Need advice on Oak Creek property

[AllisonC_IHB]

I am interested in this property in Oak Creek

22 Sutton, Irvine, CA 92618

The asking price is $749,900 - 2100sf. Another property I looked at 35 Preston, which is a couple streets down, was sold in a matter of days for $900,000 - 2400sf. Preston was out of my price range anyways.

I would like some advice on what would be a reasonable price for this house on Sutton now if I were to make an offer. I really like this gated quiet neighborhood. According to Zillow, it's worth $900,000+, so is the asking price a steal?

Thanks in advance for all your help.

 

[zovall_IHB]

Here's the Redfin link: http://www.redfin.com/CA/Irvine/22-Sutton-92618/home/5767072

In MLS, the remarks state this is a Short Sale.

 

[AllisonC_IHB]

Awww, shucks, it's off the market already? I thought they just updated the listing..... I guess it was a steal....

 

[ipoplaya_IHB]

I am interested in this property in Oak Creek

22 Sutton, Irvine, CA 92618

The asking price is $749,900 - 2100sf. Another property I looked at 35 Preston, which is a couple streets down, was sold in a matter of days for $900,000 - 2400sf. Preston was out of my price range anyways.

I would like some advice on what would be a reasonable price for this house on Sutton now if I were to make an offer. I really like this gated quiet neighborhood. According to Zillow, it's worth $900,000+, so is the asking price a steal?

Thanks in advance for all your help.

Market pricing for that unit based on recent sales across Irvine is right around $800K. $749K was likely designed to attract a viable offer to take to the bank. Oddly enough, I don't see a NOD for that property so it appears they are current on payments. Hard to believe it could actually be a short given when they bought it. If it truly is, they extracted some serious cash from that property.

 

[ipoplaya_IHB]

Awww, shucks, it's off the market already? I thought they just updated the listing..... I guess it was a steal....

Off market in redfin tems could mean many things. Could be "Hold Do Not Show" status, could be Pending Sale, could be Canceled or Withdrawn. Can one of our nice realtor types check the MLS listing for status? I don't see it on my list, so it must not be 4 bedrooms.

 

[NoThereThere_IHB]

I am interested in this property in Oak Creek

22 Sutton, Irvine, CA 92618

The asking price is $749,900 - 2100sf. Another property I looked at 35 Preston, which is a couple streets down, was sold in a matter of days for $900,000 - 2400sf. Preston was out of my price range anyways.

I would like some advice on what would be a reasonable price for this house on Sutton now if I were to make an offer. I really like this gated quiet neighborhood. According to Zillow, it's worth $900,000+, so is the asking price a steal?

Thanks in advance for all your help.

Market pricing for that unit based on recent sales across Irvine is right around $800K. $749K was likely designed to attract a viable offer to take to the bank. Oddly enough, I don't see a NOD for that property so it appears they are current on payments. Hard to believe it could actually be a short given when they bought it. If it truly is, they extracted some serious cash from that property.

I'm partial to Oak Creek Myself. I show (through Westlaw, so not a complete title search, unfortunately):

11/2000: Current owner bought for $422k, using $337,300 first/$35k second, so $49,700 downpayment.

8/2001: Refinanced (looks like only the first mortgage, but can't be sure) for $413,400.

6/2003: Refinanced first mort. for $513,600.

10/2004: Owner buys new home in TRidge for about $1.9m.

6/2005: Second mortgage of $200k.

4/2006: Refinanced first for $720k (Countrywide). Looks like they paid off the $200k second here.

10/2007: Second for $52,059 (Countrywide).

IPOP, I hear the vacuum cleaner of big-time MEW on this one.

Total debt around, what, $770k?

I see no NOD's or other foreclosure activity. This property was first listed as a rental in spring 2005, and I think it has been a rental ever since then.

 

[ipoplaya_IHB]

I am interested in this property in Oak Creek

22 Sutton, Irvine, CA 92618

The asking price is $749,900 - 2100sf. Another property I looked at 35 Preston, which is a couple streets down, was sold in a matter of days for $900,000 - 2400sf. Preston was out of my price range anyways.

I would like some advice on what would be a reasonable price for this house on Sutton now if I were to make an offer. I really like this gated quiet neighborhood. According to Zillow, it's worth $900,000+, so is the asking price a steal?

Thanks in advance for all your help.

Market pricing for that unit based on recent sales across Irvine is right around $800K. $749K was likely designed to attract a viable offer to take to the bank. Oddly enough, I don't see a NOD for that property so it appears they are current on payments. Hard to believe it could actually be a short given when they bought it. If it truly is, they extracted some serious cash from that property.

