Zillow Rattles the Real Estate Market: Announces it will Begin Buying and Selling Homes
By Maggie Wilson @ Real Estate Daily
April 13, 2018

Overview

In addition to Las Vegas and Orlando, the real estate tech giant Zillow is expanding and extending its Instant Offers program to Phoenix and getting into the home-flipping business.

Sellers will be able to sell their homes directly to real estate investors (including Zillow) who will pay cash for their home. Once a seller receives an investor offer, the seller will be able to view the offer alongside a custom comparative market analysis created by a local real estate agent. If the seller accepts Zillow’s offer and closes, the home will be prepped for resale and Zillow will then re-list the home for sale on the local MLS via a local agent.

This change is in response to the desire to speed up real estate transactions, something that the industry is seriously lacking. Through its Instant Offers platform, Zillow will be able to accommodate sellers that need to sell their home in a short timeframe with minimal hassle. How this will affect the market is yet to be seen, but we do know that the impact will be huge.

Key Takeaways

  • Sellers will be able to market their home listings to real estate investors (including Zillow) who will pay cash for their home.
  • “Instant Offers” will provide the seller with a comparative market analysis created by a local real estate agent so they can compare the received offers to the possible value of their home.
  • Zillow spoke to the benefits of this new program saying that it will reduce stress for sellers who will no longer need to prepare their home to sell, and they will have more control over closing dates and prices.
  • Zillow will be using DotLoop for the real estate transactions and, according to an article from Inman, will not be receiving a commission for the deals.

Excerpt

In many ways, Zillow was one of the leaders in the online real estate revolution, helping to democratize the home buying process and enabling prospective buyers to search for their next home from the comfort of their current home.

And now, Zillow wants to revolutionize the way that people sell their homes as well, as the online real estate giant announced this week that it is launching a pilot program called “Zillow Instant Offers.”

Through the program, which is now testing in Las Vegas and Orlando, homeowners looking to sell their home will be able to get cash offers on their home from selected investors interested in buying it, all within Zillow’s platform.

If the seller decides to use the “Instant Offer” program, they will also receive a comparative market analysis from a local real estate agent, which would allow them to compare the investor offers to what their home might be worth on the open market.

View the original article at Housing Wire