Redfin to Introduce Direct Property Bids on Its Website

Redfin, a national real estate brokerage that allows homebuyers to purchase properties without representation, is launching a program to offer consumers the opportunity to bid on properties directly through its website, The New York Times reports. The initiative was recently tested in Boston with sellers paying a 2 percent commission fee, which is half the normal rate for the area. Out of 120 homes listed between late March and early May through Redfin with web-based offers accepted, five were bought with online bids.

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