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Pledge of Shares Agreement

Pledge of Shares

Our mission is to transform the way real estate is discovered, transacted and managed. In order to accomplish our mission, we must be vigilant about listing authenticity to make sure that buyers and sellers have an excellent experience using our real estate marketplace. 

 

Accordingly, we take trust and safety very seriously and feel it is important to share with you our process for listing verification.

 

## Listing verification process

 

## ✅ Step 1: Manual Review

 

Our Trust and Safety team manually reviews every listing that is published on OfferMarket. We check state and local tax assessor databases and cross reference listing websites.

 

## ✅ Step 2: Request For Proof Of Ownership

 

If we are unable to verify home ownership or authorized representation (i.e. property manager), a member of our team will reach out to the phone number associated with the listing to request additional information to confirm the listing.

 

1. Valid government issued identification (i.e. drivers license, passport)
2. Copy of the deed
3. If representing the owner, we will request the owner's contact information and follow up to receive their consent to list

 

## Questions or concerns? Please call or text 443-492-9941.

We take listing verification seriously to ensure trust, safety and authenticity of all listings on our marketplace. Learn more about our listing verification process.

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How does OfferMarket handle listing verification?

## *We're operating within a labor- and supply-constrained economy inside a competitive real estate market, especially in the construction, renovation and closing spaces.*

 

## *We have not been exempt from these market and capacity issues and we now have an operational backlog for renovations and closings. Pausing new contracts will enable us to focus on sellers already under contract with us and our current home inventory.*

 

says Zillow's Chief Operating Officer. And so goes Zillow's [iBuying](https://www.offermarket.us/real-estate-glossary/ibuying) momentum. 

 

Do you really buy the reasoning? Sure, it's likely Zillow is experiencing delays renovating and closing sales for their Zillow-owned homes. 

 

## Why would Zillow stop iBuying completely?

 

What do they see from their vantage point? Is the housing market softening and turning concerningly bearish faster that the rest of us realize?

 

Or is Zillow telling us that iBuying is really hard, and really dangerous if you don't execute at a world-class level? 

 

**Step 1:** provide a competitive offer in an already overheated market (iBuyers operate in overlapping markets).

 

**Step 2:** close the initial transaction which incurs transfer taxes and recordation fees (closing costs).

 

**Step 3:** renovate the property.

 

**Step 4:** list the property and facilitate showings.

 

**Step 5:** close the sale, bear carrying costs (interest) of credit facility, and risks of buyer falling through.

 

When all is said and done, iBuyers have shown how hard it is to make a profit on a per unit basis. If the market cools off, you can lose tens of thousands of dollars per property, and that appears to be happening to Zillow, at least in some of their markets.

 

From our own research across multiple markets, we see Zillow may have done quite a bit of buying high and now they're in a tough spot where they need to sell low.

 

## Take [621 Kings Ct in Dickinson, TX](https://www.zillow.com/homedetails/621-Kings-Ct-Dickinson-TX-77539/27695643_zpid/)

 

- June 29, 2021: Zillow purchased this property for an estimated $270,000
- August 6, 2021: Zillow lists for sale at $290,000
- August 20, 2021: price drop to $279,200 (-3.8%)
- September 3, 2021: price drop to $264,200 (-5.4%, -8.9% from initial asking price)
- September 16, 2021: pending sale
- October 15, 2021: buyer fell though, re-listed for sale at $254,200 (-3.8%, -12.3% from initial asking price)

 

As you can see from this example, Zillow bought a property, renovated it, and is currently struggling to sell it for 5.8% less than what it bought it for. After closing costs, Zillow will lose tens of thousands of dollars on this particular sale.

 

## Blame it on the AVM?

 

[AVM](https://www.offermarket.us/real-estate-glossary/avm) means Automated Valuation Model and it's the computer algorithm that determines how much Zillow should offer for a given property. Our guess is that Zillow is taking a pause to improve the accuracy of its pricing models and quality of its operational execution against this challenging business model. 

 

It's less likely Zillow predicts such dangerous market conditions that it would entirely stop its iBuying operations. If market deterioration were predicted, it would simply provide lower offers to build in a larger margin of safety to protect profits. That said, we did see all iBuying come to a stand still in late Q1 and Q2 2020 due to pandemic concerns.

