WELCOME TO RIVER DAVES PLACE

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

Bigbore500r

Well-Known Member
Joined
Apr 28, 2014
Messages
17,366
Reaction score
35,100
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

Well-Known Member
Joined
Nov 4, 2015
Messages
4,433
Reaction score
9,631
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

In it to win it
Joined
Sep 13, 2007
Messages
123,244
Reaction score
150,651
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

Well-Known Member
Joined
Apr 29, 2013
Messages
333
Reaction score
426
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

President, Dallas Chapter
Joined
Aug 5, 2009
Messages
34,461
Reaction score
40,890
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...


Sent from my iPhone using Tapatalk Pro
 
Last edited:

DILLIGAF

Well-Known Member
Joined
Jan 10, 2008
Messages
17,109
Reaction score
24,038
I am almost ready to get mine listed and am nervous about this as well.
 

LuauLounge

Well-Known Member
Joined
Jul 24, 2010
Messages
3,370
Reaction score
6,349
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

aka rclvlhc
Joined
Oct 25, 2015
Messages
2,325
Reaction score
3,674
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

Well-Known Member
Joined
Sep 7, 2018
Messages
26,078
Reaction score
71,746
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

Well-Known Member
Joined
May 3, 2011
Messages
752
Reaction score
1,413
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

Well-Known Member
Joined
Apr 28, 2014
Messages
17,366
Reaction score
35,100
I
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
 
Last edited:

LargeOrangeFont

We aren't happy until you aren't happy
Joined
Sep 4, 2015
Messages
49,690
Reaction score
76,151
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

Exactly.
 

boatpi

Well-Known Member
Joined
Feb 28, 2012
Messages
7,921
Reaction score
11,682
Vegas is still smoking, fewer listings, many 300K 10 year old homes all gone, new come construction and sales are non- stop.
 
Last edited:

zhandfull

Well-Known Member
Joined
Apr 20, 2008
Messages
2,666
Reaction score
3,611
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

Formerly Old School Ultra
Joined
Feb 5, 2008
Messages
4,650
Reaction score
5,125
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
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

Well-Known Member
Joined
Feb 28, 2012
Messages
7,921
Reaction score
11,682
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

Well-Known Member
Joined
Jul 1, 2011
Messages
12,574
Reaction score
28,119
Kids are about ready to list their condo in the next couple of weeks, hope this doesn't tank the market for them.
 

Bigbore500r

Well-Known Member
Joined
Apr 28, 2014
Messages
17,366
Reaction score
35,100
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

Well-Known Member
Joined
May 29, 2014
Messages
2,146
Reaction score
3,202
I certainly wouldn’t be buying right now. Too much uncertainty.


Sent from my iPhone using Tapatalk
 

530RL

Well-Known Member
Joined
Sep 18, 2012
Messages
21,179
Reaction score
20,149
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

Well-Known Member
Joined
Sep 20, 2007
Messages
13,249
Reaction score
6,677
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

1 = Well = Known = Member
Joined
Jan 6, 2020
Messages
8,292
Reaction score
13,942
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

What is right and what is wrong these days!
Joined
Jun 25, 2018
Messages
13,826
Reaction score
24,787
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

Well-Known Member
Joined
Nov 14, 2012
Messages
3,159
Reaction score
8,289
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

Well-Known Member
Joined
Apr 28, 2014
Messages
17,366
Reaction score
35,100
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!
 

HBCraig

Well-Known Member
Joined
Jan 8, 2008
Messages
8,846
Reaction score
10,904
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 😊

This just sold a few weeks ago. They are doing a ton of upgrades on it as well. These were built in the late 60's
Screensho(5).jpg
 

Bowtiepower00

Well-Known Member
Joined
Apr 20, 2015
Messages
2,360
Reaction score
3,710
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

Well-Known Member
Joined
Sep 14, 2018
Messages
1,043
Reaction score
839
Thats odd, My buddy does House inspections for home sales, And he is still working here in northern californy.
 

wettrthebettr

Well-Known Member
Joined
Sep 14, 2018
Messages
1,043
Reaction score
839
I certainly wouldn’t be buying right now. Too much uncertainty.


Sent from my iPhone using Tapatalk
if you have cash it is the perfect time to buy, Maybe from selling a home or you are stinkin rich.
 

pronstar

President, Dallas Chapter
Joined
Aug 5, 2009
Messages
34,461
Reaction score
40,890
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.


Sent from my iPad using Tapatalk
 

Bowtiepower00

Well-Known Member
Joined
Apr 20, 2015
Messages
2,360
Reaction score
3,710
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...
 

Bigbore500r

Well-Known Member
Joined
Apr 28, 2014
Messages
17,366
Reaction score
35,100
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...
Your buying / building, not selling right? Opendoor cancelled all purchases of homes.
 

boatnam2

Well-Known Member
Joined
Sep 20, 2007
Messages
13,249
Reaction score
6,677
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.
 
Top