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Started By
Message
re: An iBuyer bought my home for $100k over the appraised value
Posted on 10/31/21 at 9:35 am to GetCocky11
Posted on 10/31/21 at 9:35 am to GetCocky11
No wonder they shut down this operation 
2
Posted on 10/31/21 at 10:52 am to SDVTiger
I average getting 2 letters a week in the mail about buying some of my cattle pasture land and about 1 a week on my hardwood timber land.
I just throw them straight in the trash.
I just throw them straight in the trash.
Posted on 10/31/21 at 1:27 pm to MSTiger33
quote:
Congrats! We have officially been in our house for one year now and I joke with my wife that we should sell. Problem is, all the houses currently on the market are so inflated that there is nothing we would consider an upgrade that would be in our new price range.
Same issue. We bought our home in November 2019 for $298,500. Closed a refi this month that lowered our already great rate and allowed us to drop PMI as it appraised for $367,000. Zillow is showing a $464,000 estimate. I'm curious what they might offer, but I have no idea what we'd do if we sold. Plus I love the house and location.
Posted on 11/2/21 at 4:09 pm to GetCocky11
Good and timely thread. Zillow was down 10% today and down around 5% with bad news on the iBuyer stuff and formally killing the program. If one was a smart trader, they would have shorted this stock after reading the thread and doing some research. I wasn’t one of those smart traders. Lol.
This post was edited on 11/2/21 at 4:21 pm
Posted on 11/2/21 at 4:36 pm to SDVTiger
quote:
No wonder they shut down this operation
No doubt. It's like Zillow is the only one that doesn't know that their estimates are shite.
Posted on 11/2/21 at 5:20 pm to CajunTiger92
quote:
Good and timely thread. Zillow was down 10% today and down around 5% with bad news on the iBuyer stuff and formally killing the program.
Yeah they came out and stated they bought high and have to sell low. Now they’re cutting work force by 20%.
OP made out like a bandit!
Posted on 11/2/21 at 5:38 pm to GetCocky11
I bought a house in Louisiana last week. First time I saw it in person was at closing.
Just aren’t that many options out there. We saw one we liked and moved on it.
Just aren’t that many options out there. We saw one we liked and moved on it.
Posted on 11/2/21 at 5:59 pm to fjlee90
Damn, I was hoping to get a mistaken algorithmic offer $100k above market value!
Posted on 11/3/21 at 5:26 am to fjlee90
quote:
Yeah they came out and stated they bought high and have to sell low. Now they’re cutting work force by 20%.
They should learn how to appropriately comp a house.
Posted on 11/3/21 at 8:04 am to GetCocky11
I had a sale fall through after weeks of extensions over the summer. Turned around and sold to Zillow 14 days after for more money and no realtor fees.
I'm glad I got when I did since they have shut this down.
My old house still hasn't even been listed yet
I'm glad I got when I did since they have shut this down.
My old house still hasn't even been listed yet
Posted on 11/3/21 at 9:04 am to GetCocky11
The iBuyer business model is predicated upon Zillow always having the power to manipulate prices. So Zillow buys a lot of homes in an area for slightly less than they’re worth. Then it dramatically overpays for one house.
This allows Zillow to bump up the Zestimate for the entire neighborhood. It's essentially manipulating the market by artificially price setting, and of course it benefits directly from this when it sells those other houses for the higher price.
This is the way real estate works, which is why the old adage is true – it’s smart to own the least valuable home in a great neighborhood, as those other homes will drive up the price of yours.
LINK
This allows Zillow to bump up the Zestimate for the entire neighborhood. It's essentially manipulating the market by artificially price setting, and of course it benefits directly from this when it sells those other houses for the higher price.
This is the way real estate works, which is why the old adage is true – it’s smart to own the least valuable home in a great neighborhood, as those other homes will drive up the price of yours.
LINK
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