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What kind of fraud are you referring to? Squatters? Maybe that’s why it seems they tend to buy in decent to pretty good neighborhoods where the neighbors probably keep an eye on what’s happening.
All the homes are empty so I feel like there’s not too much risk of things getting stolen unless they try to go for appliances or plumbing or something.
yes, they had a problem with squatters. The watermarks on their photos are because then scammers were renting out OD properties to unsuspecting naive people. I'm guessing they haven't run into many stolen appliances/AC compressors/water heaters or we'd have heard about it.
Scammers used Opendoor and other Ibuyer listings to do rental deposit fraud scams. They would take the photos and repost them, grab the sign from out front then meet potential renters, using the code that Opendoor previously gave them using the app. Get deposits from one or hopefully more people over a day or so and skip town. People show up to move in and oops!
Ah makes sense, forgot about those types of scams. Which I guess I shouldn’t have since something somewhat similar happened at my house the first day I moved in (we closed in 2 weeks so they probably thought it’d still be empty) - a box was shipped to the house addressed to the previous owner. I guess the scammer planned to grab it from the front stoop or something, but realizing I had accepted the delivery a person came by later looking for the package and claiming to be the previous owner - but I had met the previous owner and it wasn’t him. Turns out of course he was not expecting a package and when he opened the box with the police it turned out to be like 10 (I presume stolen) iPhones.
when you say that you got an offer ... you mean, you initiated the process?
Yeah you’re right. I guess I could have been nuanced with my words. We signed up for an email offer from them and got emails over several months with the value they would give us, so after it kept going up, we figured we would do the tour and at least see the final amount to see if we would be interested in moving. After the tour, they actually raised the value from the initial offer. They would take 5% and then subtracted some repairs (approx 5k which I’m sure they won’t do anything before listing it lol). After all that, we would still net above what i (and realtor) think our house would sell for. I love our house but it is small and on the busy street. We’ve done some big ticket items repairs, but it’s not super updated and could use some updates to make it shiny. I love the north hills area though, and now we couldn’t even afford a house in our neighborhood on a quiet street unless we won the lottery lol
I thought I'd just pop in and say "I told you so" for any of the folks thinking that iBuyer would be a permanent thing.
iBuyer was a fad, the 2020-2021 fad. Now that Zillow is out, look for Blackrock and Opendoor to pause buying or adjusting offers significantly downward. Yes, even in the magical Triangle area we all live in.
Then again, I warned people not to buy homes in 2008 but no one listened then either
If you don't have a house to sell already to offset, it is a horrible time to be buying in this frenzied market.
I use my wholesaler's propstream platform to track high equity, foreclosure, and MLS listing volume. MLS is up quite a bit last week during a time when inventory would be going down. Lots of supply coming online, great for buyers. Things change quickly sometimes!
I thought I'd just pop in and say "I told you so" for any of the folks thinking that iBuyer would be a permanent thing.
iBuyer was a fad, the 2020-2021 fad. Now that Zillow is out, look for Blackrock and Opendoor to pause buying or adjusting offers significantly downward. Yes, even in the magical Triangle area we all live in.
Then again, I warned people not to buy homes in 2008 but no one listened then either
If you don't have a house to sell already to offset, it is a horrible time to be buying in this frenzied market.
I use my wholesaler's propstream platform to track high equity, foreclosure, and MLS listing volume. MLS is up quite a bit last week during a time when inventory would be going down. Lots of supply coming online, great for buyers. Things change quickly sometimes!
Since you can apparently predict the future, you must be extremely rich. Can you send me some money? It must be an endless flow for you, so I'm sure you could spare some.
Since you can apparently predict the future, you must be extremely rich. Can you send me some money? It must be an endless flow for you, so I'm sure you could spare some.
