XXX Canterbury Lane $296/sqft. Asking $999,000.
Todays owners have been in their house since 1991.
In 1991, they bought the house. The county's stamp-tax records are incomplete. They took out a $55K 15-year mortgage with Wachovia
In January 1999, they refinanced with the State Employees Credit Union (SECU) for $75K.
By December 1999, they were ready for a little more of that delicious MEW, so they opened a HELOC with SECU for $100K.
It looks like they tapped $75K of that $100K HELOC since in November 2007, they refinanced with SECU into a $150K mortgage.
So far, they are $150K in the hole for a 3300 sqft house. That's less than $50/sqft + whatever down payment I don't have record of. These owners are expanding their debt through the bubble years, but still not going crazy, at least by Irvine CA standards.
They put their house on the market in March of this year, 118 days ago.
And now, the WFT portion of our story:
In May, they opened a $530K HELOC from Harrington Bank. WTF? The house is already on the market, can't you just wait until it sells to spend that equity? If they tapped that HELOC, then they're $680K in the hole.
I just can't figure out why someone would do that. $530K is not a small amount of money. $530K is the price of another house. Did our current owners pay cash for another house with debt from this house? (Is that really paying cash?). Is it really wise to spend the profits of a home sale before the sale completes?
If they sell at their asking price, they stand to make a fortune. They would get $220K in addition to whatever portion of the $530K HELOC they haven't already spent. But who is going to pay $300/sqft for this house?
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