newtoirvine2017
New member
This guy had the option between taking 450,000 in cash or this house.... and he picked the house....
Newer Irvine listings with crazy WTF asking prices from equity sellers
- Thread starter usctrojancpa
- Start date
irvinehomeowner
Well-known member
Dresden215 said:
Correction, that is a *mahjongg" table.
Need to cater to the demographic.
J
jmoney74
Guest
newtoirvine2017 said:
If he wont the house.. I wonder if he took a loan to pay for the taxes.. and how much equity he has in the home?
Ready2Downsize
Well-known member
It's in Pavilion Park.
Even if he sells it for only a million he should make more money than just taking the cash (would have still owed income tax on the cash).
He should get more than a million I would think and maybe he got to live in it or rent it out.
Even if he sells it for only a million he should make more money than just taking the cash (would have still owed income tax on the cash).
He should get more than a million I would think and maybe he got to live in it or rent it out.
Ready2Downsize
Well-known member
Well starting July 1st his carrying costs are going to be approaching $3K per month plus the property tax and IRS outstanding balances. (interest on the late property taxes, interest on the 600K he owes the IRS, HOA, insurance and gardener).
He might be willing to sell for a lower price than he would get if the market slows down. Then again not many places to go for $3K per month in a good neighborhood in the OC.
He might be willing to sell for a lower price than he would get if the market slows down. Then again not many places to go for $3K per month in a good neighborhood in the OC.
J
jmoney74
Guest
eyephone said:
Going Captain Hindsight on his arse! lol
Ready2Downsize
Well-known member
With the cash u got cash to pay the income taxes but he did get to live in the house for a couple years.
His credit has to have taken a nice hit though with both IRS and property taxes due.
His credit has to have taken a nice hit though with both IRS and property taxes due.
aquabliss
Well-known member
I've read this guys Nextdoor posts, he seems like a nice guy but I think him dodging his property taxes is just downright irresponsible. If you can't afford the home you've won, take out a HELOC or cash-out refi, use the $ to pay the income tax on the win, landscape, pay your property tax, and pay your monthly loan payment, then sell when you can and keep the remainder.
He's in a bad spot and he's asking too much for the home as is. This is going to be another Pavilion Park comp killer when all is said and done. He needs to reduce the price to $1.19M and be done with it. I guess this delinquent prop tax all gets sorted out in escrow but it still probably has to be disclosed and is going to send up red flags for potential buyers.
He's in a bad spot and he's asking too much for the home as is. This is going to be another Pavilion Park comp killer when all is said and done. He needs to reduce the price to $1.19M and be done with it. I guess this delinquent prop tax all gets sorted out in escrow but it still probably has to be disclosed and is going to send up red flags for potential buyers.
Ready2Downsize
Well-known member
aquabliss said:
It's possible he couldn't qualify for the mortgage.
If the holding period is two years, he knows he can sell for a discount, pay the IRS, property taxes, closing costs and still have a profit and live in it for two years.
The county won't sell the house from under you until you've got 5 years of unpaid property taxes. It can't close without those taxes being paid so the county knows eventually they'll get their money.
As for the IRS if he doesn't have the money in the short term he doesn't have it and they probably worked out an agreement to pay when the house is sold or maybe they put a lien on it.
usctrojancpa
Well-known member
spootieho said:It doesn't bother me so much, but then again I have colorblindness.USCTrojanCPA said:
The backyard picture with the $1,100,000 price above it is awesome...
Someone should email the HOA a picture of the backyard...I'm sure they'd have a bone to pick with the owner that it's not done at this point. haha
irvinebullhousing
Well-known member
USCTrojanCPA said:spootieho said:It doesn't bother me so much, but then again I have colorblindness.USCTrojanCPA said:
The backyard picture with the $1,100,000 price above it is awesome...
Someone should email the HOA a picture of the backyard...I'm sure they'd have a bone to pick with the owner that it's not done at this point. haha
Work as designed. It meant to be the new style Saudi Backyard Oasis. Now, I know that some like French country, other loves English Garden styles while other prefer Zen styles. This desert style may make a new trend. NOT!!!!
paydawg
Active member
USCTrojanCPA said:spootieho said:It doesn't bother me so much, but then again I have colorblindness.USCTrojanCPA said:
The backyard picture with the $1,100,000 price above it is awesome...
Someone should email the HOA a picture of the backyard...I'm sure they'd have a bone to pick with the owner that it's not done at this point. haha
It's possible the backyard deadline of one year hasn't come up yet. The house was built in 2016.
/https://public-media.smithsonianmag.com/filer/lifelist-zen-garden-631.jpg)