It's the best buyer. It requires more sophistication than a mere auction, but also an offer management process. Still, due diligence such as credit checks remain outside the scope of the application. Buyers and sellers can also add contingencies-a buyer, for instance, can request a new roof. The app, which runs on seven Unix servers hosted by Exodus Communications, is available through the realtors' own Web sites.
Agents access the application, which is password-protected, with a browser.
The process requires an agent on each end of the transaction-a design aimed at ensuring that brokers remain an integral part of the home buying process. Patrick Conner, vice president at London Properties, a Fresno, Calif., brokerage with about 200 agents, likes the fact that the realtor and broker are still at the center of the transaction. We have to 'outdotcom' the dotcoms in this space, and Homebid will let that happen. This will enable us to create a one-stop shopping portal that will make buying a home a little bit easier. The company expects to make additional money through agreements with other businesses aiming their products at home buyers-from lenders and moving companies to cable TV operators and garbage companies.