Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Mortgage Tech Virtual Demo Day

Tune in to our live Virtual Demo Day on December 1st at 10am CT to experience demos from the most innovative tech companies in the Servicing, Audit and Post-Close space.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Real EstateFintech

Spencer Rascoff SPAC to take iBuyer Offerpad public

Zillow co-founder left as Seattle-based firm pivoted to iBuying in early 2019

Savor the irony: A blank-check company started by Spencer Rascoff is bringing an iBuyer, Offerpad, public.

Offerpad, a Phoenix-based company, said Thursday that it was bought by a Rascoff-controlled special purpose acquisition company, named Supernova Partners Acquisition Company.

Supernova Partners will shepherd Offerpad onto the New York Stock Exchange, according to a press release. The deal will provide the iBuyer with “up to $650 million in gross cash proceeds,” per the release.

Offerpad will also receive a $200 million commitment from private equity investors such as BlackRock and Zimmer Partners. And the deal pledges $50 million from “Supernova affiliates” and “up to $403 million of cash held in the trust account of Supernova.”

The seven-year-old Offerpad – founded by the company’s present CEO Brian Bair – describes itself as a lean operation looking to accelerate growth.

Real estate agents and LOs: the great collaboration

Technology has given consumers the power of choice and expedited the entire real estate purchasing process. Successful agents, brokerages and loan officers of the future are going to rely significantly on technology to find, nurture and engage with buyers and sellers while also playing an expanding role as personal advisors.

Presented by: Propertybase

“Offerpad’s experienced tech and real estate leadership team created a highly efficient ibuying business, while raising less capital than competitors,” the release reads. CrunchBase data says Offerpad raised $155 million prior to Thursday’s announcement.

Rascoff is the co-founder of Zillow, but he departed as company CEO in early 2019, replaced by another company co-founder, Rich Barton.

One reported reason for Rascoff’s exit was – get ready – that he did not do enough to grow Zillow’s iBuying program, Zillow Offers.

Under Barton, Zillow has since pivoted hard to iBuying. He has said not doing so would represent an “existential crisis.” The majority of the company’s 2020 revenue and expenses came from Zillow Offers.

Since leaving Zillow several years ago, Rascoff has had multiple business forays including starting a Los Angeles-based journalism company that covers tech, dot.LA.

He also launched two other special purpose acquisition companies, neither of which has yet found a partner to take public.

Offerpad, meanwhile, plans to go public less than one year after OpenDoor, another instant homebuying platform, started trading on Nasdaq.

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