Real estate site Redfin has been testing a feature for buyers to bid for homes online
Real estate company Redfin has been testing a feature that will allow home buyers to place a bid on a property via the company’s website, according to The New York Times. It’s a move that is part of a trend within the real estate industry that could upend the traditional marketplace.
The program looks to be a relaunch of a feature that the company debuted over a decade ago: Redfin Direct, which it touted as the “first online home-buying service” back in 2006. Then, the feature was an online series of forms that facilitated home-buying purchases online, but “it went nowhere,” according to the Times. The new version recently launched in Boston, allowing buyers to submit a bid on a home. Sellers who accept an offer would then pay a 2...