Newer Irvine listings with crazy WTF asking prices from equity sellers

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No one cares about money laundering. If they did, the OC real estate market would crash. If money laundering is suspected, realtors and escrows are to report it, but while the cash is flowing like a tsunami from Kamchatka, why would anyone go against the tides and stop the party?

If we knew who was the prior listing agent on the July sale, that would tell us something. If we had the new owners names - something that won't come up on title for about a month, we would know quite a bit more. Since there is zero back yard installed, it's either a forced sale due to any number of circumstances, or clearly money laundering. Note that the previous listing agent used the photos from another unit, even pirating the 3D walk through tour! Given a crack-tastic $3m list price in January 2025 and a closing price of $2.3m in July, someone I believe got the proverbial "tap on the shoulder" and had to get cash back to their original "giftors".
 
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Imnotmoving said:
All this talk about money laundering is freaking me out. Is Irvine full of money laundering criminals? Do builders not care where this money comes from?
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The so-called "money laundering" isn't necessarily by criminals. It could simply be rich high tech workers who hit it big during the recent tech boom moving their money out of China.

When we bought our Bluffs home 3 years ago, the neighbors across from us bought their home for the sake of their kids' future. The entire first year, their home was vacant. They came over for a 3-month vacation the year after.
 
CalBears96 said:
The so-called "money laundering" isn't necessarily by criminals. It could simply be rich high tech workers who hit it big during the recent tech boom moving their money out of China.

When we bought our Bluffs home 3 years ago, the neighbors across from us bought their home for the sake of their kids' future. The entire first year, their home was vacant. They came over for a 3-month vacation the year after.
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I'm pretty sure they are called criminals in CCP. You can't transfer over 50k USD out of China otherwise it's violating the law. Idk if they increased/decreased it recently but that was the threshold.
 
sleepy5136 said:
I'm pretty sure they are called criminals in CCP. You can't transfer over 50k USD out of China otherwise it's violating the law. Idk if they increased/decreased it recently but that was the threshold.
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@CalBears96 You are right about vacant homes being purchased by some as a future investment. It's often a cash deal. When financed however most want only owner occupied rates and terms for a home that is required to be occupied by the borrower within 60 days. The transaction you've described is one to be the exception, not the rule.

@sleepy5136 A family member with a valid US Visa will get a 45k check from a cousin on Monday for "travel expenses". On Thursday this same person will get 35k by wire from an Uncle for "Food and Entertainment". They bundle the funds in increments under the CCP's threshold until they get enough for the down payment. In other circumstances I've seen wires from Macau as "Gambling winnings" or cash out refi/HELOC proceeds gifted from brothers/parents/bridesmaids/aunties... you name it. Many of these homes turn into rentals, but the majority were flipped.

About 90 days later the cycle repeats. When I would get the call to do loans for this client's 2nd or 3rd owner occupied purchase in the last 6 months, I'd respectfully decline. The buyers of course would get financed elsewhere because as mentioned earlier no one really cares.
 
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