Site aims to foster bidding wars between agents

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A new website that solicits basic information from prospective homebuyers or sellers and then accepts bids from real estate professionals for their business has completed beta testing.

RateBid.com is a “reverse auction platform” that purports to help consumers obtain real estate services at the cheapest rates by sparking bidding wars among professionals that put downward pressure on mortgage rates, agent commissions and other charges associated with real estate transactions.

Consumers may anonymously view all bids and choose any professionals they wish to contact.

Source: PR.com