The online real estate marketplace Zillow recently launched a new feature called \”Zillow Instant Offers,\” aimed toward helping seemingly impatient sellers quickly offload attributes.
In short, their research has found that some homeowners want a \”faster, simpler selling option\” to split up with their property.
What might make it distinct from other quick-sale services is that it features a free comparative market analysis (CMA) from the local real estate agent, which is likely created to help sellers come to grips with what their apartment should sell for.
There\’s also a pretty good chance that agent providing it\’ll wind up representing them, hence they aren\’t on their own.
Ideally, this means they will not get ripped off by some property investor looking to make a quick buck. Furthermore, it creates a new advertising stream for Zillow.
How Zillow Instant Offers Works
First, you answer some queries about your property (number of rooms, feet square, etc.) and submit a number of up-to-date photos to get a more accurate offer.
Using publicly published data from your Zillow listing, they’ll require that you verify those details and mention everything that has since been updated, altered, etc.
Assuming the house qualifies, you\’ll receive investor offers within two business days. Yes, you read that correctly. After this you get five days to respond to the offers before they expire. They are apparently sent via e-mail.
From there, you could pick an offer and get some help from Zillow to close the deal (it\’s unclear how much hand-holding they do), or have your agent carry out the heavy lifting.
That part is a bit of something mark because it\’s unclear if agents get paid and if so, how much. But Zillow does propose that you use an agent as you would with almost every other home selling service.
If you never already have an agent, Zillow can hook you up to one in your area. It will be a so-called \”Premier Agent,\” we believe is someone who advertises on Zillow.
It appears to work as a bit of a lead service for the reason that Zillow will pair you using an agent who will be required to generate a CMA on your behalf.
Then, the typical stuff happens, such as the home inspection, where the buyer can detect whether the home is in good shape. Chances are partner\’s clothes perfect, and that could affect the retail price, just as it would on the open market.
Anyway, once it\’s through inspection(s), either you accept the offer or decline them all. They are all no-obligation. You can even list with your own personal agent on the MLS or maybe take your home back off the market industry.
Put simply, it\’s yet another avenue selling your home, and another opportunity for agents to link up with homeowners via Zillow.
At the instant, Zillow Instant Offers is only obtainable in select zip codes in Las vegas, nevada and Orlando. These are areas hard-hit by the crisis where inventory is most likely quite a bit higher than national levels.
That means it\’s likely quicker to unload these homes from a shorter period of time, where they otherwise might languish. The downside is you probably get a lower price.
Who Is Zillow Instant Offers Good For?
So you might be curious why you\’d use this service if you could use an agent. Well, Zillow seems to think there\’s value in without having to stage your home, hold open houses, do showings, and fret about price.
They also allow you to set your own closing date, and since mentioned, you get that free CMA to enhance gauge your home\’s value to make sure lowball pricing doesn\’t become a dilemma. I wonder why they can’t only use a Zestimate?
Still, with the housing market so hot in every areas nationwide, and agents already willing to do most of the work for their fee, it begs the question why you\’d bother if you were in a time crunch.
If there have been savings involved, that\’d certainly sweeten the sale, but my guess is that sales via Zillow Instant Offers would use less than typical market price.
After all, the investors know injuries bother with showings and open houses, so they shall be able to hang that over your mind.
The good thing is it\’s free, at least for now, so if you\’re the type who wants to diy, you could at least throw it out there to determine if any good offers came along.
It might beat a for-sale-by-owner listing, though again, agent commission fees will in all probability still apply here unless you\’re comfortable foregoing one.
Ultimately, this indicates the program is almost intended to show a prospective seller the value of a real estate agent, that an agent can \”sell it for further.\” And that could make Zillow money.