"Heck, if there were a way to buy a purely virtual house, which tracked the economic value of a real house but didn't involve any pesky atoms, I would buy 10,000 of that. They'd only be IDs in a database at that point."
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Another interesting wrinkle in the model, from the user perspective: when you pick out a house, you're making a cash offer (and therefore can close *extremely* quickly) rather than going through a mortgage approval dance. Your mortgage approval happens ~5 years later.
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This model, OpenDoor, and the like arming lots of buyers with cash offers will have interesting downstream impacts on many, many assumptions about residential real estate purchase, because "financing takes about a month to arrange" is all but a law of nature there.
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End of conversation
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Interestingly, First Republic was covered in a value investors podcast for (1) their low default rate during 2008, and (2) most home loans are less than 60% of the home's value.https://www.stitcher.com/podcast/the-investors-podcast-network/the-investors-podcast/e/65017119#/ …
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