Buy panic, sell euphoria. Rinse and repeat. There is no crystal ball, no "predicting the future". I highly recommend reading "Beat the Dealer" (http://www.edwardothorp.com/books/beat-the-dealer/). Hint: the takeaway is not about winning at Blackjack, even though that's all the book speaks to. Many wealthy entrepreneurs use that book similar to how business strategists leverage "The Art of War". There are no certainties, only probabilities. It was HIGHLY probable that real estate would flounder with the iBuyer fad of 2020-2021, just based on the frenzy it stirred up and the understanding of how credit expands and contracts during asset bubbles.
When an internet buyer swoops into an area and offers all cash trying to 'change the paradigm' of real estate, run far away from real estate. House flipping never, ever, ever, ever, ever, ever, ever, ever scales to that level. Did I mention ever?
When I warned people before 2008, I did so 3 years too early. I left that part out for effect, but I was pretty early timing that also.
If only it were that simple. If you can accurately predict the panic and euphoria, then you're on to something. But nobody can.
It's very easy to say "the market is crazy and people are starting to get nervous.....we're in for a downturn" when the housing market is just that, a series of downturns and upturns. Of course it's going to happen, but nobody knows exactly when.
If only it were that simple. If you can accurately predict the panic and euphoria, then you're on to something. But nobody can.
It's very easy to say "the market is crazy and people are starting to get nervous.....we're in for a downturn" when the housing market is just that, a series of downturns and upturns. Of course it's going to happen, but nobody knows exactly when.
You are listening, but you're not paying attention.
I am speaking about stacking the deck in your favor, not having a 100% certainty of any outcome. No one was going to know WHEN the iBuyer fad would die, just that it was highly certain it would die in the not too distant future, just based on cash burn and public information such as Zillow LOSING LOTS OF MONEY during a housing upswing.
Real estate was going to go down, or "correct". We all knew it. Well, everyone except those who lived in a fantasy world thinking that 2008 was an outlier and non-repeatable event. It wasn't about predicting the exact month or even year it would happen, just removing risk from the table when euphoria was hitting.
Another example: when stocks were where they were in March 2020, didn't a lot of people think that the world was ending? That was the time to buy stocks, and especially energy companies. Oil was negative for Christ's sake. Some energy companies are up 400% from their bottom. Not risky spec bets ala GME either, companies with zero debt and low PE ratios. Cash cow companies, some paying out hefty 7-8% yields.
You're focused on predicting exact outcomes: perfect timing, % rise or drop. You are losing focus on when to gradually step aside vs. when to gradually enter the market.
I thought I'd just pop in and say "I told you so" for any of the folks thinking that iBuyer would be a permanent thing.
iBuyer was a fad, the 2020-2021 fad. Now that Zillow is out, look for Blackrock and Opendoor to pause buying or adjusting offers significantly downward. Yes, even in the magical Triangle area we all live in.
Then again, I warned people not to buy homes in 2008 but no one listened then either
If you don't have a house to sell already to offset, it is a horrible time to be buying in this frenzied market.
I use my wholesaler's propstream platform to track high equity, foreclosure, and MLS listing volume. MLS is up quite a bit last week during a time when inventory would be going down. Lots of supply coming online, great for buyers. Things change quickly sometimes!
So, the iBuyer ‘fad’ is still in its nascency. Players will iterate and pivot, or flame out. Zillow may end up being the AOL of this space. The concept could still have a long term impact on the real estate profession.
So, the iBuyer ‘fad’ is still in its nascency. Players will iterate and pivot, or flame out. Zillow may end up being the AOL of this space. The concept could still have a long term impact on the real estate profession.
Most RE experts agree that house flipping can never ever ever ever ever ever ever scale nationally. Did I mention ever?
Did you see that Opendoor LOST money in this booming market? If they can't make money in this market, there's no hope for them.
iBuyer is toast, and it is probably the match that sparks the fire for the 2022 housing bust since iBuyer partly drove the spec market and frenzied "all cash" buying in RE. As they write off the homes, they can depreciate and liquidate them deeply, p*ssing off neighbors.
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