Redfin – online tool to buy a home


In a bearish market, you still want to shave off couple of thousand dollars off your home purchase. In my previous post, I highlighted the infusion of information disseminating tools on the Internet that helps you make wise decision. Redfin is one such web service/tool that helps you save money. Kevin Kelly blogging at Cool Tools reviewed Redfin:

Redfin has a great online real estate website which we quickly found is one of the easier ones to use, with nice virtual walk thrus of each home, and good comparison data for the neighborhood. (The site is a joy to navigate, and we’d use it even if we did not get a rebate.) Then you, in the role of buyer and self-agent, do all the footwork of finding, visiting the various homes, checking out the disclosures, etc., and finally choosing which property you want. You are your own real estate agent up to this point. When you are ready to make on offer on a home, you do so online via Redfin, completing the necessary forms on the web. Then a human Redfin employee will take you through the final paperwork and signatures, and eventually visit the house with you. At the close of the deal they will rebate 2/3rds of their buyer agent commission paid by the seller, or 2% of the sale price, which in some areas of the country will mean at least ten thousand dollars.

Redfin Commission

I have not bought a home here in the United States (yet) but I’m sure many of you have or are close to buying one soon. Let me know if you try out this tool and if it helps you save money. Unfortunately, it seems that the service is available only in few select cities. But expect it to spread to more as it gets more popular.

Related: Moving the Search from Renters to Landlords.