A new program, Zillow Offers, allows home sellers to request a cash offer from the company on their property. Zillow says the program aims to reduce the guesswork and uncertainty for sellers.
Within 48 hours of receiving a seller's request to purchase the home, Zillow then makes a "no-obligation" cash offer or pass on the property altogether. If Zillow's offer is accepted, the company buys the home, readies it for sale, and then lists it. Some Zillow agents have aired concern that the new model takes them out of the equation, yet The Denver Post reports that Zillow maintains its agents will be paid commissions on both sides of the transaction, and remains committed to keeping them in the process. The program is already available in Phoenix and Las Vegas, and is now being introduced in both the Atlanta and Denver markets.
“Zillow Offers is the kind of innovative program that complements our strengths as a local brokerage, and one we believe can deliver a better real estate experience for the Denver consumer,” said Lane Hornung, CEO and founder of 8z Real Estate, in a news release. Berkshire Hathaway HomeServices Innovative Real Estate and RE/MAX Alliance are the two other Denver area real estate firms that Zillow is working with initially.
