A new escrow thread for a new housing market...

[quote author="PANDA" date=1246858072]



Thanks 26 and congratulations on your new purchase. It appears that only 1.5% of the closings in Irvine from IPO's list sold for 30% or greater discount than the previous sale price. Definitely the sweeter deals exist in VoC. It seems very clear to me that renting in Irvine for two more years and buying in 2012 is the right move. 26, was your property a short sale or a fixer upper? Seeing that OH and LC has recently moved to 2013, does that mean that TIC sees a true turn around in real estate by 2012-2013?</blockquote>


Both! It was a shortsale that showed really bad. The paint was a mess and some problems with the floor. No major fixing required, just cosmetic stuff that helped turn away other buyers.
 
Was 20 Silver Crest half way through the remodeling before FC and then sat on the market for almost a year? So no payment for one year.

I think there are some FC in TR asking for 15% 20% below the prior sales (data was removed from Zillow and Redfin). Three OH's today and almost no visitors. Essentially move in conditions on all three. One very reasonable price (bank owned) and the other two dreaming on the price.



Panda, a coworker was not going to wait and was willing to pay $50K more than what is worth now and estimating to lose another $100K in the declining market. If you got the money to blow ....



Why sell the house if it's non-recourse and with negative equality? The owner can live mortgage free until the banks kicks them out. The banks are getting their bailout. Your tax bailout money at work.
 
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