How to sell real estate on ebay
An eBay Way To Sell Your Home: New Sales Method Could Change Real Estate
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buying a home in los angeles is kind of
like playing a game of roulette as many
of you already know you pick a number a
price and just hope it's the right one
yeah but a Pasadena real estate firm is
looking to change the game if you will
kcal 9s Jasmine viel shows you they have
created the first of its kind online
auction could this be the future of real
estate the firm called the DZ Penner and
pod Lee created plum bid we saw the
whole process work from the beginning to
the end as both buyers and the seller
tried it out for their very first time
two minutes it's a countdown
Michael Ala Torre and his wife Andreia
will never forget 30 seconds after a
decade in their dream home the retired
Baldwin Hills couple found themselves in
a posh Pasadena real estate office
seconds away from selling their house to
the highest bidder I don't think I've
had my heart beat this hard just
watching a clock countdown
we'll get back to whether the Ella
Tori's got what they were hoping for in
the end let's start with how they got
here they became real estate agent Scott
Landers first clients to list their home
through a new auction platform called
plum bin this is your first plum bid
listing right here it is Lander is with
the DZ Penner partly real estate firm
George Penner is the chief executive
officer he launched plum bid two years
ago plum but grew out of a concept to
increase the level of transparency think
of it like eBay when the day arrives to
sell a home qualified buyers have an
hour and a half to make as many offers
as they want they can see what other
people are bidding and also what is most
important to the seller like an all-cash
offer the length of escrow and her
waiving the inspection report unlike the
traditional world all of the inspection
reports the disclosures the owners
information it's all provided upfront we
both kind of looked at each other's just
like where was this when we were trying
to buy this ten years ago the ala Tory's
mid-century modern home in Baldwin Hills
was the latest house to go on the plum
bid auction block for 1.1 million for
the dozens of potential buyers who made
their way through the open house last
month the concept was strange and new
it's like eBay for buying home so we
like that this open house is packed with
potential buyers in just a few short
weeks some of them could become part of
that intense buyer friendly bidding war
open we have another plum bid so back to
the day of the auction in Pasadena
Gaylen lorem is the Cal Tech grad and
now chief economist who came up with the
algorithms and the patent-pending
technology behind plum bid six minutes
in and we've already had five people
been he explains how a person's bid
includes more than just the actual offer
price for the house for example if our
bidder was to waive the inspection
contingency that would improve their bid
by fifty two thousand dollars unlike
eBay if someone places a bid in the last
few seconds the clock will reset for
five minutes and
no more offers are made and that's
exactly what happened to the alle Tories
their auction went into overtime again
and again the price of their house kept
going up again until finally the final
offer and count de7 the winning bid 1.75
million dollars all cash 15 day escrow
no inspection it's hard to fathom really
I mean it's it's done
we got the buyers on the phone hi this
is Jasmine with CBS how are you guys
architect Steven Victoria burns from
West LA they told me they liked the
process and would do it all over again
the Ella Tori say they took a chance and
it paid off
we are happy to hand all the keys to
people who you know would appreciate the
house that we have lived in now this
house sold for 62 percent over asking
that's not normal
this house was a hot listing in an even
hotter neighborhood the average plumb
bid home has sold for 29 percent over
the opening bid also the winning buyers
do have to cover the cost of the auction
which is just under two percent of the
purchase price Jasmine viel kcal 9 news
