Electronic Real Estate Market

There is a new tool  being developed for the real estate market which allows home sellers and their agentsto create an electronic marketplace for openly and transparently accepting offers. N-Play allows potential home buyers to submit their offering price openly through the N-Play site. Other potential buys can see those offers and so can the home owner.

There are a few advantages, being that both the seller and buyer can see what current market is for their property. The open nature encourages interested buyers to make as attractive an offer as they can knowing other potential buyers are watching, and competing. 

At the same time the system is potentially susceptible to outside influences. Since the offers are non binding (written real estate offers are binding if accepted since they are contracts) there is a potential for outside influence in the form of multiple low or high offers altering the perception of genuine buyers.  As a marketing and exposure tool N-Play could generate property interest and help both buyers and seller better understand the current market price for property.