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

Bigbore500r

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Not sure about Zillow offers, but the 3 listed above have officially stopped home purchases.

I had a home inspection scheduled for today to close my deal with opendoor, and it was called off. I asked if it was going to be rescheduled, or if my offer will simply expire and i'll have to re-apply after the COVID shutdown. They replied and told me managment has shut down home purchasing at this time completely.

I have a friend who works at Owning.com, they had a meeting to discuss possibly continuing their purchasing but at a "more conservative value".

*pop*
 

HB2Havasu

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There's a lot of unknowns in the Real Estate Market right now. Too much risk right now to over leverage yourself. My feeling is this whole ordeal will be over by Memorial Day. However the job market may take a few extra months after that to stabilize. I'm guessing a lot of resturaunt and service type companies will have to go bankrupt before things get back to normal. It's hard to survive when you have zero income for 3-6 months!
 

RiverDave

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We have two people going out today to show properties and 3 people comjng in this weekend.

Stacy is writing a contract for a storage unit up in the foothills that is over a 1/4 mill..

Nothing seems to be slowing down out here yet?
 

RichieRich

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my wife, Katie Aaron is an agent in Corona and she has multiple active buyers now wanting to make offers as they will have an advantage they believe.
She also has a new listing that was signed yesterday in Anaheim Hills which may be delayed strictly on the availability of the photographer as his position is not critical.
 

pronstar

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My buyers are quite verbally committed, have been measuring the house for things like window coverings and a fence for the backyard. And they’re trying to get an earlier closing date.

Option period is over, and I’ve got some earnest money.

But I’m nervous as hell, I’ve got pretty much all my cash tied up in it until April 17.

I’ll remain nervous until i get paid in a month...


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DILLIGAF

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I am almost ready to get mine listed and am nervous about this as well.
 

LuauLounge

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This will all pass, there will be fallout, but it is a short term deal. Sold a house in the early 80’s and then went looking. 1st mortgages were like 17%. If there wasn’t an assumable loan, it didn’t sell. Rented and waited for the first uptick and then bought.
 

steak&lobster

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We have two people going out today to show properties and 3 people comjng in this weekend.

Stacy is writing a contract for a storage unit up in the foothills that is over a 1/4 mill..

Nothing seems to be slowing down out here yet?
Hmmmm . . .
 

monkeyswrench

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We have two people going out today to show properties and 3 people comjng in this weekend.

Stacy is writing a contract for a storage unit up in the foothills that is over a 1/4 mill..

Nothing seems to be slowing down out here yet?
Outside looking in on deals like this. I think certain aspects, or clients, will be less effected than others. There are both various forms of "financially stable", and also of those who are "leveraged". There is a large segment of society that will always have to secure financing for large purchases. I see this getting more difficult in the near future. How long it lasts, don't know. I see some people with money making a fair shake on hard money lending, as their funds may not be growing well other places.

I'm just a dumb redneck, but I see some volatility in more than just the stock market. It won't be immediate, but lending will tighten up pretty quick. It's nothing new, looks as if it's happened more than a few times in our lives. Difference is, now we all have more skin in the game ;)
 

jailbird141

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It is hit and miss everywhere right now. My wife is an agent in Glendora. In the last week she closed an escrow and got paid, wrote an offer for another buyer, opened escrow with yet a different buyer and finished a listing agreement and pictures for a house that will go on the market this weekend. It is really unpredictable. We have been preparing for and expecting it to really slow down for her and it has done just the opposite. Go figure!
 

Bigbore500r

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It is hit and miss everywhere right now. My wife is an agent in Glendora. In the last week she closed an escrow and got paid, wrote an offer for another buyer, opened escrow with yet a different buyer and finished a listing agreement and pictures for a house that will go on the market this weekend. It is really unpredictable. We have been preparing for and expecting it to really slow down for her and it has done just the opposite. Go figure!
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
 
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LargeOrangeFont

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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
Exactly.
 

boatpi

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Vegas is still smoking, fewer listings, many 300K 10 year old homes all gone, new come construction and sales are non- stop.
 
