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Zillow Cancels 400 Zillow Offers Contracts Due to Closing Restraints
Hundreds of sellers awaiting new builds will have to sell their homes another way after
Zillow canceled contracts for closings set for late 2022 through its defunct iBuyer, Zillow Offers
After vowing to honor outstanding purchase agreements made through Zillow Offers, Zillow has canceled 400 of approximately 8,172 contracts with homesellers nationwide, the company has confirmed. The news is the latest in the ongoing iBuying saga that began for the company in early November when it announced it would shut down its iBuying business. The homesellers will receive compensation for the canceled contracts, which includes earnest money and a varying bonus for agreeing to terminate the contract by Nov. 30. Over the past month, Zillow's stock has tumbled as the company faces continued public scrutiny and several securities fraud lawsuits due to Zillow Offers closure. The company opened on the Nasdaq at $53.61 per share on Tuesday, down from the previous day's closing price of $54.26.
- Inman News, November 30, 2021
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