February 17, 2008

An example of what happens when the homedebtor and the realtor are both flaming idiots. Let's play "blame the unreasonable buyers for not buying"


SouthOC has the scoop

Folks, we can't save stupid people from themselves. But it sure is fun to watch. And who would pay $500,000 to live in a sh*thole like this? I wouldn't pay $5. Seriously, I wouldn't pay $5.

Here's the listing:

25621 West Califia, Laguna Hills, 92653
Asking price: $499,900
Price Reduced: 05/16/07 -- $604,999 to $594,900
Price Reduced: 07/06/07 -- $594,900 to $584,900
Price Reduced: 07/26/07 -- $584,900 to $574,900
Price Reduced: 08/09/07 -- $574,900 to $564,900
Price Reduced: 08/23/07 -- $564,900 to $554,900
Price Reduced: 09/07/07 -- $554,900 to $544,900
Price Reduced: 09/11/07 -- $544,900 to $499,900

Note: we are on the market for a long time due to a misqualified and an unreasonable buyers, causing us a long loss of time.

44 comments:

Frank@Scottsdale-Sucks.com said...

Holy sh*t, you know the realtwhores are desperate when they're flinging insults at us non-buyers!

They must think it's 2005 if they believe they can list that hellhole run-down shack without remodeling first.

And what on earth does "misqualified buyers" mean? I guess they're pissed that people who have 500 credit scores and work at McDonald's can't qualify for loans anymore? LOL

BTW - Since I live in Orange County - today is the first time ever that I've seen "OPEN HOUSE - BANK OWNED" signs. It's getting bad.

keith said...

On 9/11/07 They took it down drastically and it still didn't sell

That seller must want to just burn it down now

The time for drama pricing was two years ago. Now it's time for 50% off firesales

eric in vegas said...

That piece of crap will sell for 225k tops.

Frank@Scottsdale-Sucks.com said...

On top of that, there is absolutely *nothing* in or around Laguna Hills besides Laguna Hills Mall, consisting of Sears, JC Penney, and Macy's.

Despite the town's deceptive name, it is neither an upscale nor desirable place to live. It's as bland as bland suburbs get. Which makes that house even more worthless than it looks.

Frank@Scottsdale-Sucks.com said...

Holy crap - I just read the linked article and saw that this dump is 1,380 square feet - smaller than a f*cking apartment - who the hell would buy that at ANY price??

Anonymous said...

if the laguna hills average household income is about $100k, shouldn't people spend about no more than $250k on a residence using traditional loan guidelines? maybe they should spend even less for a condo as opposed to single family homes?

Anonymous said...

what is wrong with that roof? it looks like a converted strip mall

Anonymous said...

lansner's lending reform ideas:

http://www.ocregister.com/money/mortgage-business-let-1980587-loan-deal

Anonymous said...

The see agent remarks is a very crude way of saying there will be a bonus (bribe) in there for you Mr. Buyer's agent. Quite crass to mention it in the second line of the public message.

Ed said...

Keith,

In Las Vega there are hundreds of examples like this. Homes listed for a year or more.Every month a drop of $10K or $20K off the asking price and still nothing doing.

Those unreasonable buyers are everywhere I tell ya.

Anonymous said...

Maybe the Realtor had a typo and means "buyer", not "buyer(s)".

Perhaps they were in contract for a closing 3+ months out and it turned out that they buyer could not qualify for the loan that they claimed they could and misled the agent and seller.

tater said...

Noone in their right mind would want that piece of over-priced mini shit-box.

I would give them $5 for the potted plant on the front porch- as long as they threw in the mailbox that's nailed on the wall.
:<)

happy homeowner in the stix said...

anon @ 11:42, that's downright subtle compared to one of the listings for a house for sale in my area. Right there, at the bottom of the listing available for public access view, it says that the owner will give the buyer's agent an additional 5k for getting their turd off their hands.

Of course, they've refused to move on price for about six months now.....hmm....wonder why it hasn't sold.....

wings said...

Very '70s blah chick.

Remember the olive drab, green carpteting, wood paneling, cloth blinds, felt/aluminum mix wallpaper in the bathrooms, etc.

Looks like my old elementary school.

Built by the burt out hippies of the '60s & reflects their aesthetic.

Anonymous said...

Laguna Hills is only worth half the final asking price, at best.

Tyrone said...

Me buy you, long, long time.

Anonymous said...

Homes linger on the market because conspiring thieves preyed upon one another and the less articulate among us. From the hedgies on wall street to the 6% ers on main street.

The only qualified buyers left are those smart enough to see the scam for what it was and remain on the sidelines, until home prices come back down to Y2K levels.

