07 Jul My experience with Zillow Instant Offer
We had our home on the market listed the traditional way with an agent and it didn’t sell for nearly ten months. Admittedly we started off with the price too high. We reduced it a couple of times before taking the home off the market a month before we had our first baby.
A month after the baby was born we decided to give Zillow a shot because who wants to list your house with a newborn if you don’t need to.
The initial offer made on the phone was fair but he fees are high, which is what one would expect . Offer was $450k with net proceeds of $395k. Considering our situation, we were tempted to take this. So we agreed to the inspection.
Our home is 5 years old. There was nothing wrong with it. (They factor in stuff like repainting in the primary offer so the inspection doesn’t reduce it.)
But here’s the kicker: the Zillow representative that came to the inspection with a contracted inspector recommended that they reduce the offer because of its proximity to a freeway and some warehouses (this is Houston so that is like half of the city). So new offer was 420k net proceeds around $372. Needless to say, we didn’t accept. Then of course their brokers contact you to see if you want to list it traditionally or consider selling your home to an investor. We didn’t entertain the investor idea, though I’m curious. We’d go back to our agent that already has the staged photos of our house when the bambino gets a little bigger.