10/07 at 01:46 PM
It is if it sold. It is a business decision so your popcorn can get cold on this. I expect it will be on the market for a long time. In Feb, I think it was a insider deal or bulk deal.
Posted by No_Such_Reality on 07/10/07 at 01:59 PM
Yeah, I just did a quick walk through on the Countrywide REO list. Ladera Ranch, Coto de Casa, Huntington Beach, Irvine, Laguna Hills, all have for sale prices higher than the listed sale a couple of months ago where the bank took it back.
Posted by buster on 07/10/07 at 07:43 PM
Actually, ReconTrust was the servicing agent but HSBC was on the hook for it as they were the mortgage (bag) holder. And IR is correct - when it goes to foreclosure the “sale” price is the price of the first, which is what the “no cash” bid by HSBC was. The second is squeezed out. BUT - if HSBC was the high bid at $615k, then NOBODY wanted the place for more than $615,526. And trust me, lots and lots and lots of people watch these foreclosures and go to the foreclosure sales. But not one of them wanted the place for even $1.00 more than the 1st TD. So what is the open market saying about the real value of this place - “It’s not worth $615k” And what is the market saying to those poor neighbors trying to sell for so much more—“Suckers!“
Posted by Major Schadenfreude on 07/10/07 at 08:40 PM
I do.
However, I get an even happier feeling when I see those Happy Face Rollback signs.
They are the best!
“We are rolling back prices!“ LOL!!!
Posted by buylowsellhigh on 07/10/07 at 09:38 PM
Well i’m in the market in Oak Creek and I’ve seen the pearleaf property. To me the pear leaf property is worth $650k at most, but another home with exact same plan (corner lot with view of a drainage canal) had just sold for $730k.
I made an offer of $660k for a $695k home with similar floor plan and it was declined.
Maybe I’ll make an offer of $675k on the HSBC foreclosure property and let you guys know!
Posted by lendingmaestro on 07/10/07 at 01:34 PM
If a realtor bought the home than I guaran-damn-tee you there was slim shady cash exchanged between buyer and seller. The RE agent that made the purchase probably receive a good portion of the commissions. In addition they probably received 103% financing that some crazy banks are still offering, which gives the buyers cash at closing.
Carlton Sheets?? LOL
Posted by noshellsnail on 07/10/07 at 07:19 AM
These properties are actually not very desirable. The MLS description does not mention they are few feet away from the 405. I used to live there and know the constant humming noise from the FWY.
——-
Posted by Ed on 07/10/07 at 07:33 AM
The 5 Bottle Tree listing actually did have an error—the word “and” repeated twice at the end.
Thanks for your great work!
Posted by No_Such_Reality on 07/10/07 at 07:38 AM
They bought and put it back on the market 30 days later with a 30% price increase?
Did they do any work? From the looks of the photos, I can’t see anything that was done. I see a dead grass by the patio with dead trellis vines, blanco cabinets from home depot with a white generic range, white ceramic tile counter top circa 1980 (how is that possible in a house built in 2000?), I see smudges on the generic white “freshly painted” walls, some junk in the middle of the wood flooring, “new” carpet that already looks to be showing wear, two generic white bathrooms with corian countertops and no idea whats on the floor.
So what did they do? Slop a coat of generic white on all the walls and put in cheap beige carpet and up the price $200K? Are they kidding me? Do they think we’re stupid? My RE agent can have a couple guys in to do that for $5000 in three days after I buy it.
Posted by Major Schadenfreude on 07/10/07 at 07:42 AM
Enjoying the show?
I certainly am, thanks!
We are just in Act I of a very long show, but I wish we could fast-forward to the end. However, I know the intervening acts will be a pleasure to watch too.
Posted by CrucialTaunt on 07/10/07 at 08:11 AM
“I suppose each one helps empty my Reservoir of Schadenfreude.“ - IR
I am officially proclaiming your reservoir to be deep and abrasive enough to qualify as an an “Endless Ocean of Schadenfreude.“
IR - You make renting imminently bearable! Thanks!
Posted by tim b. on 07/10/07 at 08:12 AM
FYI: The property at 5 Bottle Brush is a foreclosure, currently owned by HSBC Mortgage Services Inc. I think that would explain the dead grass and the lack of updating.
Posted by Richie on 07/10/07 at 09:54 AM
My 14-year-old stepson must have visited.
Posted by awgee on 07/10/07 at 10:08 AM
Do you need some popcorn? We have extra.
Posted by Major Schadenfreude on 07/10/07 at 10:42 AM
Yes, I would like some popcorn AND some kleenex please - to wipe away the tears…OF LAUGHTER!!!
Posted by Mr Vincent on 07/10/07 at 10:47 AM
Thanks for that info. Being a foreclosure, that might explain what looks like indoor “road-kill” on the wood floor near the fire place.
I am surprised they did not continually lower the price until it sold. I have seen many REOs come on the market at the high price and then they lower it a few days later and claim that there has been a huge price reduction.
