After searching for Irvine homes for 1-2 years, I decided to put down 15K down payment for a cookie cutter San Mateo model 2 at Stonegate. I admit that I made some mistakes and I have learned not to make the some mistakes with the knowledge shared on these boards so I thank you for that. I have been lurking around here for the past year but never really registered.
The next San Mateo phase is basically part the original land set aside for San Marcos. Houses are being built now for December move-in. They did raise the prices about 1K-2K from the first phase but the back yard is a tad bigger and drum roll please.........YOU CAN NOW ADD A CALIFORNIA ROOM OR OBSERVATORY for an extra 14K. This is an exclusive that was not available to the first phase. It adds to the square footage of the house but cuts into your small backyard. (WOW!, that's how it was presented to me)
Mistake 1: The first time you visit this place, bring along your "friendly" real estate. This how the broker co-op is earned. It's a known fact among all the real estate professionals that you must accompany your clients to the first visit and register. Work out a deal with your realtor.
Mistake 2: Don't rely on TIC reps for accurate dates of the deadline to make decisions. For example, when signing the contract, you have to decided on phase 0 items. Do you want a trellis that is included (no cover), CA Room (+14K), Observatory (+14K), or shower in the master bedroom (+$1700)?
You can visit the models all you want and talk to the friendly sales people. All facts are spewed generally like an information kiosk. They will mention that it's a great time to buy because of interest rates. The plan is all sold out but we have a waiting list.
NOTE: The key to getting on the waiting list is to pre-qualify with their preferred lender (Wells Fargo). Just some income verifications items with the Mortgage Consultant at Wells Fargo. She is wonderful and works really quickly. I suppose they have this process to weed out the "waste of time" buyers that will not qualify. You are not stuck using Wells Fargo but they do a "hard pull" on your credit report. My score was downgraded from Experian because I had too many credit cards, I have 7. My wife's score was downgraded from Experian because she had too little credit cards which was 6.
Once you are pre-qualified, they will call you and tell you there are some homes for sale. Don't be fooled, the "interest/want more information" list is long. However, the pre-qualified, ready to buy list is short. I admit that interest rates are at an all time low but if you cannot afford the monthly payments, the $110 HOA, and the 1.7 mello-roos infused tax, IT'S NOT A GREAT TIME TO BUY. Keep saving your cash and stay on the sidelines.
I guess one good thing from buying from Irvine Pacific is that they now have a "renter's equity" program where a small percentage of your rent you pay IAC can be used to buy one of their homes. It's a small perk and the credit accumulation stops the minute you sign a contract. Also you can break your IAC lease WITHOUT penalty if you buy from Irvine Pacific.
Don't fall for the shill that you get your own "personal designer" at the Design Center. You can learn more about design watching Russel Hantz on FLIPPPED OFF. "Bring your checkbook" means that they want to sell you something. For every option that you add, you have to pay 25% of the cost.
I just had my first "design star" appointment for Phase 1 and I met my "young" designer at the models who pointed out to me what was not standard in the models. Duh, you wasted my time for all of that? It says that right on the sheet and she make several mistakes on pointing out what was standard vs what was an upgrade. There is a piece of paper in each model that tells you this. She said crown molding was included in the master bedroom. It is not! After that ordeal, I was asked if I wanted to pay $600 to pre-plumb the house for soft water. Since I may do that down the road and it will be more costly to do it after the fact, I wrote her a check for $152.
I did my best not to get mad at the waste of time since she just graduated from High School. I have my Phase 2 appointment in 2 weeks and will report back my findings. I am going to bring some barbie dolls to the appointment as a peace offering.
The next San Mateo phase is basically part the original land set aside for San Marcos. Houses are being built now for December move-in. They did raise the prices about 1K-2K from the first phase but the back yard is a tad bigger and drum roll please.........YOU CAN NOW ADD A CALIFORNIA ROOM OR OBSERVATORY for an extra 14K. This is an exclusive that was not available to the first phase. It adds to the square footage of the house but cuts into your small backyard. (WOW!, that's how it was presented to me)
Mistake 1: The first time you visit this place, bring along your "friendly" real estate. This how the broker co-op is earned. It's a known fact among all the real estate professionals that you must accompany your clients to the first visit and register. Work out a deal with your realtor.
Mistake 2: Don't rely on TIC reps for accurate dates of the deadline to make decisions. For example, when signing the contract, you have to decided on phase 0 items. Do you want a trellis that is included (no cover), CA Room (+14K), Observatory (+14K), or shower in the master bedroom (+$1700)?
You can visit the models all you want and talk to the friendly sales people. All facts are spewed generally like an information kiosk. They will mention that it's a great time to buy because of interest rates. The plan is all sold out but we have a waiting list.
NOTE: The key to getting on the waiting list is to pre-qualify with their preferred lender (Wells Fargo). Just some income verifications items with the Mortgage Consultant at Wells Fargo. She is wonderful and works really quickly. I suppose they have this process to weed out the "waste of time" buyers that will not qualify. You are not stuck using Wells Fargo but they do a "hard pull" on your credit report. My score was downgraded from Experian because I had too many credit cards, I have 7. My wife's score was downgraded from Experian because she had too little credit cards which was 6.
Once you are pre-qualified, they will call you and tell you there are some homes for sale. Don't be fooled, the "interest/want more information" list is long. However, the pre-qualified, ready to buy list is short. I admit that interest rates are at an all time low but if you cannot afford the monthly payments, the $110 HOA, and the 1.7 mello-roos infused tax, IT'S NOT A GREAT TIME TO BUY. Keep saving your cash and stay on the sidelines.
I guess one good thing from buying from Irvine Pacific is that they now have a "renter's equity" program where a small percentage of your rent you pay IAC can be used to buy one of their homes. It's a small perk and the credit accumulation stops the minute you sign a contract. Also you can break your IAC lease WITHOUT penalty if you buy from Irvine Pacific.
Don't fall for the shill that you get your own "personal designer" at the Design Center. You can learn more about design watching Russel Hantz on FLIPPPED OFF. "Bring your checkbook" means that they want to sell you something. For every option that you add, you have to pay 25% of the cost.
I just had my first "design star" appointment for Phase 1 and I met my "young" designer at the models who pointed out to me what was not standard in the models. Duh, you wasted my time for all of that? It says that right on the sheet and she make several mistakes on pointing out what was standard vs what was an upgrade. There is a piece of paper in each model that tells you this. She said crown molding was included in the master bedroom. It is not! After that ordeal, I was asked if I wanted to pay $600 to pre-plumb the house for soft water. Since I may do that down the road and it will be more costly to do it after the fact, I wrote her a check for $152.
I did my best not to get mad at the waste of time since she just graduated from High School. I have my Phase 2 appointment in 2 weeks and will report back my findings. I am going to bring some barbie dolls to the appointment as a peace offering.