The online real estate marketplace Zillow says it needs to sell 7,000 homes after it purchased too many.
Those interested in homes often sign on to Zillow to find the best prices and locations for homes on the market. Now, the company itself needs to do precisely what it is purposed for after buying too many. The Verge reports that Zillow is trying to pass on $2.8 billion worth of houses to investors after it bought them to sell to potential homeowners.
While many may think Zillow is merely a place where people can look at available homes, the company also buys homes and sells them. Through its Zillow Offers program, the site says it will buy your house in cash. After that, it will make any renovations and repairs and then place the home back on the market and flip it.
In the midst of trying to boost its home flipping business, Zillow took in too many homes and now it wants to sell them. However, they won’t sell the homes to just anyone. Zillow is looking to sell the houses to “institutional investors.”
