That’s $2.8 billion worth of homes.
What is iBuying anyway?
Think of it like large-scale, automated home-flipping.
If you’re a homeowner, there may be a benefit to using an iBuyer to sell your home.
What went wrong at Zillow?
Sound too good to be true?
For Zillow, it was.
The company ended up making thousands of above-market offers to homeowners.
That’s what eventually led the company to shut down its instant-buying business for good.
The company has agreed to sell 2,000 units to New York City-based investment firm Pretium Partners.
Zillow has said it intends to honor all existing deals for homes under contract.
What do Zillow’s problems mean for iBuying?
Other competitors seem to have figured out the iBuying formula’s secret sauce and are going strong.
Private equity firms like Blackrock have made headlines for theirinvestments in instant buying.
Though Zillow is no longer in the game, iBuying seems to be here to stay.
