Zillow announces bidding for homes on their site

[Kevin Polite]

Zillow announces  Zillow Instant Offers. A Homeowner must upload photos and include additional information about the home. The article says "certain investors" can then bid on the home. Not sure what that means and there isn't any additional information. They also include a real estate agent's CMA. The homeowner can choose either option or decide not to sell. It's only in Orlando and Las Vegas now. Can't see this being good for investors or wholesalers as it gives the distressed homeowner another option. Thoughts?

[Chris Mason]

The Inman article says "The home description then goes to the 15 Wall Street investors."

This is not good news for the mom and pop landlord, for real estate agents, OR for homeowners thinking of using this. 

Also, 9% fee.