~~ ZillowPocalypse MegaThread ~~ Real Estate |
- ~~ ZillowPocalypse MegaThread ~~
- Zillow says it’s closing home-buying business and cutting 25% of workforce; earnings miss estimates
- *ZILLOW SHUTS HOME-FLIPPING BUSINESS AFTER RACKING UP LOSSES
- For those who waited and the prices have blown up….
- Zillow stock down 12% today down 55% from its high
- Share of Mortgage Loans in Forbearance Decreases to 2.15 Percent
- Cash-out refi now or wait? (MA)
- Today's Zillow earning report should be a wake up call to every RA out there!
- Flipping a house with a hard money lender
- My house-hunting enthusiasm is evaporating
- Investment firms are buying rental properties in Memphis
- Opendoor vs Zillow
- Seller's Realtor put up a SOLD sign on my house today, which only went under contract a couple days ago.
- Locking the rates
- Realtor problem that ended up with me having no home
- Stripped foreclosure, bad remodel? Are the pictures just wrong?
- Zillow closing
- Exp or REI?
- Broker Compensation Fee
- Current economy affect on home prices
- House is on the market and has a lot of interest - how long should I leave it up?
- Ibuyer carnage continues today
- Self employed mortgage (alternate lenders) Type B
- Front yard is owned by utility company, no easement listed on title
- Stupid question - how do I find out which of my acquaintances/friends are realtors? (US, FL)
| ~~ ZillowPocalypse MegaThread ~~ Posted: 02 Nov 2021 05:04 PM PDT Hello, Threads made after this one about what's going down with Zillow, will be deleted. I'm not going to delete or close down those existing discussions, but we don't need any new ones for the time being. The temporary moratorium on zillow threads will be TBD, hopefully not very long, but we don't need 15+ threads a day on the subject. In the event that there are any hot new news items, not already being discussed in one of the threads below, that you feel warrant discussion, please feel free to share that news article in this thread, or one of the below threads, rather than making a(nother) new thread. I'll link to a few of the existing ones here, if there are others feel free to link to them below too! https://www.reddit.com/r/RealEstate/comments/qldvgv/zillow_says_its_closing_homebuying_business_and/ https://www.reddit.com/r/RealEstate/comments/ql69al/ibuyer_carnage_continues_today/ https://www.reddit.com/r/RealEstate/comments/qlaml1/zillow_closing/ [link] [comments]  |
| Zillow says it’s closing home-buying business and cutting 25% of workforce; earnings miss estimates Posted: 02 Nov 2021 01:49 PM PDT "We've determined the unpredictability in forecasting home prices far exceeds what we anticipated," ~Zillow CEO Turns out hoomz don't only go up... [link] [comments]  |
| *ZILLOW SHUTS HOME-FLIPPING BUSINESS AFTER RACKING UP LOSSES Posted: 02 Nov 2021 01:08 PM PDT |
| For those who waited and the prices have blown up…. Posted: 02 Nov 2021 09:59 AM PDT How shitty are you feeling? I had ton of great opportunities but got cold feet in 2019 when prices were ok. This is such a shit feeling, everyday. I could've had 2 investment properties and one to live in. Fuuuuuuuuck me [link] [comments]  |
| Zillow stock down 12% today down 55% from its high Posted: 02 Nov 2021 11:50 AM PDT |
| Share of Mortgage Loans in Forbearance Decreases to 2.15 Percent Posted: 02 Nov 2021 08:04 AM PDT
For everyone's reference, in August the share of mortgage loans in forbearance was 3.26% as calculated by the same association. I think it might be safe to say the tsunami of foreclosed properties that some were expecting is not going to happen. [link] [comments]  |
| Cash-out refi now or wait? (MA) Posted: 03 Nov 2021 04:05 AM PDT Own a $600k condo, with $115k left on an ARM. First rate adjustment is a year from now. Current rate is a bit lower than what I can get with a 30 year fixed right now. Planning on buying something else at some point in the future but not completely decided. Is it silly to do a cash-out refi now to get rid of the ARM and have money sitting around until I decide what and where I want to buy next? Is it timing the market? [link] [comments]  |
| Today's Zillow earning report should be a wake up call to every RA out there! Posted: 02 Nov 2021 05:55 PM PDT Like many young people out there I have been keeping my eyes on the market to buy a house (first time buying a primary residence in US). During summer as I was witnessing bidding wars, while there were also army of people who were sounding alarms about prices not being sustainable at these levels! On the other hand, every day I was stumbling real estate agents on social media and their cringing marketing vidoes, specially the one in that generic creepy robotic female voice saying: "when your client says they will wait for market to pull back" and then the agent looks at their phone puts on a smile and says "laughing out loud". This is one of the many examples of their idiotic marketkng contents! Putting aside disrespecting your clients like this for having a different opinion and instead of having a data driven, scientific argument (which is not expected from most of you, since all you need to do is pass through high school and pay few hundred dollars licensing fee to become RA), you guys have been pushing first time home buyers on back of their insecurity and fear mongering into buying anything they can get their hands on (even if they had to stretch their budget to do so) just to make that commission. Zillow not only is out of home flipping business for now, they are firing 25% of their workforce (relatively high paying jobs). Guess what? If economical instability continues and this kind of work force trimming extends to other companies, many of your clients won't be able to afford their over priced mortgages anymore and end up in financial ruins that they may not come back from for rest of their lives. So think to yourself does it worth it to push your client into buying anything just to make that commission? Of course not every RA is an absolute moron, but let's be honest most of you are! [link] [comments]  |
