Could ID project in India become inspiration for Homebuyer ID in US?

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Online accounts could be verified using Indian government’s unique ID project, Aadhaar by @tsuvik on @thenextwebin!/TheNextWeb/status/84202373072957440


For those who aren’t familiar with Aadhaar, it is an ambitious project from Indian government which aims to create a database of the country’s residents along with some simple biometrical data, and later issue a multipurpose unique national identity number to them. This database can also then be integrated by other ministries into their databases for various government purposes.

Although user participation in this project is completely voluntary and not mandatory, it is recommended to sign up for the ID number so that you can enjoy certain facilities that would require it.

Further, in an attempt to woo the app developers to create apps, he announced that the API calls for all third party apps, will remain free for the next few years. He said:

Imagination is the limit as far as what applications could be built upon the Aadhar platform.

People who have received these numbers will look for the benefits of the number. This is where the app ecosystem will come in. Different partners can build apps and provide benefits across different sectors like healthcare and banking

In the US, real estate agents, developers and lenders already have tools to access the digital identity of potential homebuyers and the Patriot Act requires homebuyers to verify their identity at the closing table. So whether the digital equivalent of the voluntary ID system in India emerges in this country or not, building blocks already exist to create a real estate app ecosystem based on a “Homebuyer ID” assuming many of the 225+ pieces of information uses to evaluate potential home buyers are aggregated from public data sources.

Real estate use cases in the public, private, and non-profit sectors are not hard to imagine; and cost savings from more efficient allocation of housing subsidies could motivate the government to take the lead. In the public sector, the development of a Homebuyer ID would enable HUD (US Department of Housing & Urban Development), state and local housing organizations to verify, qualify, and select applicants for affordable housing programs more efficiently, thereby reducing costs and stretching the impact of limited tax dollars.

In the private sector, the development of a Homebuyer ID would also unleash new money-savings ways of buying and selling real estate, including the ability for home buyers to manage their own identity (think reverse-RealTag or “MyRealTag”) and the creation of an MLS for buyers. This would allow home sellers, whether represented by a listing agent or selling “for sale by owner,” to search homebuyers as easily as buyers currently search listings. The ability to match buyers and sellers more efficiently would reduce transaction costs, if not bypass the real estate industry’s bloated two-sided commission built into the MLS, and result in billions of dollars in savings annually for consumers.

How do we get there from here?  Want to talk about next steps, in the US or India?

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Posted in buyer database, Commission Reform, Idea Bar, Listing buyers, reVRM, Savings & Rebates, Tech Trends, Unbundling the Commission, VRM

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