NASHVILLE, Tenn. (WKRN) – Zillow entered the iBuying market in August, launching its new program Zillow Offers in Nashville– one of Zillow Offer’s 23 current markets.
Zillow now directly buys homes, prepares them for sale and quickly puts them back on the market.
All sellers have to do is go to Zillow.com/Offers, answer a few questions about your home, upload some pictures and an obligation-free cash offer will arrive in your inbox within 48 hours.
It worked for Kyle Dodd, who sold his home to Zillow two months ago.
“I started looking around for quick ways to sell without having to hire realtor, clean it up, spend thousands of dollars and having to stage,” Dodd said.
When it comes to home sales, a local broker will represent Zillow in each transition. Gary Ashton, with REMAX Advantage, is that local broker.
“So the important thing to remember is that Zillow Offers makes a fair market value offer so it’s a cash offer obligation free,” Gary Ashton said, Zillow’s broker partner. “The public is really seeing value of being able to sell the home stress-free so it’s allowing them to go and find their dream address without the stress.”
With the Zillow Offers program, Zillow takes care of repairs and there’s no need to clean since there’s no need to show your home. In addition, Zillow Offers gives sellers the flexibility to choose their close date.
“It was incredibly quick and painless and they were on top of everything,” said Dodd.
However, time is money– the convenience comes with a cost. To help ensure profitability and to compensate for risk exposure, Zillow charges the seller a service fee in exchange for avoiding the hassle, time commitment and uncertainty of a traditional home sale. During the third quarter of 2019, that fee was an average of 6-9%.
“I got a considerably fair number considering I didn’t have to invest a penny of my time or money, considering I can pick the closing date and considering there was no chance of buyer financing following through,” Dodd said.
Homes that go on to sell traditionally after declining our offer sold for only .22% more than the Zillow Offer.