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Wish you knew what other home buyers were bidding?

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Megan Johnson-Globe Correspondent

June 2, 2022 17:41

A new Massachusetts-based real estate platform is working to make the home buying process more transparent.

Final offerIs a Hingham-based platform launched this spring, where sellers set the prices and conditions that are most important to them, and pre-approved buyers real-time what the competition is bidding on via offer alerts. In can be confirmed.

Tim Quirk, co-founder of Final Offer, said the platform was created to simplify the negotiation process for all involved.

“How can we reduce stress a little, increase transparency a little, and benefit everyone?” Asked the habit. “Sellers know they can sell their homes at their prices and terms, and buyers can have the information they need to make an acceptable offer.”

All homes sold in the final offer are listed in the Multiple Listing Service. This means it will be available on real estate search engines such as realestate.boston.com, Zillow and Redfin. Through a final offer partnership with a guaranteed rate, they can make an offer and the countdown clock begins. Other prospects (who made the offer, “saved” the house, or saved the search that the house is the result of) and their agents are alerted that the offer needs to be made within a specific time frame. I will receive it.

The platform may sound a bit like real estate eBay, but Quirk will soon point out the difference.

“There are certainly some elements that look like that, but we’ve made it really real estate-specific,” Quirk said, allowing buyers and agents to make conditional offers before the watch starts. increase. This is a buyer-to-seller request to change the price or list terms. For example, if the list prohibits contingencies, the buyer can make a conditional offer asking the seller to accept the bid in case of contingencies. However, once the bid is open, you will not be able to make conditional offers.

Some consumers may appreciate the reliance on online platforms for final offers. Example: A negative relationship between a buyer and a seller’s agent does not impair your chances of winning a property and you don’t have to write a happy loveletter to appeal to the seller. ((((Doing so can cause fair housing problems Anyway, the experts say. )

One drawback for sellers limit How much they can profit from the sale. The final offer requires a pre-selected maximum price for sale. If the buyer’s bid wins, the buyer is fixed to the sale and the seller is fixed as well.

Process transparency is an important factor for Quirk.

“For everyone involved, this is a perfectly fair competition,” he said. “It means you can afford it, and did you make the best offer in the eyes of the seller?”

First property listed in final offer, 4 beds, 2.5 bath house 10 Taurashi Road In Hingham, we saw more than 100 prospects go to the open house. Originally listed for $ 1,750,000, the house sold for $ 1,793,104.

The buyer has lost nearly 20 homes.

“They couldn’t beat the house,” Quirk said. “This told them what they needed to do in terms of price and terms, and they were able to write an offer that would be accepted. Now they are home with the newborn. I have the opportunity to live and have the perfect place to call it a home. “

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