They are partnering up together to try and offer low ball offers for home owners that are not educated and give their equity away for “convenience”. Z says they don’t charge a commission they charge a fee that is typically even higher than commission, they also charge high amounts for repairs and try and control the entire transaction by using their lender, title co, telecommunication services and more. The homeowner does not have any representation only a buyer that is man handling the whole situation.
Zillow would not exist if it were not for realtors that have paid them for years and years as a Premier Agent. This is where us realtors pay Z to advertise in certain zip codes and to show our contact info on our own listings. Zillow would have nothing to advertise if our association did not allow them to advertise our listings for sale. Those are OUR listings!
Over the years Zillow has become known as the website that home owners would go to see what their home is value is at or get their “zestimate”. Well Zillow came into Las Vegas and Phoenix areas as a broker selling properties about 1-2 years ago, we were a “test market”. Most of the public was not aware that their Zestimate was dwindling in most cases because Zillow was in town and wanted to buy your home cash at the “zestimated” lowered value. In some cases, they would increase certain areas and pay more for properties because they were trying to control the market and buy up a certain area and wanted to inflate comps because they were going to flip properties purchased and then they could use some of their own inflated comps. A lot going on behind the scenes and I want to be sure you know about it!
They want to be able to tell you what your house is worth, then offer you cash to buy it and not put it on the open market where the public would know it’s for sale and ultimately sell for more when more consumers could make multiple offers.
Opendoor currently has a 62-million-dollar lawsuit against them for deceptive marketing for cheating potential sellers with misleading claims about their home buying service. Why would Z want to go into business with them?
Pay attention to their actions! They will keep on trying and trying but I need to educate my circle that this is not in your best interest!!
When you work with the Lauren Paris Group we will go over ALL your options when it comes to selling. We will show you what you could sell your property for on the open market and if there are cash buying options available, we will show you that as well so you can make the best decision.