Is a non-binding, online offer process the way of the future of real estate negotiations? N-Play think so, but we're not convinced yet.
We were recently turned on to a new product called N-Play and wanted to throw it out there for comments. The product is brand new and should just be coming out of beta this month (if they run on schedule.) We have not been able to identify any pricing, but they were giving the product away during the beta testing to brokers with an agent count over 100.
Here's what Mike Bloomfield, founder and CEO of N-Play had to say about it in a recently:
"Real estate remains the only major purchase that is not negotiated in advance of a legally binding written offer. This approach, especially in today’s market, creates an environment ripe for buyer reluctance to commit to making offers and failed deals based on seller anxiety and unfulfilled expectation levels. The result is a lost opportunity. N-Play solves this problem by enabling buyers to anonymously place non-binding, comprehensive and secure offers on property listings, without limitations. In this regard all the barriers that stand between buyers and sellers are eliminated yet keeps the real estate agent involved at every step in the process."
Built on the premise that buyers are "reluctant" to make offers, this tool is being touted as an alternative to auctions -- yes, even though it is non-binding. I'm sure there is some seller premise too but I'm not sure what it would be except that perhaps they don't feel involved. As the listing agent or buyer's agent you can monitor the non-binding, anonymous bids, and of course, both the buyer and seller can see all offers and terms as well.
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