Many Americans interested in, not only the potential value of their home, but also other homes in their neighborhood, the homes of their friends or homes they dream to own someday, search Zillow.com to see the estimated value the site has calculated. Zillow.com, however, is looking to branch out beyond just providing home price estimates, they have begun to actually buy and sell homes and plan on making the process even easier.
In an article published by CNN Business, the new division of Zillow, called Zillow Offers has some new features to make the process of selling a home possible with just a few clicks of a mouse. As CNN Business reporter, Clare Duffy, details, “For certain homes, Zillow’s ‘Zestimate’— the online estimate of the home’s value — will now represent an initial cash offer from the company to buy the property. That could mean an even quicker timeline for homeowners looking to close a sale without going through the hassle of a formal listing, or a source of helpful data for would-be sellers who want to know how much money they’ll have to buy their next house.”
The Zillow Offers division of the company has been operating in a handful of markets for about three years now. They have been requesting information from homeowners in order to determine the cash offer from Zillow. The new, revamped process, soon to be available in 23 markets, will skip the required questionnaire and photos from the homeowner. Zillow is confident in the information currently available for many of the homes that the posted Zestimate would be the actual cash offer. A homeowner could simply contact Zillow to cash in on the Zestimate. After an inspection and adjustment made based on any repair issues, the sellers could pay a Zillow the seller’s fee and close the deal.
Skeptics doubt the accuracy of the posted home values. Yet, according to the article, Zillow’s COO Jeremy Wacksman points out, “For homeowners who decline Zillow’s cash offer, the difference between Zillow’s offer and what they end up selling for is typically less than 1%…”
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