Irvine Housing Blog

I suppose I’m missing something about the Mission Viejo condo.

It is quoted as being “not a short sale or bank owned property”, yet the details have it being purchased for $596K in March THIS YEAR and now being on sale for $279,990.

So who’s taking the loss?

That property looks decent but I’m not overly familiar with Irvine.
I have a question for the faithful followers here.

If one was to buy right now would you go with an FHA 3.5% down even with the 2.25% premium (which in some instances is financed too), or would it be better to put 20% down?
The low down payment seems to be a way of hedging your bet in case prices tank. If they did one could walk..err..I mean squat for a year or so and not lose much at all.
That’s not my intention but all these people working the system has got me thinking even though I could easily afford the 20% down on a good property.
Any thoughts?

There were some comments a while back about one of the Real Housewives of Orange Country going into foreclosure.  Well, per today’s NY Post the ‘virus’ of financial wrecks on this show has now spread to Teresa Guidice of Real Housewives of New Jersey who appears to be in bankruptcy.  She made what I think was one of the classiest lines ever on this series “I’m thinking of getting my boobies done but my husband is an ass man”

[url=“http://www.nypost.com/p/news/local
/deadbeat_reality_8f3qwDPV2oY8s9N51fL82I”]Spendaholic Housewife owes $11m[/url]

My inclination is to put 20% down but not until prices fall a bit further closer to the coastal areas. (I’m in HB and I think it’s still way too overpriced here).
If I put 20% down today and prices fell by 15-20% I might be looking at a place that has lost 100k in value. That 100k can go a long ways towards my kids education(or even better my retirement). I was thinking by going FHA it might give me an easy choice about walking away in a couple (few?) years if the market tanked further.
My common sense tells me to wait but it’s getting tiring on the sidelines and the family is getting bigger.

I totally agree with you. We are leasing a place here while renting two other smaller condos we own in Long Beach.
My inclination is to offer low enough that would reflect a price drop if we saw something we liked or just wait it out. The wife is not as patient as I am though.
My question proposed is somewhat hypothetical. Given all the squatting we’ve seen and the year or more it takes for banks to foreclose it seems that a 3.5% FHA loan would make more sense in this market. If the market tanked you could walk away and not lose much. If you had substantial cash you could then go purchase something in cash after squatting for a year or more also.
I’m not saying this is morally right by ant means or that I would do this but after seeing how so many have milked the system I have to ask myself sometimes why not?

I might use FHA with 10% down on a very elegant old condo with incredible architecture that I’m looking at that is being offered at a ludicrously cheap price- a 3 bed 2 bath 1800 sq footer in my area for $75K. I could use my other cash to do some necessary work the place needs and, most important, because I want to maintain my cash reserve so that I never have a problem paying the maintenance and repairs and taxes (rather high).

But I might not be able to go FHA because it needs the work. It is 80% rehabbed but there still a few things to be done to make it habitable.

So, does anyone know if you can get FHA for a place that needs perhaps $10K worth of work and appliances to be livable? Is there a special type of FHA loan for a “fixer-upper”?

It seems as if the govt is encouraging squatting with walkaway “3.5% down payments” that would not even cover the squatting mortgage or even the RE taxes and penalties for 2 years of squatting.

The govt. is encouraging less than honorable behavior or are they providing selective stimulus package or relief? 

Is the featured property a McStacker—1900 sf on 3 floors?

Depending on the seller, the properties may not be put on the MLS

So, the realtard is intentionally limiting the visibility on his client’s property, a clear violation of his fiduciary duties. Well, they’re realtards, so no surprise there.

if the offer is attractive, and the property may bypass the MLS entirely.

On the other hand, if IHBrokers can help them fool some sucker into overpaying by leveraging IHBlog’s rep for honesty and integrity, they’ll skip the hassle and expense of an MLS listing.

Truth? Integrity? Pfft, who needs ‘em?!

I give massive props to IR for his work on the IHBlog, but everything that I see coming out of IHBrokers is a betrayal of those years of honest and candid work on the IHBlog. How did such a good and honest endeavor get co-opted by the same sleazy con-men that it set out to expose?

-Darth

Week of finals for High School seniors (most of them are in full blown senioritys by now since the AP exams are done, scholarships are in and college acceptances are a done deal).  Which means us parent got to keep an eye for the parties (Graduation is on June 22 at most IUSD high schools).

Week before finals for everyone else.. which means they got to study and need our help.

Dude, next time check out the IUSD schedule…. thanks for the thought though.

Wow.  I haven’t been here in a while and I came back to see this web site turned into some commercial service peddling real estate.

Disappointed.

IR-why no commenting on the exclusive access properties?  Also, don’t know MV rents much…how much would MV condo rent for?