Buyers can look through homes listed on the site, build portfolios and make bids. The company makes money by charging a 3% commission that is split between the buyer and seller. The cost is about half the standard commission rate.

The idea is to cut out the middlemen, said Christopher Wiley, the company's co-founder in an interview with .

It's too early to tell how the company will do. The first bidding cycle closed last month and brought in more than 3,000 bids, The Journal reported. A handful of bids were accepted on homes priced between US$20,000 and $190,000.

nationwide have plummeted over the last 12 months and are expected to continue to deteriorate.

Other companies with marketplaces similar to ReoLynx include and .