Zillow Group is testing a new service that looks a lot like Opendoor. Sellers can use “Zillow Instant Offers” (Instant Offers) to get a bid on their property within 24 hours, and if they choose to accept it, close in as little as a week. But don’t confuse Instant Offers for an Opendoor clone. Here are 10 important differences between the two. 1. Opendoor buys homes; Zillow Instant Offers connects sellers with investors. Opendoor buys homes using debt from institutional investors, makes light repairs and then sells the properties at a premium. Zillow does not buy any homes through Instant Offers. It acts as a middleman between homeowners on the one side and investors and real estate agents on the other, effectively creating a marketplace where investors can go head to head and compete for sellers. Homeowners who sign up for Instant Offers will receive offers from as many as five investors within 24 hours. Homesellers who accept one will sell to an investor, not Z...
- Zillow Instant Offers is a marketplace for investors to compete for sellers, while Opendoor is a direct buyer.
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