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Zillow polled their readers and uncovered that “homeowners want a faster, simpler selling option.” Zillow Offers is their answer. The service by Zillow basically buys your home on your schedule in as little as two business days (if you qualify).
Zillow wants to make the home selling process fast and simple. Image: PureRadiancePhoto/Shutterstock
How Zillow Offers Works
The process starts online with a simple questionnaire to answer basic info about your home, like:
- The number of bedrooms and bathrooms
- Square feet
- Major changes you’ve made that aren’t in the public record
- The date by which you’d like to sell
Next, you’ll submit current photos to help the agent price your home accordingly.
If your home qualifies, you’ll receive an email offer within two business days. This is a cash offer! You then have three days to respond to the offer or it expires.
According to Zillow, you’ll receive an offer via email in two business days. Image: fivepointsix/Shutterstock
If you accept the offer, a Zillow Offers Advisor will schedule a home inspection and recommend a licensed real estate agent to represent you, if you don’t have one already. Zillow may reduce the price after the home inspection if the home wasn’t represented as they expected or if it needs repairs. You can refuse their revised offer if you don’t like it.
Once you sign the sales contract, you can close on your home sale anytime between five days and 90 days — your choice.
This new service streamlines the home selling process. Image: Stasique/Shutterstock
Zillow Offers is currently only available in certain markets: select zip codes in Atlanta, Charlotte, Dallas, Denver, Houston, Las Vegas, Phoenix, Raleigh and Riverside. They plan to add Miami, Minneapolis, Nashville, Orlando and Portland by fall.
According to this image from Zillow, it looks like the service will expand to include offers from other investors. Image courtesy of Zillow.
Should You Use Zillow Offers?
This is a great no-obligation service if your home has been listed for a while and not getting any offers. Or if you’re in a hurry to move and don’t have the time to wait for the listing, open houses, offer negotiations and closing process of traditional home sales. Or if you need cash fast.
It’s too soon to know if Zillow’s offers are competitive with the actual market. But since the whole process is no-obligation, it wouldn’t hurt to try it out.