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Web Portal Offers Access to Newly Built Homes

Psst. Thinking about buying a new home?

DigitaLiving can save you a small bundle, maybe a couple thousand bucks. You can put that money to good use, buying window treatments, carpeting, whatever.

What's the secret? Go over to InterNest.com, the Web portal where you can buy newly constructed homes. All you've got to do is fill out a registration. It takes about 60 seconds.

If you buy a home through InterNest, or even from many non-participating builders, InterNest promises you a 1 percent rebate. On the typical new $200,000 home in this area, that comes out to $2,000.

The Internet is filled with come-ons. Online companies, which are burning cash like Chicagoans used to burn autumn leaves, are trying to build a loyal following. The words "free," "cheap" and "rebate" get my attention. I get the sense, however, that once an audience has been built up, the online party could end. But Andy Wolf, president and chief executive officer of Bloomingdale-based InterNest, insists that the cash bonus is a permanent part of his company's proposition. "We have no plans to end the rebate. It's a win-win transaction for the builder and the buyer," he said. Wolf, a licensed real estate broker, formerly was chief operating officer of Morningstar Inc., the mutual fund rating service. He also was involved in business development at Quaker Oats and gained financial expertise at Arthur Andersen & Co.

The market seems ripe for online home buying. Nearly one in four Americans start their home search online now compared with 2 percent back in 1995, according to the National Association of Realtors. InterNest is just getting started in this emerging market. It's been involved in 125 home sales since 1998, generating $14 million in sales and giving back about $150,000 to buyers.

Thirty Chicago area builders are in the InterNest program. Buyers using the site state preferences based on price, location and builder. Push the button and you get a list of developments. Web users then link to participating builders' Web sites, where floor plans, photos, renderings, panoramic views and so on may be available. Once the buyer chooses a builder, the builder takes over from there. Participating Chicago-area builders include Centex Homes, Pulte Home Corp., William Ryan Homes, Optima Inc., Vilas Development and R.A. Faganel Builders.

The data offered by InterNest is helpful in narrowing choices, which can save wear and tear on the shoe leather. InterNest, in effect acts as a buyer agent, collecting fees from builders when homes are sold. But, as always, DigitaLiving recommends visiting the homes before purchase to be certain they're right for you. If you prefer, potential buyers can use InterNest's staff to do research.

InterNest, like many sites, also offers information on mortgage rates, local schools, a glossary of real etstate terms, links to real estate news and mapping software. Discounts also are available from a long-distance mover and at Furniture.com.

However, I'd like to see InterNest beef up the information offering. Wolf said they're working on it.

Meanwhile, if you're in the market for a new home, it wouldn't hurt to get the rebate. Consider it a gift from InterNest. . . . and DigitaLiving.