Comments on: The ebay of the MLS?

By: Do Buyers Trust Sellers ? | My XIRC Network

Do Buyers Trust Sellers ? | My XIRC Network — Mon, 15 Jun 2009 11:16:16 +0000

[...] to welcome an alternative marketplace to the MLS. Melina Thompson, a real estate agent in Oregon, wrote a good summary, requesting feedback from consumers. You might read the Bloodhound Blog piece, click on over to [...]

By: Melina Tomson

Melina Tomson — Fri, 12 Jun 2009 20:58:03 +0000

Brian it’s an interesting idea with so many dynamics. We’ll see what my readers come up with!

By: Melina Tomson

Melina Tomson — Fri, 12 Jun 2009 20:57:00 +0000

Recent Buyer, I agree that the seller would be waiving their rights to confidentiality, but I think there is a line where it might be more of a “forced” choice rather than a real choice. If lenders make it a requirement in order for a buyer to get a loan the seller HAS to disclose that information, then it really isn’t a choice.

I also agree that it would be great for buyers, there is no question about that…

The real estate process from listing to offer can be a long one. Does it make more sense to have an “open bidding system” like this, but only open bidding once a month. Kind of like ebay does with a 7 day auction period or something? Does it make sense to allow sellers to explain why they turned down an offer? There are so many dynamics in negotiation that I could see that a seller wouldn’t want to seem unreasonable. Some offers just stink from the get go and while the price might be good, the terms are so horrendous that countering really isn’t worth it. Does saying the offer is rejected make it seem like the seller is unreasonable? Would a buyer look at the bidding history and make assumptions about that?

I think it’s important whatever we move to, to make it as impartial as possible. There is no doubt that the current system favors sellers. I don’t want to swing to the other extreme.

By: Recent buyer

Recent buyer — Fri, 12 Jun 2009 17:09:04 +0000

I don’t think the confidentiality laws necessarily apply if we look at this as the price of entry to MLS. In other words, if a seller hires an agent who discloses that, as the price of MLS listing, all offers to you and the result of those offers will be listed on the MLS, then the seller is waiving the confidentiality going in.

And it would create a reason for the MLS to exist, which it’s presently losing. I’ve been struck by the number of homes that are being listed with agents (not FSBOs in other words) but that are not bothering with the MLS. They show up as for sale on Zillow but don’t show up in the MLS.

I think if I were running MLS and I wanted to have a job in the future, I’d jump at this suggestion. It basically turns selling into more of an auction where the buyers are able to see the results of other bids. That’s good for buyers and, in the end, what’s good for buyers is good for sellers.

By: Brian Brady

Brian Brady — Fri, 12 Jun 2009 15:44:54 +0000

I don’t think I could have asked for a more fair summary, Melina. I’ll witthold comments until after the weekend (unless asked a direct question), so that your readers might weigh in with an opinion.

PS: Love the chart.