Zillow Must Sell 7,000 Homes After Purchasing Too Many

Zillow, the online real estate marketplace, needs 7,000 houses to be purchased. That is about $2.8 billion worth of homes. This comes subsequent to the company buying too many homes to would-be buyers.

Because of construction, renovations and labor shortages, many employeess’ will be laid off. Also, the company will lose more than a half billion dollars in the value of the homes.

Although Zillow is known for a place to go when searching for homes, they also purchased and sold them.

They advertised that they would buy your home with cash. Then, they would fix any repairs and sell it. This have halted this practice.

Because they acquired too many homes during the program, called Zillow Offers, they now need to sell them.

However, there is a certain requirement that has to met in order to buy one of the excess homes. It must be an “institutional investor.”