Posted by Major Schadenfreude on 07/10/07 at 10:47 AM
I just went to the HSBC Mortgage Services Inc. web site, but I couldn’t find a link for “Employment Opportunities”.
I wonder why?
Posted by Incredulous on 07/10/07 at 11:05 AM
On the Commonwealth ad, the last sentence is actually three sentences without punctuation. There should be a new sentence starting with the word upgrades (which, of course, should be capitalized) and another sentence starting with call owner.
No misspelled words but the grammar needs work - along with the price.
Posted by Aboot on 07/10/07 at 11:09 AM
Does anyone else get a happy feeling looking at the Kool-Aid man? He just cheered me up.
Posted by No_Such_Reality on 07/10/07 at 11:26 AM
When did it becomes a foreclosure? Was that the February sale the bank Repo?
If the Bank took it bank at $615K why would they put it on the market at $815K?
Posted by lendingmaestro on 07/10/07 at 11:33 AM
Don’t all realtors and most Irvine homeowners know that we can get access to what they bought it for a couple months ago? What realtor could possibly allow the sellers to list at that price.
The only explanation would be if the borrowers bought the home for 615k and the appraisal at the time of purchase was 815k. They must have thought…“What an awesome deal!!“
Newsflash people, the house is only worth what someone is willing to pay for it, NOT what it appraises for.
Posted by lee in irvine on 07/10/07 at 11:55 AM
“Newsflash people, the house is only worth what someone is willing to pay for it, NOT what it appraises for.“
Actually, I’d like to add to that—the home is only worth what a third-party lending institution is willing to loan a motivated buyer.
Pass the popcorn down here.
Posted by Ranger Rick on 07/10/07 at 12:12 PM
Can you tell what the occupation of the buyer is? I’m hoping it is a realtor so they can get two helpings of Schadenfreude!!!!!!!
Posted by graphrix on 07/10/07 at 12:41 PM
“If the Bank took it bank at $615K why would they put it on the market at $815K?“
Because the bank is still drinking the Kool-Aid. They are in utter chaos in the foreclosure department. I know of two foreclosures in Ladera by the same bank and the same floor plan with the same upgrades. One property has been reduced down to $470k and the other is still at $550k. They have no clue what is going on.
Posted by IrvineRenter on 07/10/07 at 01:19 PM
I imagine the genius (sarcasm intended) who wrote their loss mitigation procedures told them to start out at the total cost of all outstanding loans plus any foreclosure costs. This was probably a 100% financing deal, so the bank is in for $615K x 1.25 = $768K plus foreclosure costs. So they start at 815K and chase the market down.
If they lower it quickly enough, the might find a buyer / GF at $675K.
Posted by IrvineRenter on 07/10/07 at 01:20 PM
Did you see this post?
Whiner, Whiner, Whiner
It was a realtor who got burned as a flipper.
Posted by henry on 07/10/07 at 01:40 PM
The HSBC bank mortage Service branch tried to make some quick bucks so that they bought it from RECONTRUST which was servicing the forclosure on this house in Feb. They must think it was really a bargain.
Posted by henry on 07/10/07 at 01:46 PM
It is if it sold. It is a business decision so your popcorn can get cold on this. I expect it will be on the market for a long time. In Feb, I think it was a insider deal or bulk deal.
Posted by No_Such_Reality on 07/10/07 at 01:59 PM
Yeah, I just did a quick walk through on the Countrywide REO list. Ladera Ranch, Coto de Casa, Huntington Beach, Irvine, Laguna Hills, all have for sale prices higher than the listed sale a couple of months ago where the bank took it back.
Posted by buster on 07/10/07 at 07:43 PM
Actually, ReconTrust was the servicing agent but HSBC was on the hook for it as they were the mortgage (bag) holder. And IR is correct - when it goes to foreclosure the “sale” price is the price of the first, which is what the “no cash” bid by HSBC was. The second is squeezed out. BUT - if HSBC was the high bid at $615k, then NOBODY wanted the place for more than $615,526. And trust me, lots and lots and lots of people watch these foreclosures and go to the foreclosure sales. But not one of them wanted the place for even $1.00 more than the 1st TD. So what is the open market saying about the real value of this place - “It’s not worth $615k” And what is the market saying to those poor neighbors trying to sell for so much more—“Suckers!“
Posted by Major Schadenfreude on 07/10/07 at 08:40 PM
I do.
However, I get an even happier feeling when I see those Happy Face Rollback signs.
They are the best!
“We are rolling back prices!“ LOL!!!
Posted by buylowsellhigh on 07/10/07 at 09:38 PM
Well i’m in the market in Oak Creek and I’ve seen the pearleaf property. To me the pear leaf property is worth $650k at most, but another home with exact same plan (corner lot with view of a drainage canal) had just sold for $730k.
I made an offer of $660k for a $695k home with similar floor plan and it was declined.
Maybe I’ll make an offer of $675k on the HSBC foreclosure property and let you guys know!