Blackrock Is Buying Every Single Family House They Can Find, Paying 20-50% Above Asking Price And Outbidding Normal Home Buyers

Thread Reader ^ | 06/09/21

[ncfool]

Getting ready to sell my house that I have lived in for 32 years. It’s in a good neighborhood. So I saw this ad for a firm called OPENDOOR which is a Internet buyer of homes. They pimp you by asking you what you think you want so I said 425,000. They came back and said that their average in my neighborhood was 430,000. The next step was to do a virtual walk-through. Since my house is not ready to sell it would be as is where is and they said that is OK. I might go ahead and do the virtual survey because it would be easier than spending the $15,000 to paint and re-carpet to get it ready for sale. Has anybody had any dealings with these virtual buyers of homes.

Evidently Web buyers are driving the prices of homes up. Tempted to give it a shot

[moonhawk]

Me, too, and I’m series.

[gundog]

Pay them off in Zimbabwe $$$?

[ncalburt]

Run Now

Its A scam .
Your house is probably worth alot more .

Get a few good realtors to do a CMA on the real market value .
Homes are in bidding wars now .

[ncalburt]

Homes sell by value per Sq Ft and lot size and garage size etc,,
Not by a average .
Open Door is a Scam .

[peggybac]

My suburb in KC (on the Kansas side) can’t keep homes on the market. The day they’re listed, they’re gone. I would love to grab some extra money by selling, and I’d get a lot of money for my crappy home, but even the smaller homes are too expensive now so it wouldn’t be worth it.

[Organic Panic]

You will own nothing and like it...

My oregon rental sold 20 minutes after it was listed 20k more than asking.

[Flaming Conservative]

I don’t know anything about Blackrock, but my daughter sells real estate in the Fort Worth area, and buyers are driving prices up in bidding wars. Don’t know if they’re regular buyers or corporate.

[Az Joe]

And where will you live after the sale?

[Az Joe]

Kiss about $40k goodbye with Open Door.

[Pelham]

Real estate professionals use staging companies to make houses look good. You could hire one yourself before having Open Door video your place. I suspect that they can fix you up for a lot less than 15K.

[Dr. Sivana]

Has anybody had any dealings with these virtual buyers of homes.

We looked at a couple of houses being flipped by a similar company here in Arizona. It is a legitimate business model. The company that bought the houses does take a 10% commission from the homeowner on the sale, which is how they can give a reasonable price and still make money on the flip. They do a minimum fix up, mostly just paint. In the case of the company selling the houses, they sell, not rent, and around here in AZ our main adversaries are folks with cash from California bidding everything up. We did find a house to buy. It has a solar lease that has to be picked up and that scared off a lot of potential buyers.

[MercyFlush]

The Federal Reserve is a private banking cartel that is exempt from anti-trust laws. The myth that they return all of their excess profits to the Treasury is just as mythical as Biden’s victory in November.

[AlaskaErik]

I got a flyer in the mail offering $50k-$70 less for my Arizona winter house than others are selling for. I also get cold-called by realtors wanting to know if I want to sell. No corporation has offered me 20-50% above the FMV. Maybe that will start should I ever put it on the market. Its value has doubled in the seven years since we bought it. I could handle an extra 20-50% above that!

[GreyHoundSailor]

My sister bought a home in NH on a lake a year ago - sold it to an Alaskan orthopedic surgeon with no inspection & no walk-through for $800k more than she paid. There was a bidding war.

[tallyhoe]

50% above asking? They can have mine!

Then where will you live?

[qaz123]

One thing I find amazing about articles like this and some of the comments is how flippant folks can be.

The guy that runs Blackstone is a globalist POS.

Everyone wants to,brag or joke about this and that, when they dump these houses or fill them with 3rd world ugly, with Biden’s plan to destroy the suburbs, I doubt many will be bragging and joking.

These people, whoever they are, are playing for keeps.

Oh wait, when this house of cards starts to fall, that’ll be when the 3%’ers, Oath Keepers, and everyone else will be saying....Molon Labe. Yeah, that’s what’ll happen. Yup

[nutmeg]

Wow. That is absolutely stunning!

[tsomer]

I would expect, out of my ignorance I suppose, that real estate would be one of the worst investments to make. You and your property value is at the mercy of the local government and school boards— to them your a tree to prune once every year. Another thing: Trump ended the interest deduction there is less incentive to buy.

Of course maybe they realized that no tax incentive would be needed back in 2017.

This must be about the three rules of real estate—location location location. It must be time to get out of the blue states —something is liable to happen.

[winslow]

This is happening in Ireland also. Investment funds are buying up most new houses and then renting them. Couples looking to buy are finding it very hard to find sellers. Rent prices are through the roof in spite of many being out of work due to lockdown.

This is absolutely a global strategy to take private property ownership away from ordinary people.