| Flipping a house with a hard money lender Posted: 03 Nov 2021 05:13 AM PDT My friend came to me with an investment opportunity for flipping a house. He find deals and gets the wholesale contract for a good price and either sells the contract or I can put up 10% of the purchase price with his lender in exchange for 50% of the upside. Is this a deal worth looking at or is it bullshit? What are the forecasts of the market? Are you expecting a correction? I am trying to figure out if this guy is even worth talking to. Any insight is appreciated [link] [comments]  |
| My house-hunting enthusiasm is evaporating Posted: 02 Nov 2021 09:35 PM PDT We started looking this summer, rushing out of the gate to quickly bid on a neighbor's house when they moved. To make that bid we finally did what we should have done years ago, getting pre-approved and starting to really learn our market. For two months after being soundly outbid on that house, we found a house to hone in on each week, bidding on a handful. A month ago we narrowly lost the first house of all these that felt really right—all the location/neighborhood/space/necessary improvements hit the sweet spot, and for once I didn't feel at all torn about the decision to go for it. In the four weeks since then, no house has been quite right. One we tried hard to talk ourselves into but too dark/cramped/bad-vibey (still sitting). One way more expensive than we've been planning on, but seemed possible if no one else bid. (Someone did of course. In our experience lately there's always just one other lovely bidder.) Now that I know how it feels to be really thrilled with a potential house, and know that at least one exists that checks off our entire too-long list of needs and wants, I can't go back to bidding on houses that all would require major settling in one way or another. It also happens to be the week our realtor has forecast inventory would drop off a cliff for the rest of the year. We're very ready to buy for a number of reasons, but also have a good and secure renting situation. I'd been feeling so much urgency around finding a house before inventory fell off, and before the Seattle market goes nuts again next year, and before interest rates keep rising, and before we get priced out. There's a real off-season lull in the market here, and SO many houses are going for list price or a bit lower. I want to take advantage of the moment. I don't want to wait for a spring feeding frenzy and higher prices. I've been house-hunting like a job for three months, while I'm home with our baby and small kids, going on very little sleep and very high-intensity parenting, driving miles several days a week to check out the yard/street/vibe of a dozen houses each time, see a handful with my realtor, do deep-dive research on all the good prospects. I've just lost my motivation. Any words of advice or encouragement? [link] [comments]  |
| Investment firms are buying rental properties in Memphis Posted: 02 Nov 2021 03:59 PM PDT "A recent analysis from Shelby County Property Assessor Melvin Burgess' office found in the past two years, investment companies have bought more than 7,000 homes and turned them into rental properties. " If you want to know more about this buying, check the news here https://www.localmemphis.com/article/news/investigations/i-team/investment-firms-buying-thousand-memphis-homes-what-does-that-mean/522-22f14ac0-581e-460d-9fca-43f313de45c6. I am curious if such a big scale of investment on residential property will boom up Memphis's economy. On one side, hot money is coming into the city. But the other side, if I want to live there for long term, isn't it hard to compete with investment firms to buy a house? It feels like it's harder for people to call Memphis home if I'm forced to rent. What do you think? [link] [comments]  |
| Posted: 02 Nov 2021 03:41 PM PDT with zillow shutting down it's home purchasing division, it seems there is a LOT of "I told you so", rightfully so. It was extremely interesting seeing all of the people posting about Zillow offering a significant amount more than actual market value, with way easier closing and lower fees. Personally, I thought it was a marketing technique... I was wrong. Those of us who read this forum often can see that while we couldn't have exactly predicated this (and the 20% plunge in stock price), we also aren't exactly too surprised either. Next up is OpenDoors quarterly report coming Nov 10th. Their stock dropped today due to skepticism surrounding the ibuying market in general. Those of you who have experience with them, what do you think of their business model compared to Zillows? More sustainable? Less ridiculous pricing? Do we think it's going to get tanked? [link] [comments]  |
