Zillow is now buying condos directly from the Sellers: Here’s what you need to know
Zillow announced last month that Sellers who wish to offload a home without going through the entire sales process can fill out a form online, send in a few photos, and receive an offer. This program hasn’t extended to the Boston condo for sale market yet but, it has been launched in Las Vegas, Atlanta, Denver, Charlotte, and Raleigh. In 2019, home sellers in Miami, Minneapolis–Saint Paul, Nashville, Orlando and Portland will be able to use Zillow Offers to request a no-obligation cash offer from Zillow to buy their home. Zillow will be launching Zillow Offers in each of these five markets throughout the year and expects all five to be active by the fall.
So, What’s the downside?
So what’s the downside? For sellers in a hurry to offload a home, who are not concerned about getting the market price for their home, this could be a great solution. For most people, a house is the biggest investment they make in their lifetime — and they can’t afford to get less than full market value or better.
Here are more facts you should consider:
Instant Offer Fees are Huge!
While Zillow Offers does not disclose its fees directly on the site, they reportedly range between 6% to 13% of the offer. In my opinion, those are some incredibly huge fees.That means that if a seller accepts an instant offer of $350,000 for their home, they are actually getting $21,000 to $45,500 less than that.
The reviews on instant home offers so far are terrible.
According to an Inman article on the subject, Yelp is actively hiding terrible customer reviews. Customers, in general, so far are not happy with the instant home offer process..
Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114
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