A Real Estate Business Model

Paper Summary:

The paper discusses a web-based portal that is designed to reduce the transaction time and difficulty of the real-estate purchase transaction. The web-based portal will incorporate complete functionality for all vested parties in the transaction: consumers, real-estate agents/brokers, finance companies, title companies and appraisers. The paper provides a centralized database for all phases of the transaction as well as immediate access to any of the vested constituents.

From the Paper:

"The home buying process is a complex, problematic affair that consists of several different parties trying to protect their own interests while still trying to close the transaction. The parties with an interest in the transaction consist of (Ratcliffe, Stubbs & Shepherd, 2003): The buyer, the seller, an appraiser, typically, a buyer real-estate agent/broker, typically, a seller real-estate agent/broker, a finance company and a title company. The process of the buyers making a written offer and of the sellers accepting or rejecting this offer and consequently a follow-up offer by the buyer can be a lengthy process in itself. Not to mention the efforts required to make arrangements to show the property. For the finance company to fund the purchase, an appraisal needs to be done based on an examination of the property itself and of the comparative sells history of the neighborhood."

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