| Posted: 02 Nov 2021 03:26 PM PDT The home inspection appointment is tomorrow. Since this is misleading at best, and a bold face lie at worst, I don't want the buyer to see it. So, I took down the sign. I assume my realtor thinks it's free advertisement for them. Would it be beneficial for me at all to have the SOLD sign up at this point? How would you feel as buyer going to a home inspection and seeing the SOLD sign? Edit: I am the Seller. [link] [comments]  |
| Posted: 02 Nov 2021 07:00 PM PDT I bought a new construction, the current progress of construction is framing, roofing and most of the pluming is done, the builder is starting with electrical from next week. I am assuming it will take another 5-6 months max to close. Is it worth starting to shop for the mortgage in December and lock the rate in early January for 3 months. I read multiple articles saying fed could raise the rates potentially in June. [link] [comments]  |
| Realtor problem that ended up with me having no home Posted: 02 Nov 2021 10:14 PM PDT Realtor confirmed we were approved with a rental apartment application. So I told my landlord I'm leaving my apartment because I got a new place to live. called and asked what time i am getting the keys for the apartment and she said she doesn't know yet and not to worry. note that i asked multiple times that if she's sure i am approved and she said yes. Come to find out we weren't approved and now I have my stuff in the uhaul and booked a hotel room because I got no where to go. How do I handle this? [link] [comments]  |
| Stripped foreclosure, bad remodel? Are the pictures just wrong? Posted: 02 Nov 2021 05:27 PM PDT Okay, so I was looking at a listing today and at first I didn't realize it was a foreclosure. The house in question sits very close to an area that flooded badly during a hurricane in 2018. On Redfin I could see both the current pictures with a list price of $100,000 as well as cache pictures from when the house last sold in 2017 for $215,000. So my initial thought was that the house probably had bad flood damage and that was why it was weirdly stripped. I did a little side by side comparison and also looked up the flood plain and flood map from 2018 to try to confirm my theory. This house did not flood - it was one street over from the highest water line. Okay so now it's less clear why the house is so stripped down. Like a relatively new kitchen and downstairs bath in 2017, gone. But the thing that's throwing me completely off is the paint. You see, someone has gone through and added some truly bizarre paint choices. The kitchen, which was hgtv grey in 2017 with stainless steel appliances, shaker cabinets, and granite counters is stripped but the walls are now yellow. There's a set of two double french doors in the sunroom leading to the backyard. These are painted purple and lime green in alternating pattern. An upstairs bedroom has the chair rail roved and is painted a garish lilac. There's also several places where there's new,added drywall without paint. And parquet floor has been replaced with laminate. Or more stylish tile floor has been replaced with big square tiles (toilet and vanity now gone). Like it almost looks like a remodel left half done because the owner ran out of money. But if so they had deeply poor taste. I swear if you told me the 2021 pics were 2017 and vice versa it would look like a nicely done little flip. It's like a flip in reverse. It's not a thing that someone would strip and foreclosure and then throw up some bad paint in order to fuck with the bank right? I don't know why this house bothers me so much. [link] [comments]  |
| Posted: 02 Nov 2021 11:22 AM PDT I'm losing my mind. We close on 11/4 and its 11/2 and there still isn't a clear to close. I don't have a settlement statement to provide to my new lender and there still isn't a closing disclosure provided (and we're within 3 days of closing). I'm now calling the title company every hours (of course I get a voicemail, but what else can one do). Zillow is frankly being negligent at this point. I have a new home closing scheduled for 11/5, movers, house work, etc all scheduled and my damn locked rate expires on 11/5. Like others have mentioned, they're very unorganized and I had to provide information for them to speed up the process (HOA status letter, settlement statement from a refinance I did in 2020). For those who have had closing dates pushed...is there any recourse? My agent (family friend) has said she is honestly surprised at how unorganized the process is. I don't even have a title commitment from them yet... [link] [comments]  |
| Posted: 02 Nov 2021 06:52 PM PDT I know exp is global but is anything that REI offers only for US based people? Can I be a part of exp Mexico and still be able to generate or make money from leads we can close on? [link] [comments]  |
| Posted: 02 Nov 2021 05:06 PM PDT Is a $495 broker compensation fee fair? First time home buyer trying to understand all the closing costs. Apologies if this is an overly simple question. Thanks! [link] [comments]  |
