I'm so happy they lost millions, but also that prevented those home buyers at the time to have that security in their lives. Its disgusting

The owner should have bought it back and sold it again.

That’s music to my ears! I hope all iBuyer companies go bankrupt! The world would be a better place without Zillow.

Agreed, housing should be less about building wealth and more about housing people.

I am glad they lost money. They over inflated the homes.

Guy thinks his house is worth $525k...but Zillow buys it for $662k...then Zillow sells to some guy for $470k...then that guy sells it to someone else for $720k. Does anyone know what that cement covered shack is actually worth? I guess not.

Amazing ! I predicted when they were artificially zestimating everything so pricey , they didn’t realize people haven’t got that much pay raised . So very soon this was bound to happen

When a lot of people are priced out of homes, their life will become unstable because they constantly have to move due to rising rents. That creates a lot of stress. Stress creates anger. Anger often results in violence - road rage, shootings, etc. Corporations should not be allowed to buy homes. It causes despair, chaos, and ultimately violence.

Companies shouldn’t be able to buy single family homes as investment properties.

The house we bought was off market (unlisted). Already priced high for the area, we closed when seller said "done deal at X amount". One week later, once people became aware of the property, there were offers of +20%! I suppose the upside is that from a financial perspective your investment has shown positive growth. The problem is with the term "broken". If you say the housing market is about providing people with good houses, then yes. If you say it's about providing investors (capitalists) with good returns, then it's aces. For my part, I think the essential problem is we let residential real estate be a privileged investment instrument. This encourages over investment, which causes the problem. Residents are competing with investors. Never going to win that competition. For the "free market" argument, I call BS. Real estate is not a free market. A market is defined by rules and the rules on real estate make it unequal to other investments. Just look at capital gains, tax rules, negative gearing, loans.

🤔 I wonder if this was an inside job to make a corporate employee fast cash, zillow sells house for less then outside friend buys it cheap to flip it for over 700,000. Zillow loses but corporate employee and friend wins big.

I can sleep better tonight knowing this 😊

If Zillow can’t Zestimate properly. Why are people using their faulty metrics on their website to determine the value of any real estate the want to buy or sell?

Zillow CEO made millions while gambling with investors' money. That's how the US companies work. Look at Sears, Kmart, Enron....

I hope this happens to all of these greedy business buying property and raising rent that people can’t afford

Haha! Maybe they shouldn't have tried to monopolize the market.

People need to remember that Zillow did not know the value of the homes they bought so why would anyone take them seriously when they give you an estimate of your home's value? Listen to local, experienced realtors in the market where you live.

Good 👍 These Ibuyer firms are buying large numbers of homes and raising prices to outrageous numbers so First time buyers can't afford them.

Laughing at the U.S. all the way from Ireland, Cheers you Bums!

Buyer beware? Open Door, a tech company in silicon valley, openly said they expected to lose on 50% of its transactions. Our home before we bought it, sat on the market for 1 yr and Open Door, renovated, new roof, paint, carpet, plastered pool and changed filtration system...They lost 50k on paper plus whatever the other costs were. Rolling the clock forward, our house purchased for 355,000, now according to Zillow is worth 735,000. So if the tech companies get it wrong...in my opinion...who cares...the buyers win if you are smart and the sellers win if you are smart. Carvana another example, pretty much sight unseen purchases of cars...gone are the days of test drives and tire kicking. Oh sorry you younger kids wouldn't understand what that means...in the end, thankfully, Alexa, Cortana and the like can't do everything...you still have to do your due diligence. Have a good week.

That’s why housing in US is broken for the middle class cuz these corporations looking at homes to make money and it’s hard to compete

Investor money needs to be taken out of residetial resale real estate of 4 units or less . Its a quality of life issue. When rentals and houses are way to expensive when compared to median incomes then something has to be done.

You act like this loss is a big deal to Zillow, this is literally less than a drop in the bucket against their profits.

Fools exist every where! Banks love fools!

I know an analyst at BofA and he stated that Zillow will be bankrupt within 2 years. I can see why.

Who’s the new buyers who got it cheaper? 😮 .. intern price? Took the loss to deduct taxes maybe ? Just wondering.

It depends on who bought it, it could have been an investor that they know.

