Zillow’s iBuyer Program Failure: What to Know
Posted by Greg Eskritt on
Last week brought about some insane news for the real estate industry, Zillow’s iBuying program has temporarily failed. For the last three years, Zillow was designing an online platform that would allow homeowners to receive an offer directly from Zillow to purchase their home. The company designed an algorithm, similar to the Zestimate, that would roughly determine the worth of a home, and then Zillow representatives would offer just below that value, often selling homeowners on the idea of an easy and brainless transaction. So what happened?
The Beginning of the Problems
Zillow's plan was to purchase the property for less than market value, handle small necessary repairs, and put those properties back on the market as soon as possible.…
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