| Current economy affect on home prices Posted: 02 Nov 2021 06:14 PM PDT Hello, I am not in the RE or financial industry so please forgive me if the answer to my question is obvious. My wife and I are thinking about purchasing a home within the next 6 months. In our region prices have surged in the past year with the help of lowered interest rates. However, it seems prices are steadying and Fed is probably going to start their tapering. My question is, how has the part year affected the true value of home prices. My biggest concern is that inflation has caused inflated home prices and a correction may be due for the RE market sometime in the next year or two. I'd hate to our hase a home only to see it drop in value. Is my concern valid? Also what would be your advice? I know this is limited info, but I guess I'm looking for a general response in terms of the RE market, nothing specific to our situation. Also, I understand nobody really knows what will happen, we can only speculate based on history. TIA [link] [comments]  |
| House is on the market and has a lot of interest - how long should I leave it up? Posted: 02 Nov 2021 01:29 PM PDT First time home seller here! I'm selling a home in Virginia, and it's blowing up on Zillow. We've had 13 showings in the last two days and have now received two offers. The home is listed for 255k. Our first offer is 263k, FHA. Second offer is 260k, conventional, waive inspection. The realtor is expecting Atleast two more offers. My question is, how long should we keep receiving offers for? My gut says to leave it up until the weekend and get as many offers as possible to try and get the price up, but maybe I'm mistaken. Our realtor says we should review offers on Thursday, but that seems so soon. Any advice is much appreciated! [link] [comments]  |
| Ibuyer carnage continues today Posted: 02 Nov 2021 08:07 AM PDT Zillow down 10% and Opendoor down 14% today. Looks like shortsellers want opendoor ,OPADs to dump their inventory in real estate market as well. Fed meeting for monetary policy is currently in progress.There would be guidance for interest rate hiked in future. This is good news for future buyers [link] [comments]  |
| Self employed mortgage (alternate lenders) Type B Posted: 02 Nov 2021 07:14 PM PDT Hi guys I am self employed and am getting a type B (alternate lenders loan) for a new build home completing within 90 days through a mortgage broker. My offer to purchase is conditional on financing which is due in 2 days. Today I get some good news from my broker that the mortgage is approved. He congratulates me and so does the realtor. All I got prior was a lender commitment letter (good for 90 days) where I signed, with a some conditons like passing an appraisal which shouldn't be an issue with a new house but did not receive a copy back signed by the lender. My broker says it's no big deal because commitment letters can be rescinded for a number of reasons (not really binding). This leads me to my next point and question. If a commitment lender can be rescinded how can I feel comfortable putting in my down payment ($40K) with the risk of losing it if the deal doesn't end up closing for x reasons. Another good sign is that the lender did send an email to my broker asking for scanned copies of the deposit cheques which leads me to think i'm past the underwriting phase if she is expecting to see the deposits come in. 1)So How do I know I'm at a point where I can safely waive financing conditions in a couple of days. I am ina heated real estate market where I am forced to make riskier decisions and fast. 2) What can potentially happen between now and close date that can kill the deal and me lose my deposit? (job loss,etc) 3) Is it normal to have nothing formal in writing? 4) Do you agree with my understanding of the situation at hand? i'm sorry im asking dumb questions but i've been burned so many times in the past listening to professionals that work for me that i lost trust. Oh and I am using the builders lawyers who only handled the process after but not during this stage. Should i seek a third party legal opinion? [link] [comments]  |
| Front yard is owned by utility company, no easement listed on title Posted: 02 Nov 2021 05:00 PM PDT Trying to gather information on what the process for resolving a title issue could entail, in Oregon, no offer made, want to understand what I'd be up against. Access to the front yard is completely blocked by a small lot, listed as owned by a utility company. Our realtor had the title pulled, and the main lot has no easement over the utility lot, and they cant find the deed for the utility lot. As I understand it, a bank wouldn't lend and a title company won't insure on a lot without properly documented access. I am not in any rush, and am fine hiring a lawyer, and don't mind doing as much of the legwork as possible, but it seems like a resolution is ultimately up to the seller. Has anyone been in this situation before? How long did it take to resolve? Any additional conceivable risks or costs? I understand there may be lots of reasons not to bother with a situation like this, but if it ends up being worthwhile, I'd like to go into an offer as well-informed as possible. [link] [comments]  |
| Stupid question - how do I find out which of my acquaintances/friends are realtors? (US, FL) Posted: 02 Nov 2021 07:11 PM PDT I always assumed it'd be easy to jump on Facebook or LinkedIn and drum up a list of folks I know in the Real Estate business, but after my first attempt I'm realizing either I have no idea how FB searches work these days, their searches are terrible for this sort of thing or both. Any tips? [link] [comments]  |
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