Thursday, December 13, 2018

Zillow is Expanding to Buying and Selling Homes

Zillow is expanding, and shaking up the real estate industry in the process. The online real estate company recently expanded into the mortgage business with their acquisition of of Mortgage Lenders of America. Now, Zillow is ready to start buying homes directly from sellers for cash, making whatever improvements are necessary, and listing them for sale.

Zillow's new direct buyer business is called Zillow Offers. Zillow quietly launched their direct buying business in Phoenix in April; now their services are available in Las Vegas, Atlanta, and Denver. The company will be soon expanding to California and North Carolina as well. As of this week, potential home sellers in the Charlotte, North Carolina area will be able to request a free, no-obligation cash offer for their home from Zillow. If the seller agrees to accept the offer, they then pick a closing date which works best for them. Zillow then takes possession of the home, does any necessary home improvements or cleaning, and sells the home for profit.

What makes Zillow's direct buying program different from others, is that Zillow is not cutting real estate agents out of the process. Zillow will be assigning a local real estate agent in the purchase and sale of each home, which will allow the real estate agents to earn commission. Zillow will be represented by the Redbud Group at Keller Williams South Park in Charlotte, North Carolina.

Zillow will be partnering with multiple brokerages across the United States, even giving them leads from motivated sellers, who decide not to accept Zillow's cash offer. Zillow has become part of the growing trend of real-estate companies buying homes directly from owners. Zillow's new service will be available in eight U.S countries by the end of 2019, interested homeowners will receive a preliminary offer within 2 days and close the sale in as little as 7 days from signing.

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