Industry NewsTechnology

N-Play brings online purchase offers into play

System ranks submissions based on seller preferences

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A new online system aims to reduce the stress and guesswork in preparing and accepting purchase offers in home-sale transactions by ranking Internet-based offers according to seller preferences. The system, called N-Play, allows buyers to post anonymous and nonbinding offers that can be viewed by other interested buyers. While buyers in a typical real estate transaction do not immediately know where they stand when they submit an offer to a seller, the N-Play system instantly displays how each submitted offer ranks in comparison to other offers, based on how closely the offers synch with the seller's desires. The seller may favor a cash transaction over financing, for example, and a large down payment and prequalification for a loan could be a higher priority for the seller than the total purchase price. A quick closing date and minimal contingencies could also boost an offer's ranking, depending on the seller's preferences. If a prospective buyer is not pleased with the...