April 30, 2008

Redfin is First to Offer Foreclosure Hidden Sales Data

Redfin hits another lower my costs concept. It is now offering free foreclosure data. The company that is a pioneer in challenging the industry earnings structure by offering very low cost agent representation is moving into new fields and challenging the foreclosure sector.

They are adding bank owned foreclosed properties and providing owner information. Normally, the listing is made available at no cost, but to get the owner name and contact info is not free. According to the recent press release "Many foreclosed properties can be bought directly from the bank prior to their being listed by a broker in the MLS, but buyers can only see them on most websites if and when the bank hires a broker. Redfin users can see the foreclosed properties as soon as the bank takes possession, usually after an auction fails to attract a buyer willing to pay the amount owed on the mortgage."

What Redfin is doing that is unique is showing the bank-owned (also known as Real Estate Owned or REO) foreclosure properties that are actually for sale, including their full address and bank contact details.

Its hard to argue with free anything...but at some point dont we begin to threaten our own livelihood? Will the internet co-opt all the middle man jobs since it can do this more efficiently. Do we want to live in the most efficient world we can make....I think not

Thanks for Reading
Howard bell

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