Instant Offers (Zillow) - PALMERHOUSE PROPERTIES

Instant Offers (Zillow) ?

Process: A homeowner will request offers from multiple "qualified" investors through an online form. An agent will also provide a CMA. If a homeowner decides to proceed with the sale, Zillow will then connect them with a "real estate professional" to finalize the deal.

Key Points: ? Testing in Orlando and Las Vegas right now. ? Offers can only be requested for unlisted properties. ? Zillow does not provide information on how they qualify investors. ? Offers are advertised as taking ~2 business days. ? After the homeowner receives their offers, Zillow provides the homeowners contact information to the agent who provided the CMA along with any investors the homeowner wants more information from. ? If the homeowner is already working with an agent prior to requesting offers, then the CMA will not be provided. ? If a homeowner accepts an offer, Zillow will provide the contact information of a local agent, and Zillow strongly encourages homeowners to use a professional agent. ? In order for agents to participate, they must be "Premier Agents" with Zillow

Open Door (Open Door - ZNMC33)

Process: A homeowner will fill out an online form, requesting an offer from Opendoor. Opendoor reviews the home facts, and makes an offer. If the owner accepts the offer, closing can be anywhere from 3 ? 60 days, pending an inspection.

FMLS Membership: They're listed as ODGB01 in Matrix.

Key Points: ? Currently operating in Phoenix, Dallas, Las Vegas and Atlanta. ? Opendoor buys the homes from the homeowner. ? Allows for homeowers to sell their home and buy an "Opendoor" home in a single transaction ? dubbed as the "Opendoor Trade-In." ? If a buyer/seller has an agent, Opendoor will work with them, stating "Opendoor paid millions of dollars in commissions last year..." All buyer's agents are paid 3%. ? Opendoor states their average "service charge" is 6.7%, which saves the homeowner money since they don't have to pay brokerage commissions, seller concessions or carry multiple mortgages at once. ? If a homeowner has their home listed in the MLS, and then submits a request for Opendoor to buy the home, Opendoor will submit that offer directly to the homeowner's agent. ? All homes listed for sale by Opendoor have a "Smart Lock" which allows anyone with the Opendoor app to enter the home without an agent, between the hours of 6am ? 9 pm. ? Types of home Open Door will buy: o Single family homes o Townhomes o Duplexes (Phoenix, Las Vegas, and Atlanta)

o Condos (Phoenix and Las Vegas) o Homes in gated communities (Phoenix, Las Vegas, and Dallas?Fort Worth) o Homes that are site-built (not pre-fabricated or mobile) o Homes located in our service areas o Homes in which the seller has clear ownership of the property (no double escrow) o Homes built after 1960 o Homes that are not in age-restricted communities o Homes where our valuation is between $100K and $500K o Homes that sit on a maximum of a half an acre of land (Phoenix, Las Vegas, and Orlando)

or an acre of land (Dallas-Fort Worth, Atlanta and Raleigh-Durham) o Homes that are not in or near flood zones o Homes that are owner-occupied or vacant, not leased, at the time of closing o Homes that are non-distressed or Real Estate Owned o Homes that don't have any un-permitted additions or significant foundation issues o Homes that don't have a solar lease o Homes that do not have polybutylene plumbing o Homes that do not have masonite woodruff roofs

Offer Pad (Offerpad Brokerage, LLC- OFFE01)

Process: A homeowner will fill out an online form, requesting an offer from Offerpad. Offerpad reviews the home facts, and makes an offer within 24 hours. If the owner accepts the offer, closing can be anywhere from 5 ? 90 days, pending an inspection.

FMLS membership: They're listed as OFFE01 and have been a member since 10/2/17.

Key Points: ? Currently operating in Phoenix, Los Angeles, Tampa/Orlando, Las Vegas, Charlotte, Salt Lake City and Atlanta. ? Offer Pad buys the home from the homeowner, and is represented by a "Partner Broker" in each state they operate in. ? Allows homeowners to remain in the home up to 3 days past closing, and offers free local moving services. ? Charges typical 6% commission (if seller is unrepresented) plus a 3% "Experience" fee. If the seller is represented, Offer Pad will pay the brokerage commission to the listing office. ? Offer Pad will work with agents if a homeowner is currently engaged with a brokerage for the purpose of selling their home. ? Offer Pad not currently offering any "Buyer" services in Atlanta, but in other markets buyers can select an Offer Pad owned home from the Offer Pad website, and submit a non-binding offer online. ? Criteria for buying a home: ? Family residential homes, including condos and townhomes ? Homes in age-restricted communities (max purchase price up to $325,000) ? Homes in gated communities ? Homes that are site-built (not manufactured, pre-fabricated, or mobile) ? Homes located in our service areas

? When the seller has clear ownership of the property (no double escrow) ? Homes built after 1960 ? Homes where our valuation is up to $500K ? Homes that sit on at maximum of one acre of land ? Homes that are owner-occupied or vacant, not leased, at the time of closing (no

lease backs after closing) ? Homes that don't have any significant foundation issues



Process: is simply a referral site, where they sell leads to investors and real estate agents. They label themselves as an "Affiliate System." Homeowners fill out a form, requesting a quote, and then FastHomeOffers sells that lead to investors who participate with them.

Key Points: ? FastHomeOffers does not actually purchase homes, but rather connect home owners with investors.



Process: HomeLight is a search tool for "Top Performing" agents within certain areas. Users will answer questions about the location and type of property they are looking to buy, and HomeLight will refer them up to 4 agents.

FMLS Membership: Homelight is licensed with GREC under HomeLight, Inc., but a member with FMLS under the name Agentbrain Corporation (AGBR01).

Key Points: ? Currently operating in Atlanta, Austin, Boston, Columbia, Dallas, Denver, Ft. Lauderdale, Houston, Los Angeles, Miami, New York, Portland, San Diego, San Francisco, Sarasota, Seattle ? If agents receive a referral that goes to closing, Homelight receives a 25% referral fee. ? The sales pitch to consumers is agent quality matters, and they will help you find the best agent for your specific scenario.

Knock (Knock Homes LLC- KNOK01)

Process: Homeowner fills out an online form and Knock will send a price analysis within 24 hours. If the homeowner wants to proceed, Knock schedules a consolation, where they verify the condition of the house, note any upgrades or repairs that are necessary and then provide a contract to repair the issues (paid by the homeowner at closing) as well as sign a purchase agreement stating Knock will buy the home in 6 weeks at an agreed upon value.

FMLS Membership: FMLS member under the broker code KNOK01.

Key Points:

? Knock operates the Prelist.me website, where it directly states the intent is to not work with buyers agents, saving the homeowner half of the standard commission. o Only certain homes will qualify to be pre-listed, but those criteria are not published.

? Knock offers a "Trade In" option where they will give the homeowner a cash price on their home, as well as prequalify them for a mortgage, make any repairs necessary to either the current home or the new home, as well as represent the homeowner in both transactions, simplifying the entire process.

? Knock charges 6% commission on sales, which they do split with any cooperating brokerages. ? Types of homes Knock will buy:

o Located within our service area (we are rolling out more markets soon) o Single family residential homes, including condos and town-houses that can receive

traditional financing o Clear title held by the seller o Built after 1980 (as early as 1960 if renovated in the past 5-10 years) o Knock valuation range between $150k and $500k o Lots sizes under 1.5 acres o Owner-occupied or vacant (sorry, no leases)

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