I'm partial to Oak Creek Myself. I show (through Westlaw, so not a complete title search, unfortunately):

11/2000: Current owner bought for $422k, using $337,300 first/$35k second, so $49,700 downpayment.

8/2001: Refinanced (looks like only the first mortgage, but can't be sure) for $413,400.

6/2003: Refinanced first mort. for $513,600.

10/2004: Owner buys new home in TRidge for about $1.9m.

6/2005: Second mortgage of $200k.

4/2006: Refinanced first for $720k (Countrywide). Looks like they paid off the $200k second here.

10/2007: Second for $52,059 (Countrywide).

IPOP, I hear the vacuum cleaner of big-time MEW on this one.

Total debt around, what, $770k?

I see no NOD's or other foreclosure activity. This property was first listed as a rental in spring 2005, and I think it has been a rental ever since then.

I think you just found IR a great posting candidate!

How could they ever get a short approved when 1) its on a rental property and the owners live in a big nice Tridge place and 2) they are current with payments?

 

[IrvineRealtor_IHB]

None of the "nice" realtor types are here so you're stuck with me...

Off market in this case is "On Hold" so it's still available.

private remarks:

Short Sale all terms subject to bank approval. Agents to split approved commission 50/50. Please call agent for appointment and gate code. We must give tenants 24 hour notice for entry.

Might be a good opportunity if you can convince the bank that the value is where you see it. I'm seeing notably more short sales come to fruition lately. That could be because banks are "staffing up" or just timing coincidence. Make a good case and you might find success.

good luck,

-IR2

 

[NoThereThere_IHB]

I am interested in this property in Oak Creek

22 Sutton, Irvine, CA 92618

The asking price is $749,900 - 2100sf. Another property I looked at 35 Preston, which is a couple streets down, was sold in a matter of days for $900,000 - 2400sf. Preston was out of my price range anyways.

I would like some advice on what would be a reasonable price for this house on Sutton now if I were to make an offer. I really like this gated quiet neighborhood. According to Zillow, it's worth $900,000+, so is the asking price a steal?

Thanks in advance for all your help.

Market pricing for that unit based on recent sales across Irvine is right around $800K. $749K was likely designed to attract a viable offer to take to the bank. Oddly enough, I don't see a NOD for that property so it appears they are current on payments. Hard to believe it could actually be a short given when they bought it. If it truly is, they extracted some serious cash from that property.

I'm partial to Oak Creek Myself. I show (through Westlaw, so not a complete title search, unfortunately):

11/2000: Current owner bought for $422k, using $337,300 first/$35k second, so $49,700 downpayment.

8/2001: Refinanced (looks like only the first mortgage, but can't be sure) for $413,400.

6/2003: Refinanced first mort. for $513,600.

10/2004: Owner buys new home in TRidge for about $1.9m.

6/2005: Second mortgage of $200k.

4/2006: Refinanced first for $720k (Countrywide). Looks like they paid off the $200k second here.

10/2007: Second for $52,059 (Countrywide).

IPOP, I hear the vacuum cleaner of big-time MEW on this one.

Total debt around, what, $770k?

I see no NOD's or other foreclosure activity. This property was first listed as a rental in spring 2005, and I think it has been a rental ever since then.

I think you just found IR a great posting candidate!

How could they ever get a short approved when 1) its on a rental property and the owners live in a big nice Tridge place and 2) they are current with payments?

IPOP, your fiscally-conservative self would not believe the high-stakes game the 22 Sutton owner is playing in TRidge and elsewhere. Besides the 10/2004 purchase above, they bought two (!) other homes up there at similar prices, on the same street even (!), each with shaky financing. They escaped from one in 09/2007, and looks like that sale cleared them of the MEW they had already done. The other is currently in foreclosure, set for auction 10/03/08. They also own a unit in Avenue One, NOD 8/8/08, purchased from the builder in 3/2006 for $565k ($396 first/$113 second/~$56 down), now on the market at $365k (unapproved short?).

Looks like a small-time flipper, late to the game, and now trying to escape without too much damage. Hope it works out.

 

[nomannyno_IHB]

I noticed that you were able to find out mortgage info on this particular oak creek house. Can you do the mortgage search with all houses? I'm also looking to get this info on a house I'm interested in.

 

[NoThereThere_IHB]

I noticed that you were able to find out mortgage info on this particular oak creek house. Can you do the mortgage search with all houses? I'm also looking to get this info on a house I'm interested in.

I PM'd you.