Irvine Housing Blog

>>This property was purchased near the peak on 6/28/2006 for $1,891,000. The owner used a $1,511,200 first mortgage, and a $379,800 down payment. Wow, that must suck. This guy is losing all of his money<<

This is likely not this guy’s first property. So, he is simply giving back some of his bubbly profit from last property.

Sadly, I think he is a little late trying to get out at this still inflated price.

Hope that he will not strip the house down no matter what is coming.

Considering the illiterate and incoherent listings that get posted for these places, have you ever had the feeling that realtors learn how to read and write by studying comments on YouTube?

I don’t know anything about California law and practice, but in my state many lenders use a “Deed to Secure Debt and Security Agreement” which covers many items which would otherwise be personal property.  Moreover, the state penal code makes it a crime to endanger the lender’s security interest by removing, destroying, transfering, etc. property subject to that security interest.

It’s never ever enforced.  The special assets department that would go after somebody is understaffed for the good times, and even if they did, most of the borrowers file BK and dump all thier debt after losing the house.  No assets: no collections.

From Patrick.net, very interesting article about high-income earners who are in a tough spot.  Irvine Renter, you might enjoy reading about the realtor (page 5) who was making $350K/year, but bought a $525K home with no money down.  You would think that someone making $350K a year would at least have saved enough for a 20-50% down payment.  What did these people do with their money?  Sheesh! Some of these people really did think prices would keep going up indefinitely. Perhaps they listened to Gary Watts a little too closely. 
http://www.washingtonpost.com/wp-dyn/content/article/2009/01/16/AR2009011604724.html?referrer=emailarticle&ref=patrick.net

As someone facing foreclosure, I plan to leave the house clean and intact. I’ll take the washer and dryer and fridge, as I moved those in. I’m leaving the garage door opener, even though I moved it in, it’s part of the house now. I’m leaving the new bathroom fixtures and appliances we installed. The garage shelves will be up to my dad, we’ll probably take them, as they’ve moved with me through several rentals previously.

I think the people who trash the houses should be charged with a crime. As much as everyone wants to blame someone else, it’s mostly our fault we’re in this situation (‘our’ as in troubled homeowners). Trashing the house isn’t going to help, it’s only going to hurt everyone. I’ve heard stories of people smashing granite countertops and punching holes in drywall. A co-worker just bought a fixer upper with drywall holes and no bathroom fixtures.
To me, that is a crime.

This is a beautiful house, one of the most attractive you’ve featured here. Sure hope it doesn’t get stripped, but most people don’t do that.

We’ve seen a number of stripped houses in higher price brackets here. Mansions on the West Side priced at $1.4M that have no kitchens or bath fixtures, but it’s really not typical.

I have always understood that anything that came attached to the walls when you bought the place was a “fixture”, but that items you attached yourself are “personal property”, with some important distinctions. Usually, really basic things like the new kitchen cabinets you installed last year are “fixtures” because they are basic necessities. Same with bath fixtures and fittings, from plumbing fixtures to towel rails.

But something like your mother’s crystal chandelier is “personal property”. However,make sure you take the thing down before you show the house for sale, or it becomes something you must include.

“with 2-CAR ATT.GAR”

Yes, for a home of this caliber I’m glad the realtard found it necessary to point out it has an attached garage.  When I buy a Lexus I like to see that “steering wheel” is also included.

$1.6 mil for a house and you get a 2-car garage.  Burn.

I for one would prefer to see REPOs trashed for two reasons: 

(1) A trashed house will no affect the comps so much. 
(2) A trashed house is a fixer upper and it gives the new owner the opportunity to put the stuff they like and not pay RE taxes on it.  I mean, not everyone likes granite.

Nice job IR. I just saw OC Weekly blogged about today’s IHB post.

Hmmm. This is one of them “ethical questions.”

Methinks that there are shades of grey. The former owner pulls out a few light fixtures that he really likes, or takes the washer/dryer or fridge…not that big a deal (particularly as those appliances are often included or NOT included in the sale, indicating to me that they are, in some sense, separate from the real estate). However, once it strays from “typical” or “understandable” it’s a darker shade of grey.

I think my order would go something like this, from light to dark:
window dressing things (blinds, rods, whatever)
washer/dryer
fridge
a couple of light fixtures
security system
dishwasher
range/oven
doorknobs
ALL the light fixtures
all the copper in the house

That ad was flagged for removal, btw.

Tough call. Maybe the lender deserves it.

:o)

Regarding “fixer-uppers-”...

It is *very difficult* to “fix up” a trashed house with any hope of getting your money out of it. The work is never-ending and difficult. To fix “broken stuff” a nightmare. Sure, lots of stories about fixer-uppers who made money (zillions of people lost-their-shirt attempting a fix-up, somehow you don’t hear much about them).

Point: I’m a 62yo guy (retired in QH, renting) and really good w/tools. A neighbor 20-something kid (who fixed my computer) told me “...there is no “shop” in school anymore. We no nothing of tools”. This makes an entire generation prey to “contractors” oh-yeah there’s an honest bunch :-(

250 sq. ft. Drywall, $1850 obo