 

## Another market observation

<blockquote class="twitter-tweet">House Zillow bought right up the road from a rental we bought 2 months ago Listed for $269k Zillow bought for $305k. Ours has one more bed and one more bath We bought for $160k. Comps I ran was $250k at time Zillow is screwing up values everywhere. <a href="https://t.co/WOPMTKI2ee">pic.twitter.com/WOPMTKI2ee</a>&mdash; Joe Cassandra (@JoeCassandra) <a href="https://twitter.com/JoeCassandra/status/1450234520779771906?ref_src=twsrc%5Etfw">October 18, 2021</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

## Related reading

 

- [Opendoor](https://www.offermarket.us/blog/opendoor-competitors)
- [Offerpad](https://www.offermarket.us/blog/offerpad-competitors)
- [Zillow Offers](https://www.offermarket.us/blog/zillow-offers-competitors)
- [RedfinNow](https://www.offermarket.us/blog/redfinnow-competitors)

Zillow abruptly stops iBuying citing operational challenges. Let's read between the lines and see what's really going on at the residential real estate platform. 

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Reading Between The Lines: What Zillow's iBuying Pause Really Means - OfferMarket Blog

Reading Between The Lines: What Zillow's iBuying Pause Really Means

Grow your real estate investing business with the most competitive DSCR loan product. OfferMarket also provides DSCR rental loans, bridge loans, hard money, fix & flip, rehab, ground up construction loans.

Rental Loans

1. BiggerPockets Real Estate Podcast

2. How I Built This

3. Rich Dad Radio Show

Let's get straight to the point, if you're looking for real estate podcasts, these are the two we think you should prioritize. You will notice only one of these podcasts is focused on real estate investing, while the other is a general entrepreneurship podcast that delivers the inspiration and grit necessary to achieve audacious goals.

 

## 1. BiggerPockets Real Estate Podcast

 

Co-hosted by Brandon Turner, David Greene and Joshua Dorkin. BiggerPockets has build a remarkable community of proven and aspiring real estate investors and seekers of financial independence. There's a lot of valuable insights to learn from this series, enjoy!

 

**Core topics:**
- [BRRR](https://www.offermarket.us/real-estate-glossary/brrr-buy-rehab-rent-refinance)
- [Wholesaling Real Estate](https://www.offermarket.us/guides/wholesale-real-estate-101)
- Rental Property Investing
- [Fix & Flip](https://www.offermarket.us/real-estate-glossary/fix-and-flip)
- Estimating Rehab Budgets
- Guest with inspiring success stories

 

**Listening options:**
- [Apple Podcasts](https://podcasts.apple.com/us/podcast/biggerpockets-real-estate-podcast/id594419649)
- [BiggerPockets](https://www.biggerpockets.com/podcast)
- [Stitcher](https://www.stitcher.com/show/biggerpockets-podcast-real-estate-investing-wealth-building)

 

## 2. How I Built This

 

How I Built this with Guy Raz offers a fascinating series of interviews with a wide array of entrepreneurs. Ever wonder how some of your favorite companies and causes were born and raised?

 

**Core topics:**
- Entrepreneurship
- Innovation

 

**Listening options:**
- [Apple Podcasts](https://podcasts.apple.com/us/podcast/how-i-built-this-with-guy-raz/id1150510297)
- [NPR](https://www.npr.org/podcasts/510313/how-i-built-this)

 

## 3. Rich Dad Radio Show

 

From Robert Kiyosaki, author of Rich Dad Poor Dad -- one of [our favorite business books](https://www.offermarket.us/blog/business-books-will-make-you-a-better-real-estate-investor).

 

**Core topics:**
- Financial independence
- Real estate investing

 

**Listening options:**
- [Apple Podcasts](https://podcasts.apple.com/us/podcast/rich-dad-radio-show-in-your-face-advice-on-investing/id833641766)
- [Rich Dad](https://www.richdad.com/radio)

*Quote takes 1 minute, no credit pull

*1 quote from 40+ carriers

*New listings daily

3 Best Real Estate Podcasts

* Takes 2 minutes, no credit pull

1. BiggerPockets Real Estate Podcast

2. How I Built This

3. Rich Dad Radio Show

* Takes 2 minutes, no credit pull