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zhandfull

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Vegas is still smoking, fewer listings, many 300K 10 year old homes all gone, new come construction and sales are on stop.
They put a halt to new construction? Havent see that yet in S. California but keep waiting for it to happen.
 

Jefftowz

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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
Don’t be a cheap ass and use a real realtor and I’ll do all the work for you… And answer all your questions… When you use a discount agent you get what you pay for… I’m just saying.
 

boatpi

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Had a typo earlier but Las Vegas sales are rocking and rolling in fact in North Las Vegas Pulte brothers as a new development for Del Webb.

near the VA Hospital starting at $305,000 new single story. We supplied the developer a number of laser cut panels for decoration in the yard.

two weeks ago and acquaintance had a discussion with me about purchasing an income house in Las Vegas. I gave them three specific recommendations all three houses are now in escrow.
 

SoCalDave

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Kids are about ready to list their condo in the next couple of weeks, hope this doesn't tank the market for them.
 

Bigbore500r

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Don’t be a cheap ass and use a real realtor and I’ll do all the work for you… And answer all your questions… When you use a discount agent you get what you pay for… I’m just saying.
Not sure where you are getting cheap ass from Jeff. There’s a reason I was exploring the Opendoor option, has nothing to do with cheap, it has to do with FAST. It’s actually more expensive. A realtor isnt gonna dictate what’s happens with this market in the next 60-90 days, the market will do that and they’ll react to it like everyone else.
 

Heylam

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I certainly wouldn’t be buying right now. Too much uncertainty.


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530RL

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These big companies purchasing large volumes of SF housing were losing money on those operations according to the public filings.

Given they are cash buyers not using conventional mortgages, they highly depend on capital markets to continue to fund their purchases in volume.

Once the capital markets went to shit, their ability to continue to raise capital to fund these purchases gets highly limited.

As a result, they have to pull back.

I have no idea about the overall market as I am suing the manufacturer of my crystal ball for a defect :), but their decision to pull back is less an indication of what they think about the SF housing market and more about what risks the capital markets are willing to fund.
 

boatnam2

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We did termite today and inspection tomorrow, just the fact the guy is doing it on a Sunday tells me someone is still busy.
 

Looking Glass

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Vegas is still smoking, fewer listings, many 300K 10 year old homes all gone, new come construction and sales are non- stop.

YEA!!, and I remember very well back in 08 or when ever it was there were construction sites that crews just walked off,material and equipment just abandoned, looting of material etc.

Time will tell,but with the Gaming shut down and if that lasts very long, I am seeing vehicles,toys and who knows what else coming up on the market.
 

HNL2LHC

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We did termite today and inspection tomorrow, just the fact the guy is doing it on a Sunday tells me someone is still busy.
Or he wants to get things wrapped and head toHavasu for a week of weekday boating.
 

BingerFang

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The real estate market is on the verge of total collapse, buckle up.

My GF and I were going to buy a few weeks ago but I told her it’s best to hold off... i hope it drops here in SOCAL so can get something nice for less than a million bucks 😊
 

Bigbore500r

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My GF and I were going to buy a few weeks ago but I told her it’s best to hold off... i hope it drops here in SOCAL so can get something nice for less than a million bucks 😊
We'll see!
 

Bowtiepower00

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We’re under contract with opendoor on our new build. Still a go, as of today. We will see what tomorrow brings... so the sky is not (completely) falling yet...
 

wettrthebettr

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Thats odd, My buddy does House inspections for home sales, And he is still working here in northern californy.
 

pronstar

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My buyers are still committed and are trying to get an earlier closing date, but title companies are busy so not sure if we can.

I’m still nervous, but cautiously optimistic.

My RE mentor is as busy as ever.


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Bowtiepower00

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Bu.. bu.. bu.. real estate is dead RDP Said..... not yet it’s not... fake virus won’t destroy us all ... lol. Time will tell...
 

boatnam2

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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.
 
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