Housing market is too far gone.

DrewDown

Well-Known Member
Jan 4, 2006
22,859
Tucson
Not really related, but kind of funny. Zillow bought my house last year. They gave me 90 days to vacate. I took the entire 90 days. In that time Zillow announced they were stopping buying properties, and then like a week before I closed I saw an article of someone in AZ claiming Zillow backed out of their purchase. I'm pretty sure the people at Zillow knew they were about to be jobless because I couldn't get anyone to send me the settlement statement. I finally got it on the day of signing. There was an error with me being charged property taxes for the upcoming year (which my insurance had already collected). And it was on there in duplicate. I signed anyway because I figured I could go after that money after and was afraid the deal would fall through completely. Well they refunded me the first charge pretty quickly but I finally filed a complaint when they just stopped responding to my messages. They called me yesterday to verify where to send the remaining money. So out of a $360k sale there was only like $1500 in closing costs and zero money to realtors. They resold the house for $39k less than they bought the house. If i had sold it the traditional way my net proceeds would have been almost $60k less. Pretty wild.
 

Bugalu

OT Supporter
Nov 23, 2003
58,713
Nashville
Not really related, but kind of funny. Zillow bought my house last year. They gave me 90 days to vacate. I took the entire 90 days. In that time Zillow announced they were stopping buying properties, and then like a week before I closed I saw an article of someone in AZ claiming Zillow backed out of their purchase. I'm pretty sure the people at Zillow knew they were about to be jobless because I couldn't get anyone to send me the settlement statement. I finally got it on the day of signing. There was an error with me being charged property taxes for the upcoming year (which my insurance had already collected). And it was on there in duplicate. I signed anyway because I figured I could go after that money after and was afraid the deal would fall through completely. Well they refunded me the first charge pretty quickly but I finally filed a complaint when they just stopped responding to my messages. They called me yesterday to verify where to send the remaining money. So out of a $360k sale there was only like $1500 in closing costs and zero money to realtors. They resold the house for $39k less than they bought the house. If i had sold it the traditional way my net proceeds would have been almost $60k less. Pretty wild.
Yea Zillow fucked up big time. Our agency was the one that ran their Nashville office.


They did have humans run comps (at least here) but they got a bad rep for not doing shit to the houses they sold so agents didn’t want to show them.


It would be like house needs a new HVAC and has a leaking water heater, “ok here’s 200 bucks off”


Opendoor is the exact same way
 
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saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
21,781
Loserville. Population: 1
Not really related, but kind of funny. Zillow bought my house last year. They gave me 90 days to vacate. I took the entire 90 days. In that time Zillow announced they were stopping buying properties, and then like a week before I closed I saw an article of someone in AZ claiming Zillow backed out of their purchase. I'm pretty sure the people at Zillow knew they were about to be jobless because I couldn't get anyone to send me the settlement statement. I finally got it on the day of signing. There was an error with me being charged property taxes for the upcoming year (which my insurance had already collected). And it was on there in duplicate. I signed anyway because I figured I could go after that money after and was afraid the deal would fall through completely. Well they refunded me the first charge pretty quickly but I finally filed a complaint when they just stopped responding to my messages. They called me yesterday to verify where to send the remaining money. So out of a $360k sale there was only like $1500 in closing costs and zero money to realtors. They resold the house for $39k less than they bought the house. If i had sold it the traditional way my net proceeds would have been almost $60k less. Pretty wild.
@Go Pro
 

mistergin

Probably not your father...
May 12, 2001
3,895
Southeast Valley
Not really related, but kind of funny. Zillow bought my house last year. They gave me 90 days to vacate. I took the entire 90 days. In that time Zillow announced they were stopping buying properties, and then like a week before I closed I saw an article of someone in AZ claiming Zillow backed out of their purchase. I'm pretty sure the people at Zillow knew they were about to be jobless because I couldn't get anyone to send me the settlement statement. I finally got it on the day of signing. There was an error with me being charged property taxes for the upcoming year (which my insurance had already collected). And it was on there in duplicate. I signed anyway because I figured I could go after that money after and was afraid the deal would fall through completely. Well they refunded me the first charge pretty quickly but I finally filed a complaint when they just stopped responding to my messages. They called me yesterday to verify where to send the remaining money. So out of a $360k sale there was only like $1500 in closing costs and zero money to realtors. They resold the house for $39k less than they bought the house. If i had sold it the traditional way my net proceeds would have been almost $60k less. Pretty wild.


This read like Dusty Busterson's office chair thread :rofl:
 
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Colin Robinson

OT Supporter
Aug 12, 2007
42,050
i'm so mad
Yea Zillow fucked up big time. Our agency was the one that ran their Nashville office.


They did have humans run comps (at least here) but they got a bad rep for not doing shit to the houses they sold so agents didn’t want to show them.


It would be like house needs a new HVAC and has a leaking water heater, “ok here’s 200 bucks off”


Opendoor is the exact same way
around feb/march a townhouse unit similar to mine in my complex sold for $830k, with just a little better upgrade than mine. spoke to some potential listing agents and a lot thought $800k on the open market was easy doable. checked a opendoor offer just for the hell of it. the "preliminary" offer was $811k, i would've snapped sold it on the spot to them if i 100% secure had a place to live after selling to them, hell even at $790k i would've sold. that preliminary offer is now like $750k after refreshing :mad:
 

Bugalu

OT Supporter
Nov 23, 2003
58,713
Nashville
i'm so mad

around feb/march a townhouse unit similar to mine in my complex sold for $830k, with just a little better upgrade than mine. spoke to some potential listing agents and a lot thought $800k on the open market was easy doable. checked a opendoor offer just for the hell of it. the "preliminary" offer was $811k, i would've snapped sold it on the spot to them if i 100% secure had a place to live after selling to them, hell even at $790k i would've sold. that preliminary offer is now like $750k after refreshing :mad:
Their preliminary offer means shit. They come in look at it mention all these repairs needed, lower the offer, people accept it, they don’t do any of them or do a few things super cheap (carpet or stuff) and resale it for full price
 
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Colin Robinson

OT Supporter
Aug 12, 2007
42,050
Their preliminary offer means shit. They come in look at it mention all these repairs needed, lower the offer, people accept it, they don’t do any of them or do a few things super cheap (carpet or stuff) and resale it for full price
yeah i know i did research on that but a preliminary offer of $811k, if they did lower their final to even like $790-$800k, it was still worth it cause i compared the comps price per sq/ft etc. it seems some hot markets they are/were actually overpaying until the recent insane hikes while gypping seller in the cooler ones.
 
May 8, 2001
30,981
Colorado
i'm so mad

around feb/march a townhouse unit similar to mine in my complex sold for $830k, with just a little better upgrade than mine. spoke to some potential listing agents and a lot thought $800k on the open market was easy doable. checked a opendoor offer just for the hell of it. the "preliminary" offer was $811k, i would've snapped sold it on the spot to them if i 100% secure had a place to live after selling to them, hell even at $790k i would've sold. that preliminary offer is now like $750k after refreshing :mad:
If you had sold it using a realtor for the $800k they told you they could get. You could have included a post occupancy agreement to give you time to find a new home.
 
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Colin Robinson

OT Supporter
Aug 12, 2007
42,050
If you had sold it using a realtor for the $800k they told you they could get. You could have included a post occupancy agreement to give you time to find a new home.
im my market its ridiculous to expect sellers to accept offers contingent upon the buyer selling their current home
 
May 8, 2001
30,981
Colorado
He meant what you said you meant
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