Attn: Realtors: Throw your cards on the table now because we are not bluffing.

Buzz Saw said...

Measly $10k cuts? ha ha. It is much too late for that.

Anonymous said...

Y2K prices? When this thing is said and done banks ain't gonna be lending any cash and those with money are going to be few and far between. This is going to get much worse than Y2K prices.

Anonymous said...


Note: we are on the market for a long time due to a misqualified and an unreasonable buyers, causing us a long loss of time.

Read it cerefully, it was written by a foreigner. So solly chally!

Anonymous said...

Buzz-saw is the undisputed and most high oracle in real-estate!
Thank you!

Russ DoGG said...

BUY MY PLACE!

DIS PLACE BUKU GOOD!!

ME LOV U LONG TIME!!

HA HA Vietnamese real estate speculators-

Anonymous said...

Soooo many flippers were foreigners. What's up with that? I thought that they were the ones that would come to the good 'ol USA to work their asses off for a better life...not flip houses.

Anonymous said...

I live in a Chicago suburb. I am a physician and a co-worker who is also a physician bought a house in Hoffman Estates for 1 million dollars and mind you, this was a 3500 square foot McMansion. He listed it at 1.2 M in September 2008 and he still doesn't get it. Last weekend, someone in his block put up a for sale sign and the other seller wants to sell his McMansion (same one, same style, same specs, etc...) for 600K. A lot of people are not realistic and they just can't believe that prices have declined substantially. So they feel that they can wait it out or someone else will come around and buy their property.

Anonymous said...

Here's the best part. Even if someone is stupid enough to offer the asking price (getting their hopes up), there's a 70-80% chance they won't qualify for the mortgage, or the house won't appraise, and they will be back to square one.

Anonymous said...

Those damned foreigners. We all know white people, the real Americans, weren't involved in the ponzi scheme.

Anonymous said...

Those damned foreigners. We all know white people, the real Americans, weren't involved in the ponzi scheme.


-----------------------------------

LMAO..."white people" engineered this whole thing. The foreigners are coming in to take advantage by buying up stakes in American banks. Citigroup brought in an Indian CEO to either be the fall guy when they fail or clean up the mess. I vote for fall guy.

Immigrant said...

If not this one, others in the market for suckers?

Anonymous said...

Laguna Hills is mostly a huge retirement community called "Liesure World" us locals refer to it as "Siezure World"

Frank is right Laguna Hills is so bland in fact most all of South OC is bland, boring unless you can afford laguna Beach it all is high priced cookie cutter gated communites with high HOA fees and fake ass people.

I live in Huntington Beach aka "Surf City" in a paid for modern double wide mobile home across from the ocean and a few blocks from Downtown. I sold my overpriced oceanside/vista area crapbox home in 05 after a 6 year hold. So at least I dont have a mortgage and my space rent price is equivalent to a studio in OC inland

Anonymous said...

Anonymous Anonymous said...

Those damned foreigners. We all know white people, the real Americans, weren't involved in the ponzi scheme.


-----------------------------------

LMAO..."white people" engineered this whole thing. The foreigners are coming in to take advantage by buying up stakes in American banks. Citigroup brought in an Indian CEO to either be the fall guy when they fail or clean up the mess. I vote for fall guy.

February 17, 2008 9:26 PM

For your information, "Citigroup didn't bring in an Indian CEO. He is an American citizen, he has lived in the U.S. since he was 18 years old when he went to Columbia.

Now, if things work out, then he will become a corporate celebrity. If things fall apart, then he will be labeled as a loser.

Andrew Hac said...

OK... Joe6Pack & JaneZinfandel, let's get this simple, no brainer fact into that fried-burger brain one more time.

Owning a house is not for every one in the planet Earth, particularly in the land of the Americano AKA the land of the Snapper Turtle. If a person, a married couple or a family of chumps are poor, ignorant, uneducated, illiterate, buck-teeth, obese, fat, plain ugly or just looking like a piece of human crap, then that entity or organism is not entitled to own a house, or allowing to think of owning a house, or even dreaming of owning a house. Got it ? A very simple truthful fact to internalize based on Charles Darwin's famous theory: "You don't own jack if you ain't got jack to prove that you've got the jack to jack with..."

Furthermore, if that particular Americano had voted for "Little Boy + Fat Man" AKA "Dubya Shrub + Penis Shooter" in the last 8 years, then homeboy and homegirl HillBillies and Homer Simpson all alike out there should not consider a house as a place to live in. His and/or her adobe is to be in the horse ban, the chicken shack, the ass stall, or more fittingly, the Snapper Turtle lodge.

