There is a new disrupter born every day! This one was created by a VC-backed appraisal company, so their gadget begins with a free appraisal to help determine the list price. Then they offer a little something for everyone – a week on the MLS for full exposure, then an auction-like event using the appraised value as the opening bid….unless a buyer wants to pay the Buy-It-Now price during the showing week! It doesn’t matter much what the whizbang feature is – all that matters is spending millions to advertise it to the masses:

https://buyglasshouse.com/how_it_works

Two highlights:

If no offers are submitted once the Showcase Week ends, the home remains on the market at the pre-appraised value for a total of 30 days. This means that as long as a single buyer is willing to offer the pre-appraised value, the home will go under contract for fair market value within 30 days.

Fortunately, even if the Winning Offer Price is above the pre-appraised value, it’s unlikely that the second appraisal would come in below the contract price. See this FAQ to understand why.