Homes by investors

J

jyeh74

New member
I know there are a ton of investors buying homes and reselling. 
Does MLS or Redfin usually list the price they bought it at?  Redfin sometimes has the price history.

There is a particular home, which the agent says the owner is an investor.  MLS #PW14003948http://www.redfin.com/CA/Irvine/5502-Sierra-Roja-Rd-92603/home/4739991
I am wondering how much they bought it at before they flipped it.  If you look at the price history, you see that the last price is Aug 18, 2000 at $565,000.  It shows previous sale MLS #12174648 listed on April 26, 2013 then delisted on May 20, 2013 but no price and not sure why.  This is probably when the investor came in and bought it.

Do these investors get special access through banks or that the general public do not hear about?  Or is it usually a cash offer that gets transacted under the radar?
 
Interesting....

MLS will only list the sales price if an agent has added it to the MLS.  Not all sales are via MLS, so unless someone adds the sale to the MLS, it won't be in the MLS.  The best way is to review sales is from recorded grant deed (or trustee deed) records.  MLS access also provides access to "Realist" that provides sales history through recorded deeds.  Sometimes they screw up that especially in high dense condo building.  However, for SFR, I've found them very accurate. 

I looked up this unit on Realist and found that it was sold at a Trustee auction on 7/23/13 and recorded on 10/15/13.  I typically see a lag in recording these Trustee Deeds, but not sure why this one took over 3 months.  Usually 1-2 months.  Anyways, the Trustee, NDex West, LLC sold it to Vantage Trust, which is the current owner (at least it was the last recorded deed as of today).  The interesting thing is that the Trustee Deed didn't disclose a price. It usually does, as this recorded document is used to determine tax assessments. 

Bottom line, the recorded deed doesn't have the price.  I looked at the property tax bill and it was assessed at $787,000, but this is not based on the recent sale as the tax year is July 2013 - June 2014, the sale occurred after this tax bill was released.  The last recorded mortgage on this was $750,000 to World Savg Bank on 1/30/2007 and then another (presumably a 2nd) on 6/13/07 to WAMU for $145,000.  It is likely that it was the first lender that brought this to auction and therefore, the outstanding balance on the loan is likely close to $700-$750.  No idea of the current balance (IO vs PI loan, missed payments, late fees, penalty fees, etc), but it would have to be somewhere in that neighborhood for the bank to sell.  Was there a bidding war that raised the price?  No idea.

Not quite the answer you were looking for, but hopefully there is some more information here that you didn't have before.  PM me if you want a copy of the Trustee Deed.
 
if you look at zillow, it will gives additional info..

http://www.zillow.com/homedetails/5502-Sierra-Roja-Rd-Irvine-CA-92603/25500295_zpid/

JAN 7 2014 Listed by bank $1,149,900
This property was foreclosed and now the lender is selling it for $1,149,900.

Zillow's Foreclosure Estimate predicts this property will sell for $1,422,910.

OCT 15 2013 Foreclosed The lender assumed this property during foreclosure proceedings and now owns it.
JULY 2 2013 Foreclosure auction Public records data shows the owner of this property has been served a Notice of Sale, and a foreclosure auction occurred on 07/02/13.
Home in default Public records indicate the owner of this property is in pre-foreclosure.
JAN 30 2007 Loan issued A loan was issued on 01/30/07.
AUG 18 2000 Previous sale $565,000 The property was sold for $565,000.
 
I'm assuming more than $900k.

Other than the kitchen and probably the other 2 bathrooms, this is a nice home. It has a 3CWG, a huge lot and wood floors.

It does back a street but that's not a major road.

It will probably sell for list or close to it.
 
yaliu07 said:
if you look at zillow, it will gives additional info..

http://www.zillow.com/homedetails/5502-Sierra-Roja-Rd-Irvine-CA-92603/25500295_zpid/

JAN 7 2014 Listed by bank $1,149,900
This property was foreclosed and now the lender is selling it for $1,149,900.

Zillow's Foreclosure Estimate predicts this property will sell for $1,422,910.

OCT 15 2013 Foreclosed The lender assumed this property during foreclosure proceedings and now owns it.
JULY 2 2013 Foreclosure auction Public records data shows the owner of this property has been served a Notice of Sale, and a foreclosure auction occurred on 07/02/13.
Home in default Public records indicate the owner of this property is in pre-foreclosure.
JAN 30 2007 Loan issued A loan was issued on 01/30/07.
AUG 18 2000 Previous sale $565,000 The property was sold for $565,000.
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Just FYI..the property was sold at the auction so it is not bank owned.  I've got the recorded grant deed.  Zillow is not always accurate when it comes to title chain especially in foreclosure situations.
 
irvinehomeowner said:
I'm assuming more than $900k.

Other than the kitchen and probably the other 2 bathrooms, this is a nice home. It has a 3CWG, a huge lot and wood floors.

It does back a street but that's not a major road.

It will probably sell for list or close to it.
Click to expand...

I agree with you!  Wait, I agree with the great Austrian on something?  :-\
 
I'm opposite.

I think you can get a lot more intangibles in resale than in new for the same price.

It may not be brand new, but over time you can change that... but you can't really change basic flaws in the floorplan (although you can do that better on older homes) and you can't change location and you can't change mello roos and you can't add a 3rd car garage..

 
OpenSky said:
furioussugar said:
Same model for sale nearby for $1.35http://www.redfin.com/CA/Irvine/19521-Sierra-Raton-Rd-92603/home/4740190

Not sure why the sq ft is listed different......
Click to expand...

Happens a lot. It's either ignorant or dishonest.

Here's a wonderful example -- three STM homes -- same floorplan, priced $900-945k, quoting anywhere from 1964 - 2268 square feet. Quoting HOA costs from $218 - 290 per month. I've toured all three of them; nice places but the variation in the listings is laughable.
http://www.redfin.com/CA/Irvine/113-Lamplighter-92620/home/7201465http://www.redfin.com/CA/Irvine/91-Lamplighter-92620/home/12257234http://www.redfin.com/CA/Irvine/172-Wild-Lilac-92620/home/7210960

All three are sitting and rotting, the worst over 130 days on market.

Meanwhile, you can get a brand new Marigold or Saratoga for 15% less right across the street. At least the square footage there is reported honestly (one hopes!).
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The square footage and HOA variances are indeed strange. The 15% less is a little of a misnomer since homes from builders require upgrades / landscaping which can easily add that 15% back to your purchase price.
 
YMMV?

My friend lives a few doors down from there.  I guess owner first tried to rent for 3-4K a month.. couldn't find renters now trying to flip.
 
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