So, Hicks and CrackerNutheads out there, the 64 millions dollars question is:
"Is the Americano roasted yet, and if not, how long before the Americano will be roasted slowly, nicely and juicely like a snapper turtle skewered on a Chinese bamboo stick from mouth to ass sizzling, fat popping on a bed of white hot charcoal ?"

Are we there yet ? Is Joe6Pack still alive, breathing and kicking ???

Anonymous said...

Stupid Greed knows no nationality.

However, it is fun to live in SOCAL and watch the non-natives treat something as potentially bankrupting as flipping residential houses like it was a game show with fake money. Hey, no wonder the dollar is going down, these clowns finally realized its no better than the fake paper that comes with the monopoly game...just printed nicer is all/////

Anonymous said...

Those foreigners heard that banks run by smart white people were handing out bundles of money for a ponzi scheme.

Heads, the borrowers win. Tails, the lenders lose. White people were sold out by their own kind, just like the Africans were sold into slavery by their fellow Africans.

Princess Mononoke said...

This type of outrageous price reduction began here in Los Angeles County back in July of last year.

In fact, I saw some funny ones... the realtor would reduce the price and then two weeks later would increase the price higher than original listing. Most likely the homedebtors wanting more or both. Who knows. Don't care anymore.

Princess Mononoke said...

Anonymous said...
>>>if the laguna hills average household income is about $100k, shouldn't people spend about no more than $250k on a residence using traditional loan guidelines?
February 17, 2008 11:01 AM
==========================

You are absolutely right. The problems began when the lenders laxed their lending standards.

Before the roaring 2000s, lenders required 28-35% DTI (debt-to-income) ratios. During the good times lenders raised the DTI to 50-55%. This means your overall debt could be 55% of your total income.

This is why homedebtors are suffering when their rates adjust HIGHER. There is nothing left for food, clothing, gas etc. basic living expense. Their entire income is going to their mortgage.

Princess Mononoke said...

Anonymous said...
>>>Those damned foreigners. We all know white people, the real Americans, weren't involved in the ponzi scheme.
February 17, 2008 8:46 PM
=========================

LOL! Have you ever BEEN to Orange County?

Princess Mononoke said...

Anonymous said...
>>>Y2K prices? When this thing is said and done banks ain't gonna be lending any cash and those with money are going to be few and far between. This is going to get much worse than Y2K prices.
February 17, 2008 5:35 PM
=========================

Totally! We'll be able to buy PENNIES on the dollar down the road. NO JOKE!

The only thing is while the houses are sitting in Banking inventory, by the time they reach the market they will have been stripped down to the shell. So we will basically be paying for the land. So sad it's going to come down to this!

Anonymous said...

I'm surprised that, if the seller truly is pressed to get rid of the place, the price is not $200,000. Could be lower later; IMO, that is much more likely than it being worth more in the near term.

In the (old days') voice of Bill France at the Daytona 500, "Sellers ... Cut Your Prices!!!"

Chip

Anonymous said...

That listing REALTOR sounds like a tool

Princess Mononoke said...

>>>This means your overall debt could be 55% of your total income.
February 18, 2008 8:01 AM
========================

I want to add that this is borrower's GROSS income NOT NET income (take home pay). Imagine that! Unbelievable...

So imagine if lender's were accepting STATED and No-Doc loans and the GROSS income was MADE to appear affordable in order for the borrower to qualify!

This is what's making the situation far worse than a regular traditional full-doc loan (verified income).

tater said...

Princess Monooke said: In fact, I saw some funny ones... the realtor would reduce the price and then two weeks later would increase the price higher than original listing.

Hey Princess,
I saw something just like that happening in North Florida. Dumb-Ass realtor didn't know that his original listing price (the lower price) was still on the local MLS WITH the higher price. LMAO on that one.

Anonymous said...

That place actually looks pretty nice. Santa Maria, CA has the ugliest, oldest houses that the sellers still want $200k and up, and they're in gangland type neighborhoods. If you don't speak spanish, don't come to Santa Maria, CA... in fact, if you're even thinking about moving to California, learn spanish, make sure your children are fluent in spanish, otherwise they'll be outcasts at school and you won't be able to find a job.

Lost Cause said...

Nellie Gail Ranch is part of Laguna Hills. It does not get any more high end than that -- large custom houses on large horse property.

Otherwise, the rest of it is one stroke away from Leisure World. Did they ever find a place for the rusty old globe?

Princess Mononoke said...

tater said...
>>>was still on the local MLS WITH the higher price. LMAO on that one.
February 19, 2008 3:26 AM
========================

Totally! But the one's that I see continuously reducing and then increasing are ALL on ONE MLS listing... So you can actually see from one day to the next how schizophrenic these IDIOTS are! It's embarrassing to see...