(all right you Chipmunks! Ready to sing your song?
-Let’s sing it now!
Okay, Alvin? Alvin? ALVIN!
Christmas, Christmas time is near
Time for toys and time for cheer
We’ve been good, but we can’t last
Hurry Christmas, hurry fast
Want a plane that loops the loop
Me, I want a hula hoop
We can hardly stand the wait
Please Christmas, don’t be late.
The Christmas Song — Alvin and the Chipmunks
Income Requirement: $331,248
Downpayment Needed: $264,999
Purchase Price: $962,000
Purchase Date: 12/17/2003
Address: 139 Treehouse, Irvine, CA 92603
First Mortgage $769,342
Sq. Ft.: 3,049
$/Sq. Ft.: $435
Lot Size: –
Type: Single Family Residence
Year Built: 2003
Stories: Two Levels
View(s): City Lights, Hills, Has View
Area: Quail Hill
On Redfin: 38 days
From Redfin, “Back on the market. Buyer take over existing loans. .view side. .Gourmet Gas (5 burner cooktop) Granite kitchen. Stainless steel appliances. .2 convection ovens+microwave. .Enormous walk in pantry. Giantfamily rm/cozy fireplace. Downstairs bedroom and full bath. Wood floors thru out downstairs. .Extra lg. lgrm & DR. 2nd floor plush carpet. Fabulous master/retreat(or 5th bedrm) Separate oval tub & big stall shower. 3/4 bds. up+loft. The builder states plan 3 is 3049 Sq ft plan 2 is 2841 sq. ft. $275 mo. mello”
Buyer take over existing loans? Whoa! Think about what is going on here… This seller has taken out a negative amortization loan with a 3.6% teaser rate that is about to recast. She has also taken out a $500,000 HELOC to cash out her downpayment and likely fuel some consumer spending. Now that the bills are coming due, she wants someone else to come in and pay them. Unbelievable!!!
(I feel like such a realtor 🙁 )
Any of you want to overpay for her depreciating asset so she can pay off her bills? I will pass.