enthdigry_IHB
New member
I am not in Irvine, but in Ventura but this can apply to all over SoCal.
I was looking at purchasing a town home listed at $385k on 10 April, down from $399k in Sept 2007. The home had approximately $50k in upgrades/remodels. I offered $335 2 weeks ago considering comps sold at 330k 4 months ago and one in the same complex foreclosing at 290k with the same floor plan but in very poor condition. They countered back at 375k and i hesitantly countered at $345, knowing well that i would lose that value in months. They countered back at 360k because that is as low as they can go and I am walking away from that.
I found out through my realtor that they had taken all the equity out of their home a year and a half ago to help in the down payment of their new dream home. They simply didnt have the cash to pay out the rest of the loan to match my offer.The unit is now off the market. Their plan is to rent out their unit for $2800 a month. Good luck with that, considering the unit across the street is renting for $1600. I found that out when checking out the complex the other day to see if i felt like living there.
From the sales history, they paid 130k in 1999, so they milked out a good 240k of equity out of their town home, way to think ahead.
Go figure.
I was looking at purchasing a town home listed at $385k on 10 April, down from $399k in Sept 2007. The home had approximately $50k in upgrades/remodels. I offered $335 2 weeks ago considering comps sold at 330k 4 months ago and one in the same complex foreclosing at 290k with the same floor plan but in very poor condition. They countered back at 375k and i hesitantly countered at $345, knowing well that i would lose that value in months. They countered back at 360k because that is as low as they can go and I am walking away from that.
I found out through my realtor that they had taken all the equity out of their home a year and a half ago to help in the down payment of their new dream home. They simply didnt have the cash to pay out the rest of the loan to match my offer.The unit is now off the market. Their plan is to rent out their unit for $2800 a month. Good luck with that, considering the unit across the street is renting for $1600. I found that out when checking out the complex the other day to see if i felt like living there.
From the sales history, they paid 130k in 1999, so they milked out a good 240k of equity out of their town home, way to think ahead.
Go figure.