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November 1, 2014

Brokerage Reveals Offer Status on Online Listings

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Brokerage Reveals Offer Status on Online Listings

Redfin, a Seattle-based brokerage, announced it will begin display “Offer Insights” with home-search results of listings from its buyer’s agents. 

The new program will include the status of the property, whether an offer has been accepted or not, and if it’s a multiple-offer situation. It will include an approximate offer-to-list ratio, and it will also note the number of competing offers. Redfin buyers’ down payment size will also be noted as a range. 

Following closing, the offer-to-list price will be the exact number — no longer an approximate number. Downpayment information, however, will remain as a range and broadly stated. Redfin agents will also provide insights into how the offer process went, such as whether the negotiation tilted in the buyer or seller’s favor and why or why not an offer was accepted, Inman News reports. 

The information will remain online 90 days after closing and available in Redfin search results. Buyers are able to opt out of the program. No addresses are revealed prior to closing. 

Redfin currently has about 8,000 “Offer Insights” in the system. 

"Our long-term strategy is to combine the expertise of local agents on the ground with powerful technology running in the Internet cloud," said Glenn Kelman, Redfin CEO, in a public statement. 

Source: “Redfin Surfacing Details of Buyer, Seller Negotiations,” Inman News (Feb. 7, 2013)