PHOENIX — Homebuyers across the country are furious with Zillow Group Inc. (Nasdaq: Z) for canceling contracts after Zillow promised to stick with all the deals it had under contract as it shutters its Zillow Offers division.
Compounding the issue is the fact that many of these homeowners are waiting for their new construction homes to be completed, pushing the sale of their existing homes to Zillow until early next year.
It's these types of deals that Zillow Offers seems to be backing out of.
"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," said Zillow spokesperson Matt Kreamer. "Typically, homes close in 30 to 45 days."
As more homeowners are reaching out to the Phoenix Business Journal to share their frustrations, Kreamer said Zillow Offers is cancelling nearly 400 transactions of the 8,172 contracts it has with home sellers nationwide.
Read more of this story from the Phoenix Business Journal.
