Home sellers in San Diego can now use Zillow Offers, the online company’s i-Buying program, to request a no-obligation cash offer from Zillow to buy their home, according to the San Diego Tribune.
Zillow Offers allows home sellers to simply upload information about their home on Zillow’s website and, within 48 hours, will receive a preliminary cash offer from Zillow to buy their home. If the seller accepts the offer, they get to choose their closing date, anywhere between five and 90 days out, and move on their own schedule.
Zillow then makes repairs and/or renovates the house and then sells it on the open market. In addition to a possible gain on price, Zillow hopes to make a profit by charging a 7.5 percent convenience fee as well as directing people to its mortgage business.
Through Zillow Offers, the company works with local real estate agents and brokers during every transaction. Zillow pays a commission to local agents when it buys and sells each home.
San Diego is the second California market the company has expanded to. Service in Riverside began in March this year. Zillow Offers is expected to expand into Sacramento and Los Angeles by early 2020.
Zillow says the goal is to have this program available in 26 markets by mid-2020.