It's difficult to replace actually licensed real estate professionals.

my brother-in-law managed to lose money in an up market, with clear title homes. this game (like those TV reno shows) is not as easy as it seems. Like most things in life.

What about Fundrise?

Wow, sold for $720,000 it’s basically Gambling with a hot potato 🥔

3rd sale for 740K was with a realtor not a tech company! YOUR REPRESENTATION MATTERS!

2:02 made you sick, you should’ve walked away a happy man!!!

Smart people and smart technology ain’t always so smart

Looks like the real estate investors over extended themselves; and now they are licking their wounds!

God is good !!

Glad to see it

This story is insanely basis, the algorithm comment is laughably false. Not all ibuyers are the same and you mentioned the one that entered the market last and left the market soon thereafter.

House buying is like buying a vehicle. Drive it off the lot and it depreciates 30%.

Robert should have bought his house back.

How did it happen? Zillow became greedy. It happens all the time to greedy buyers and sellers.

The issue here is Corps should be allowed to buy homes and artificially inflate the market

No surprise here!

Zillow's 'Zestimate' seems like a really bad idea, period. My armchair guess is that it's driving home prices up way faster than they would otherwise, merely by suggesting higher prices to people and anchoring their opening bids.

Why?

Good.

Where is this?

Phoenix is a transient, investor driven, risky market. Over-inflated. Many of the homes are simply uninhabitable (poor quality). Buyers beware in that market. I left there in the 1980's after growing up there, never to return.

Cash out and buy out of the country.

Looks like Zillow has been a fool that has parted with their money.

He could have brought back his house and made some money ! 😅🤣🤣🤣

Imagine thinking Zillow actually lost $$… it’s a little tax write off for them.

Zillow needs to retire their Zestimates!

Many who owned lands or houses were selling them, and the church distributed the proceeds to those who were in need (verses 34-35). One of these was Joses, surnamed Barnabas by the apostles, who sold his land and gave the entire price to the fledgling church (verses 36-37). Generosity and Christian love were so evident in these early believers. One couple, Ananias and his wife Sapphira, decided to sell one of their possessions (Acts 5:1). Though seeming to give all the proceeds to the apostles, they kept back part of it for their own use (verse 2). But they could not fool God; He knew what they had done. More importantly, He knew their hearts. By His Spirit, God made the apostle Peter aware of their attitude as well. Thus Peter asked, "Ananias, why has Satan filled your heart to lie to the Holy Spirit?" (verse 3). For their sin, Ananias and Sapphira both died that same day. What a shock this was to the newly founded church

Housing, crypto, and stock market bubbles are starting to pop.

My guess that the employee in Zillow possibly had a back door deal with the buyer to spilt the profits privately leaving the company at a loss.

Computer software (algorithms) are allowed to conduct R/E transactions; therein lies the problem..............

Reporter is beautiful

@2:42 that was actually scary.

Some?? I think all of them

This was a power play

Thieves! Shame.

zillow lost 100,000...is that a big deal❓

Not feeling bad for Zillow, they caused some of the bubble.

Loading money evades tax and is a infamous ploy . Flooding a market to force pricing down for billionaire obsessed with gaming is just another want not needs nothing life of leisure play day.

Why didn’t he buy his house back for 470k?

He should have bought it back

#1 rule in real estate: you make most of your money on the purchase price

Is that even a real word? I doubt it.

Zillow are idiots. I would of rented out the place and had a management company come in. They didn't know what they are doing! I would never of sold that house in the story, it was immaculate! If you're in it just to flip houses you're the reason why the market is the way it is!

Awesome news! Hope they lost their arses! Karma!

Sounds more like Zillow is laundering money.

Third deal on that property. WOW. This is wat happens when you give stupid people money. They do stupid s..t. House is not worth $700K. Not even $500K

Reap what you sow.

And I sold many houses to them 😄😄

This is Fraud . If Zillow is doing this Fraud that's Shame and disgusting.

They look like single wide trailers not homes

Stupidity en masse.

How did Zillow take advantage of anyone? You got paid and now you’re homeless

Oh gee, you're talking about pennies for Zillow, you're barely talking about 1 million, that's nothing.

MUH AI

Stop moving to Florida.

Dr

no sympathy

The rich crying over money

Jajajaja

It’s Called Socialism you fools

We need Islamic Emirate states of America now

Where is this?