Opendoor, Redfin, owning.com - No more home purchasing

[Dan Lorenze]

I'm not going anywhere but I wouldn't mind getting a killer interest rate on a refi during this mess. Maybe step into a 15 year and get this thing payed off.

 

[New to boating]

These platforms were largely unsuccessful. On a trade by trade basis (which we track) they broke even or lost money on the majority of their trades and when cost of funds is factored in the institutional money that was behind them had a terrible return - those funds have now transitioned into the bond market (until the markets calm) and that is why they stopped - they have no money.

All this ever was (typical of wall street funded operations like these) was a way for management to scrape fees (and they did that really well) until the money says "no more" and then its over. The guys running the platforms don't care, the get paid either way - the Investors take the hit.

 

[rivermobster]

I


I don’t think it has hit the traditional RE market yet, people just stopped working this week.

The “home buying companies” started putting the brakes on last week while watching the DOW crash and fearing what was coming with impact to quarantine and economic impact.

After a month of this, I’d expect to see an impact. You don’t hold open houses during a quarantine. Probably don’t jump in a car with your realtor and spend the day looking at houses....etc. Then people who’s jobs are affected will have difficulty qualifying, so that portion of buyers may drop off. Well see

Glendora is not what I would call a traditional real estate market. There are no first time home buyers buying here.

People buying here are the the same clients that are buying multi million dollar homes in Havazo I'd guess.

Some segments of the market will not be slowing down.

Best thing you can do is find out who the real estate King is in your town. In Glendora, it's Marty Rodriguez. Figure out who is top dog in your town and use them.

I'm thinking places like Opendoor and all that just got tired of loosing money!

Zillow is losing millions on selling homes. But its risk-taking CEO isn't worried

Zillow's CEO Rich Barton built a huge site for real estate listings. But now he's shifting the company into a far riskier business, buying and selling homes.

www.cnn.com

Zillow is losing millions on selling homes. But its risk-taking CEO isn't worried

 

[ChumpChange]

I hope I’m wrong. . .

So what is your fundamental analysis to make you post something like that?

 

[steak&lobster]

So what is your fundamental analysis to make you post something like that?

You seem very interested in my feelings. Very cool. I am just a guy that has some common sense. I will go with the fact that the world is in turmoil, a lot of people have lost their jobs. Businesses will not make it back from this shutdown and last but not least people are losing their lives or are afraid for their families and their health. . .

 

[JM21]

We just had escrow fall out for 3rd time, lots of new property coming up for sale, may just become a rental until things blow over.

What were the reasons for canceling? Before contingency removals?


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[boatnam2]

2 after inspection which is weird, house is dialed in, 3rd i don't think was ever a buyer not sure what he was doing.

 

[ChumpChange]

You seem very interested in my feelings. Very cool. I am just a guy that has some common sense. I will go with the fact that the world is in turmoil, a lot of people have lost their jobs. Businesses will not make it back from this shutdown and last but not least people are losing their lives or are afraid for their families and their health. . .

Just wondering if you had some evidence or you were just trying to put something in writing and if it came true then you would tell everybody that you told them so and if it did not come true then it’s no big deal. Sounds like you’re just throwing it out there and will see what happens. That’s all I wanted to know.

 

[steak&lobster]

Just wondering if you had some evidence or you were just trying to put something in writing and if it came true then you would tell everybody that you told them so and if it did not come true then it’s no big deal. Sounds like you’re just throwing it out there and will see what happens. That’s all I wanted to know.

Well my house is for sale and has been on the market for a month. Not 1 person has even looked at it. I guess that means I am not trying to "tell everybody that I told them so" and it does matter to me and is a big deal. Hopefully that answers all your questions and that you will think before you speak and not be so judgmental . Peace.

 

[HB2Havasu]

I'm not going anywhere but I wouldn't mind getting a killer interest rate on a refi during this mess. Maybe step into a 15 year and get this thing payed off.

That’s my plan also. Hoping I can get into a 15 year for approx the same payment and get this payed off before I retire. I have 22 years left on current mortgage.

 

[ChumpChange]

Well my house is for sale and has been on the market for a month. Not 1 person has even looked at it. I guess that means I am not trying to "tell everybody that I told them so" and it does matter to me and is a big deal. Hopefully that answers all your questions and that you will think before you speak and not be so judgmental . Peace.

My neighbor listed his and had fifteen offers in the first week. Place was listed for $730k. Buying agents were asking for immediate response as they wanted it so bad. Then a buyer came in at $50k over the asking and took it down. House closed yesterday. Just like my example though, you can't take one micro instance(yours) and call it a macro/whole.

 

[steak&lobster]

My neighbor listed his and had fifteen offers in the first week. Place was listed for $730k. Buying agents were asking for immediate response as they wanted it so bad. Then a buyer came in at $50k over the asking and took it down. House closed yesterday. Just like my example though, you can't take one micro instance(yours) and call it a macro/whole.

Great. . .

 

[boatnam2]

My neighbor listed his and had fifteen offers in the first week. Place was listed for $730k. Buying agents were asking for immediate response as they wanted it so bad. Then a buyer came in at $50k over the asking and took it down. House closed yesterday. Just like my example though, you can't take one micro instance(yours) and call it a macro/whole.

So he sold 30 days ago?

 

[boatnam2]

Well we had 3 more offers today, hopefully get something done this time.

 

[Heylam]

The escrow on the rental I sold is supposed to close this coming Tuesday. Just got off the phone with the escrow company, and all is good so far, keeping my fingers crossed.


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[ChumpChange]

So he sold 30 days ago?

Fourteen day close. Cash buyer. It went quick. There were twelve offers the first weekend.

 

[RiverDave]

California real estate was just moved to essential, so the realtors I know are working. They did add some covid19 addendums where a buyer can back out if the virus affects them or something. I don’t know much about it.

Team rdp has put just shy of 3 mill in escrow the last two days.

@steak&lobster I am going to talk to the team about your situation on Monday and see if we can’t get something figured out there.

 

[DRIVE BYE]

Hi all, I listed my primary residence the first of the year, I have the next home in escrow, I'm just changing Locations for a change of scenery so to speak. First buyer Cancelled (unable to perform)... Next buyer just pulled out yesterday, as their home fell out friday. What a fuck sandwich .... Yes, Dave New guidelines come out tomorrow from CAR, I may have to invoke The Covid Addendum on my buy as i just don't want to own 2 Big Properties right now. Damn It I just want to Move !