Opendoor and Redfin temporarily pulls plug on iBuyer program



Opendoor temporarily pulls plug on iBuyer program.

The spokesperson said the company has been closely monitoring the escalation of COVID-19 over the last few weeks and is mindful of the impact the crisis has had on the communities in which the company operates. Ultimately, the spokesperson said, the priority for Opendoor is the safety and well-being of its customers, employees and the general public.

Redfin pulls plug on iBuyer program. RedfinNow, which generated 40% of the brokerage’s Q4 revenue, was suspended amid coronavirus crisis.

“On March 18, 2020, we announced that RedfinNow, our business that buys homes directly from homeowners and resells them to homebuyers, will temporarily pause making offers on homes,” the company disclosed Wednesday in a filing with the Securities and Exchange Commission.

In a statement, Redfin CEO Glenn Kelman said that the decision was made in response to the ambiguous nature of the housing business right now.

The decision comes at a time when the platform was rapidly scaling. It was live in 13 markets and saw a 407 percent increase in the number of homes sold in 2019, over 2018.

Zillow and Offerpad, were still buying homes as of Wednesday. Selling a house in Palm Springs to an iBuyer means homeowners can forego the uncertainties of listing a property and never have to worry about prepping for an open house.



Real Estate Tricks to Avoid

You can tell a lot by the tricks a Palm Springs real estate agent uses. Some of them are extremely tacky and, as a result, these are the agents you may want to avoid at all costs. So, we are going to point them out to you!

First of all, any Real Estate agent who puts up an ad that includes vehicles in the driveway of the property is just sloppy. It can seriously cheapen the way the property looks, and any agent who would do that may not be so great.

See an ad that touts some Palm Springs neighborhood or community as a “best kept secret,” or some such nonsense? Stay away from the place, it is not a secret at all.

Any property that insists its price just won’t last is a total sham — it tends to actually be too expensive anyway.

Keller Williams Palm Springs debuts long-anticipated consumer app

Keller Williams Palm Springs long-anticipated consumer-facing app went live Wednesday morning, potentially kicking off a new era for the company and — if it’s successful — for the industry at large.

The new home search tool is web- and app-based, and aims to give homebuyers and sellers a deeper understanding of the city they are searching in by neighborhood.

  • Guide, a fully-customizable client companion, facilitates the entire transaction from search to signing on the dotted line.
  • Win consumer loyalty by refining their search with leading-edge functionality to find what they’re looking for, faster.
  • Give home buyers a deeper understanding of the neighborhoods that interest them including market and lifestyle information.
  • Whether they’re looking for their next home or their dream home, help clients organize, rank, and then discuss their favorite listings.

Additionally, in the near future, consumers and agents can follow neighborhoods and get feed updates on market changes, new businesses, and service providers.  With neighborhood information at their fingertips, KW Palm Springs agents become the go-to experts on clients’ neighborhoods of choice. 

BUYING A FORECLOSED PROPERTY

The relationship between a homeowner or prospective home buyer and their Palm Desert real estate agent is a personal and important one. You need a Realtor you can trust and upon whom you can rely to keep your best interests at heart. Unfortunately, signing on with the wrong agent can result in a world of frustration and stress that you don’t need. A good Realtor in Palm Springs should be alleviating stress, not causing more. Here are a few signs that you may have chosen the wrong realtor.

we have an extremely low foreclosure rate compared with other parts of the world. By most estimates we currently hover at around 0.30%. The US is closer to 1.2%, and Greece is hitting as high as 33%.

Credit our tightly regulated lending environment for that rate not rising past 0.40%, even during the 2009 economic crisis. At our loosest, it was still much tighter than most other nations.

Also we do not easily give up on their homes. This said, if shopping for a new home or an investment property, there are usually one or two foreclosure properties worth considering in your target market.

It is true that foreclosures often sell at a discount from current market value, but typically not that significant of a discount.

Things to consider:  

  • Writing the initial offer you can insert ‘subjects’ such as appraisal, inspection, and financing and have a comfortable length of time to prepare a budget based on detailed quotes for any work that needs to be done to restore the property.
  • The offer will be written to the lender, not the original homeowner who is now just the occupant.
  • The former homeowner/current occupant may be able to occupy the property right up until the day you take possession. There is no guarantee that they will not take the appliances, furnace, lighting fixtures, or anything not nailed down when they leave. There is essentially a (perhaps bitter) third party occupying the home that you are buying in as-is condition. Not ‘as-is’ when viewed, as is standard in a transaction, but ‘as-is’ the day you are handed the keys. For this reason a vacant property is often preferable, as there is reduced risk of further damage to the property. The alternative is preparing your financing in advance of writing an offer and showing up on the assigned day in court and making a competing sealed bid.

The judge will determine if the property is selling close enough to fair market value, which it must, and the homeowner has an opportunity to dispute any ‘lowball’ offers as being unreasonable.

Lender cannot sell the property simply for what is owed. It is all about fair market value. A lender has also likely been without payments for anywhere from 12 – 24 months, as the system is heavily biased towards us not losing their homes.

This means somebody, at no cost to them, may have occupied the property for nearly two full years. Count on very little maintenance or upkeep having been done during that time.

An excellent plan is to knock on doors and ask neighbors questions about the property and its history. Was it a rental property with a string of bad tenants? Were there illegal activities on site? All good things to know.

Determine the maximum purchase price in advance. Factor in the appraisal, the inspection, and the budget for repairs. And in the calm of your own office or home, well in advance of entering the heated atmosphere of the courtroom, settle on that maximum figure.

Then stick to your maximum bid as planned. The foreclosure process is a segment of law that truly allows socialist roots to shine through.

5 Tips for Selling a House

1. Make those repairs. While in years past it may have been enough just to cut the grass and retouch the paint, anyone looking to sell a house in today’s market will have to take care of those more onerous repair projects as well.

2. Price to the market. Unfortunate though it may be for sellers, demand for Palm Springs real estate has softened significantly. That means, in many cases, sellers will have to bring down their asking price below what the house might have fetched just a couple of years back.

3. Know your agent’s stats: Finding an real estate agent near you with experience selling homes in your market will help ensure correct pricing. When deciding on a real estate agent, find out how long it usually takes him or her to sell a house.

4. Be flexible. Ensuring that your house is ready to show at all times will make it easier for prospective buyers to see it. So make your bed each morning and clean up the dishes before open houses, just in case someone may want to come by at the last minute. In addition, homeowners should be willing to disappear on Saturday and Sunday afternoons if potential buyers are free to see the property.

5. Bite your tongue: If a potential buyer comes in with an offer you consider too low, resist the urge to turn up your nose.