In the last blog post we covered how zillow canceled its IBuying program a couple weeks ago. Do you think you can sell your house fast to zillow? The answer is no! There is more.
Now they cancel more than 400 contracts nationwide. They were set to be closed later in 2022. Let’s take a look at what happened.
“For a small subset of customers closing later in 2022, we determined we can no longer support their closing and are releasing our earnest money to them,” he said. “Typically, homes close in 30 to 45 days. Each customer’s circumstances and homes are unique, but unfortunately, we don’t discuss the particulars of each situation.” Zillow spokesman said.
According to Phoenix Business Journal, all the homeowners who decide to sell their homes to Zillow, will receive a compensation that includes earnest money and varying bonus for cancelled contracts. In order to get the compensation they had to terminate their contracts by Nov.30
Most homeowners were waiting to close on their homes with Zillow when their new construction was finished.
“We went to Zillow because they told us that they were a preferred partner of Minto Properties, the building contractor in Florida,” Marietta, Georgia homeseller Jerry Culpepper told the publication. “Our estimated closing for the new property is between January 2022 and March 2022, so Zillow put our closing date as Feb. 18, 2022, for contract purposes only.”
“They told us we could close at any time when the Florida property was ready — earlier than this date or later; no worries,” he added while noting Zillow had agreed to pay $351,085 for his property. “We tried to change our closing date to Dec. 31, 2021, or even in January, but she said that nothing could be changed.”
Zillow spokesperson Matt Kramer said that the company is doing their best to compensate the homeowners for inconvenience.
“For a small subset of customers closing later in 2022, we determined we can no longer support their closing and are releasing our earnest money to them,” he said. “Typically, homes close in 30 to 45 days. Each customer’s circumstances and homes are unique, but unfortunately, we don’t discuss the particulars of each situation.”
John Balitis is an labor and employment lawyer who said:
“The question all this begs is whether homesellers with Zillow Offers contracts in place could pursue class action claims of their own if Zillow continues to cancel those contracts as the iBuying division winds down,” he said. “This clearly is a possibility depending on how widespread the contract cancellations are and depending further on how much flexibility the contract documents give to Zillow to abort transactions with customers who have homes on the market with Zillow.”
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