Anyone looking to buy in Quail Hill or in other newer Irvine villages?

I'm asking because I am working with a high net worth individual who is looking into buying Irvine properties at the foreclosure auctions to flip.  One of the areas that we are focusing in on is Quail Hill.  There's a Sienna Plan E (3,87sf) or Plan F (4,080sf) located at 103 Retreat that is going to the auction block on 6/22/10 that we are seriously looking at in buying.  If anyone is interested in this or any other newer single family home in Irvine just let me know.

Oooo... but those houses are too expensive for me.

I want to buy in QH but I don't want to spend that much... and I owe IR2 any future transaction I do.

irvinehomeowner said:

Oooo... but those houses are too expensive for me.

I want to buy in QH but I don't want to spend that much... and I owe IR2 any future transaction I do.

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Yeah, nothing is cheap up there.  We would have picked up 114 Weathervane but my partner was fully invested in the stock market and wasn't able to pull out the cash in time.  The flipper picked it up for $841k and just sold it for $1.07m (I was a little surprised at the price they got because I estimated the value would have been around $1.025m to $1.05m)...that's a nice profit around $200k or 25% cash-on-cash.  It's similar to what IR has offered on his blog, but in this case there is only one money guy (my partner).  The difference is that if the buyers use me as their agent then my partner would reduce the price but the commission saving as I won't take a full double commission. 

With your partner... I assume the flip purchase has to be 100% cash?

That's one of the barriers to non-FCB buyers as they would prefer to finance the loan.

irvinehomeowner said:

With your partner... I assume the flip purchase has to be 100% cash?

That's one of the barriers to non-FCB buyers as they would prefer to finance the loan.

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My partner would purchase the home for cash at the foreclosure auction at the courthouse and then sell to either one of my buyers in a private transaction (off MLS) or list it on MLS and do a regular sale.  Buyers do not have to pay cash for the home because it is an arms length transaction so they can obtain standard conventional financing for the purchase.

USCTrojanCPA said:

irvinehomeowner said:

With your partner... I assume the flip purchase has to be 100% cash?

That's one of the barriers to non-FCB buyers as they would prefer to finance the loan.

Click to expand...

My partner would purchase the home for cash at the foreclosure auction at the courthouse and then sell to either one of my buyers in a private transaction (off MLS) or list it on MLS and do a regular sale.  Buyers do not have to pay cash for the home because it is an arms length transaction so they can obtain standard conventional financing for the purchase.

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When you purchase at an Auction the original owner can re-claim the house if they pay off the mortgage/debt, how does this work if the house has been sold again?

Stuff It said:

USCTrojanCPA said:

irvinehomeowner said:

With your partner... I assume the flip purchase has to be 100% cash?

That's one of the barriers to non-FCB buyers as they would prefer to finance the loan.

Click to expand...

My partner would purchase the home for cash at the foreclosure auction at the courthouse and then sell to either one of my buyers in a private transaction (off MLS) or list it on MLS and do a regular sale.  Buyers do not have to pay cash for the home because it is an arms length transaction so they can obtain standard conventional financing for the purchase.

Click to expand...

When you purchase at an Auction the original owner can re-claim the house if they pay off the mortgage/debt, how does this work if the house has been sold again?

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Yeah, they can if they can come up with all of the money to do so (probably happens less than 1% of the time).  However, when a property is sold from the flipper to a buyer, the buyer is protected via a owner's title policy against redemption.  If this was any kind of issue then buyers wouldn't purchase homes from these flippers and as we can see that when these flippers price the homes accordingly they fly into escrow.

Hi USC...we're interested in buying a property in Irvine that will be up for auction next month. We have 20% down and qualify if your investor would like to purchase the property and flip it to us. Let me know if they are interested.

jbh said:

Hi USC...we're interested in buying a property in Irvine that will be up for auction next month. We have 20% down and qualify if your investor would like to purchase the property and flip it to us. Let me know if they are interested.

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Did you guys have any particular properties in mind that are your radar screen?  If so, send me a PM with the addresses so I can put them on our hit list.

Hi again,

I sent the pm but it doesn't show up in my sent file, so I'm not sure that you received it. Let me know if I need to resend.

jbh said:

Hi again,

I sent the pm but it doesn't show up in my sent file, so I'm not sure that you received it. Let me know if I need to resend.

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FYI - You must click "Save A Copy in My Outbox" in order for it to show up in your sent file.  I got confused a couple of times myself because of that.