December 17, 2010

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A new website has recently been launched with the aim of bringing together pre-approved home buyers and sellers who have not yet listed their properties., which is currently available in beta for users in Alameda Country, California, describes itself as “real estate in reverse” because it lists buyers instead of sellers.

The website is based on the premise that there are currently more sellers than buyers in the US real estate market. Through, anonymous pre-approved home buyers can register for free and specify the property they are looking for. Sellers search the database for a buyer and can submit a reverse offer either independently or through an agent. The potential buyer then decides if they will reject, hold or accept the offer.

Agents and mortgage brokers can also register to allow buyers and sellers to find them in local searches. The website states that agents are benefited by the anonymous initial negotiation, which removes “the emotion from both parties”, and that the mortgage authentication process for buyers will eliminate “liar-buyer” issues.

Duncan Logan, the website’s founder and CEO, told about the aim of the new website:

“The seller no longer has to passively ‘stand and sell’ when they list their home on the market. Through our platform, sellers can take control and proactively seek buyers looking for homes like theirs, and then make reverse offers to those buyers.”

Gretchen Pearson, president of Windermere Services of Northern California, also told about her experience beta testing the website:

“Not all buyers are created equal. We previewed and immediately saw the benefit of being able to partition buyers by their loan type, down payment, ability to close quickly and other details that say ‘I’m ready now’.”

According to the website’s FAQ, will be expanded nationally after the current beta testing phase is complete.


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  2. Move Inc. Makes Real Estate Marketing More Social

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