What Next TBD: Honey, I Sold the House to Zillow

Slate News

Slate Podcasts

News, News Commentary, Politics

4.6 • 6K Ratings

🗓️ 22 October 2021

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Between April and June of this year, Zillow bought nearly 4,000 homes. And they had no intention of holding onto them. The plan was to flip houses, often and at scale, joining the ranks of companies like Opendoor and Offerpad, also known as iBuyers. So, why did Zillow put their plans on pause last weekend? Can online middlemen really change the way we buy and sell houses? Guests: Tony Santos, homeowner Patrick Clark, reporter at Bloomberg Host: Henry Grabar Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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1:01.0	A couple months ago, Tony Santos found himself in an enviable position.
1:05.0	His offer to buy a house in the suburbs of Raleigh, North Carolina was accepted.
1:10.0	Tony and his wife were overjoyed.
1:13.0	And then...
1:14.0	I kind of got that sinking feeling of, oh my god.
1:17.0	We just want an offer on 825,000 dollar home. What are we done with our current home?
1:24.0	They taught to a traditional broker, but Tony was also curious about the phenomenon of iBying.
1:30.0	I'm kind of a self-proclaimed kind of techno file.
1:33.0	Tony had heard about companies like Open Door, offer Pad and Zillow, they will buy your house as is.
1:39.0	No repainting the bathroom, no open houses, and no waiting around for bidders or banks or second thoughts.
1:46.0	So Tony punched his address into Zillow.com.
1:49.0	Basically, if you put in your address, the first thing that comes up, it's...
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