Home Buying in Irvine>Question Details

Merry, Other/Just Looking in Anaheim, CA

Is there Any Bank Own home in Irvine with 3 or 4 bedroom under 400k?

Asked by Merry, Anaheim, CA Sat May 25, 2013

Is there Any Bank Own home in Irvine with 3 or 4 bedroom under 400k?

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8
Amir,
you got some great input here. The only thing I would add is that don't get too gung-ho about foreclosures. A regular owner-occupied home with equity will give you a better chance of negotiating prices down than an REO. (It's a reverse psychology). REO's start rock bottom but go on multiple bids, you're looking at a minimum winning bid of 40k above list price in a good neighborhood and almost move-in condition homes.
An owner-occupied home may look a bit higher but that's more negotiable and will give you leniency on repairs and closing time should need 3 days to 1 week (you will have less penalties).

And I might add -- do not go with " for sale by owner" (FSBO). Having practiced for over 20 yrs, I have indulged my clients in stopping at some homes that we drive by along our appointments marked as FSBO -- these always comes out higher priced as these sellers are not adviced on market conditions or what makes the house next door justifiably more (or less) priced than their home.
It's hard to argue with pride of ownership with sellers who have no professional representation. Thw worse is both you and the seller go without any realtor representation-- You loose out as buyer on a lot of your basic rights in home buying (a friend of mine did that thinking she's saving a lot of money and ended up paying over $800k, and still has remorse after 5 yrs that she didn't even ask for some things-- I can name 2 easy ones.

Also, there are neighborhoods close to Irvine that may get you your 400k 3 bedroom home (Townhome or condo-- not a single family detached).
Call me if you need assistance.
Agnes - 714-308-8117
Shore Capital Corp & Vista Pacific Realty
http://www.shorecapital.net, http://www.vistapacificrealty.net
0 votes Thank Flag Link Tue Jul 2, 2013
Irvine, CA - 3 or 4 bedroom under $400K - NO. I just did a quick search for Active Properties in Irvine with 3 or 4 bedrooms. There are 167 active listings throughout Irvine starting at $428,900 all the way up to $6.65 Million. Most all of these properties will sell within 15 - 30 days and with multiple offers, above asking price. Some will sit on the market for a while as they are overpriced. Irvine is extremely desirable as it has been rated one of the safest cities in the country and the school district is also rated very high.

That said, if you can raise your price a little, you can participate and possibly get a home you will love!

Thom Colby, Broker
888-391-5245
0 votes Thank Flag Link Sun May 26, 2013
Dont look for Bank owned, Its a night mare Amir, I am talking of experience. Lots of shark and charlatans out there, average people like us have no chance. There are so many illegal dealings between all of them from brokers to the investors.
You can find properties in Irvine more inland. Find it yourself on MLS.
good luck
0 votes Thank Flag Link Sun May 26, 2013
REO? yes there are. 400K is normally a condo not SFR. Let me know if you need help. Check my site at http://www.irvinelifestyle.com
0 votes Thank Flag Link Sat May 25, 2013
Amir,
Why are you looking for a REO? Trouble, brother. Plenty of good deals out there that don't require the headache of dealing with REOs or distressed properties. If you're looking for something in Irvine under 400k...it's out there. Just got to find it. That may take more than having an agent check the MLS. Anything is possible. Best of luck. If you need any help feel free to get in touch.

Andrew Vagley
949.705.7676
0 votes Thank Flag Link Sat May 25, 2013
If a home is listed under $400k, it will not sell there. Too competitive and too many all cash investors.
0 votes Thank Flag Link Sat May 25, 2013
Desmond, way to be a downer. Try offering support once in a while.
Flag Sat May 25, 2013
There is currently only one home listed in Irvine with 3 bedroom (minimum) under $400,000. It is a short sale, subject to bank approval.

Sorry Simon, you are not correct in telling people there are 270 active listins with at least 3 bedrooms under $400,000.
0 votes Thank Flag Link Sat May 25, 2013
If you are looking for a website that offers up to date foreclosure listings, I would like to recommend http://www.bankforeclosuresale.com. This is a site that requires membership but you can peruse through the listings in your market area first before signing up.

Our database contains over two million foreclosure homes, including bank foreclosures, government foreclosures like VA homes and HUD homes, distressed properties and commercial properties that are for sale all across the nation. All of the listings have had any outstanding liens eliminated and the title is free and clear. We also update our extensive collection of listings every day.

I did a quick check for homes in your area and I found 270 active listings in the Irvine, CA area with at least 3 bedrooms and less than $400,000. Here is the link to check it out:

http://www.bankforeclosuressale.com/list/ca/county059/irvine…
0 votes Thank Flag Link Sat May 25, 2013
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