The Real Deal Miami

Overstock.com now sells real estate 

September 03, 2008 09:04PM

Overstock.com, an electronic store that buys surplus items from retailers and sells them back to consumers, recently expanded to include real estate listings. The company decided to open a real estate portal in the wake of the housing crisis. Its 3 million listings are provided by various auction sites, including Williams & Williams, and roll over every 30 to 60 days. Although Overstock.com does not directly host the sites, users are directed to auction sites, which require deposits with each winning bid. Because some auctions require winners to pay in full within seven days or less, the system offers faster turnover rates than traditional closure, which requires 20 to 30 days.