Shall I start the site whatdidyoubid.com?
invite response
2017 Mar 29, 1:14pm 27,252 views 90 comments
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Strategist
2017 Apr 2, 5:07pm
I think that would be great for buyers, but sellers probably don't want it because it might expose lack of interest in their house when the public sees low bids or no bids at all. If sellers give away the info about bids, then they give away some power to manipulate perception.
What would make such a system attractive for sellers? One big advantage is knowing that their realtor is not able to block certain offers.
I would think it can create ebayish kind of competition, I haven't seen anyone try that in real estate outside probate auctions. I don't really know if it'll catch on. Just never seen anyone do this.
I have seen many try auctions in So Cal. I don't see it anymore, so it may not have worked.
Dan8267
2017 Apr 2, 5:42pm
It looks like such a thing does exist: https://www.auction.com/residential/
Until the seller's reserve price is met, Auction.com may counter bid on behalf of the seller. Counter bidding gives buyers and sellers more flexibility to find a mutually agreeable price. Counter bids do not occur after the seller's reserve price is met.
Unless the reserve is public, that's a scam. If the reserve is public, then just start the bidding at the reserve. Auctions that aren't completely honest discourage participation.
Patrick
2017 Apr 2, 8:01pm
Auctions that aren't completely honest discourage participation.
Lol, that's the normal state of real estate!
The auctions are already dishonest in ways, like bogus asking prices secret bidding, blocked bids, etc. Anything different would be an improvement.
Patrick
2017 Apr 10, 5:28pm
I've been super-busy developing the beginnings of whatdidyoubid.com over the last two weeks.
Hopefully will have something presentable within a week or so.
@Dan8267 I'm going with node and the new ES6 templating abilities. It's going reasonably well. You can see the source code so far here:
Strategist
2017 Apr 10, 6:53pm
I've been super-busy developing the beginnings of whatdidyoubid.com over the last two weeks.
Hopefully will have something presentable within a week or so.
Whatever you please identify your goals.
Suggestions of some goals:
Reduce real estate fraud.
Reduce real estate commissions.
Increase fair play for buyers and sellers.
PockyClipsNow
2017 Apr 11, 12:16am
Patrick, so far the internet has FAILED to disintermediate realtors. total failure.
Your website idea likely will never catch on because you have no way to even verify these bids are real. Once trolls take over, its over.
Are people going to upload a NAR contract to you to verify ? nope. You cannot verify these bids are real. This is a deal breaker isnt it?
In order to end the practice of gate keeping agents, you would have to pass laws to force all bids to be entered somewhere public, without that, waste of time and rotsa ruck fighting the NAR - you have a better chance of stopping all wars. ha.
Your problem is not a technology problem but a legal one.
The best recent example of technology in real estate venture was forclosure/property radar. Sean O took the non accesible public records and put them on a website. It was like 2008 or so, very very late to the game, but he changed it forever. Now all the flipers u hate can just look it all up. Sean even had individual investors offer him HUGE MONEY to 'not' list thier little counties on the net, they wanted to horde the deals and be the only guy who could or would suffer through papers at at the courthouse. Sean ended that era.
That guy Sean Otoole is smart because he offered a site FOR AGENTS/FLIPPERS and not against them. Join the beast Patrick, maybe you can use your site so the loser buyers agents can use it to fuck with the crooked listing agent, it cannot be used by public because they are idiots. You could get lawyers to advertise on it to sue the listing agent when they flushed a valid offer (good luck proving it, but it can be done)
Example of common buyer 'duh i called and left a voicemail with my offer and they never called me back, im posting on patrick' youbidwhat site'. THATS NOT AN OFFER.
Patrick
2017 Apr 11, 9:53am
Your website idea likely will never catch on because you have no way to even verify these bids are real.
They don't have to be verified, because merely tipping off the seller that there is/was a bid that he did not know about is the goal.
The seller can chat with the buyer on the site, or maybe by private chat or email and nail down the details to catch the agent. That is all that is necessary.
Sure, people can lie and post troll bids that never happened, but if they don't reply to the seller with details, the seller will just ignore them.
You could get lawyers to advertise on it to sue the listing agent when they flushed a valid offer
I tried to make money by advertising real estate lawyers at one point, but was informed that that is illegal for some obscure reason.
PockyClipsNow
2017 Apr 11, 11:22am
The missing element of your site is how to monetize. Ad revenue not likely.
I suppose if you have it working and its slick and some people like it you could sell the site/idea to trulia or some such company - that should be your goal.
Anyway good luck.
Patrick
2017 Apr 17, 2:14pm
OK, very first version, fragile, lacks most functionality, but is live now:
http://whatdidyoubid.com:8080/
It looks similar to patrick.net, but that's deceptive, since it's completely re-written in node instead of php.
There are a million things to do yet:
* get an ssl cert and drop the :8080 from the url
* get email working for the whatdidyoubid.com domain
* get registration and lost-password functionality working
* get search working
* ...
But at least I got something out there. Check out https://github.com/killelea/whatdidyoubid.com if you want to see how it works.
Feel free to add new addresses and comments on those addresses. There is no validation yet that addresses are real, but I'll get to that. Not much spam control yet either, but will get to that too when needed.
Patrick
2017 Apr 21, 11:39am
added first comment about a real property which just sold:
https://whatdidyoubid.com/address/4/383-60th-street-piedmont-ca-94618
Patrick
2017 May 6, 3:37pm
Here is a site that claims to actually publish all the offers on a house, instead of hiding them like most realtor scum do:
"Here is a site that claims to actually publish all the offers on a house, instead of hiding them like most realtor scum do"
When you are in a multiple offer situation, bidders are not typically aware of the details of the other bids. In order to disclose details of a bid to other bidders, the sellers agent (or buyers agent) must have both the buyers and sellers permission to share that information with another party. Offers are considered confidential. That is real estate law, at least in my state and I assume in other states as well.
On a side note, given your obvious acrimony for real estate agents, I find it interesting that you worked at Trulia.
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It would be the place where people list their losing bid on a house, to try to catch realtor fraud.
Realtors routinely block bids which don't give their own agency both sides of the commission. This would be a way to expose that practice. Sellers would be able to easily see the real bids without their realtor being in the way. And rejected buyers would get a little bit of power to get around the seller's agent, at least after the sale is done.
But maybe the psychology is bad. Consider that people don't necessarily want anyone to know how much they can bid on a house. It might attract realtors, jealous relatives, or other unwanted attention. Maybe buyers just wants to move on after the sale is over and they lost, and sellers want to move on and take the money they did get.
Is this worth the, say, one month of effort it would take to get it going? If no one uses it, the effort is wasted.
#housing