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eBay Says It Can Speed the REO Sales Process.(Brief Article)
Since acquiring Homes Direct last year, Internet auction house eBay has become a big player in online home sales.
And the company has made a special effort to help lenders sell real estate acquired through foreclosure.
Christopher Saitta, a vice president in charge of the REO division at eBay Real Estate, said the online company adds value to the sale of real estate-owned by speeding up the disposition process and making it more efficient.
"The basic value add is in shortening the listing period that the lenders incur when they receive a property," he explained.
Every day a lender holds a piece of REO in foreclosure, costs are added.
Mr. Saitta said there are basically four stages involved in REO sales: property preparation, marketing, negotiating and closing. eBay facilitates the marketing and negotiating stages, he said.
By listing REO on eBay, lenders have access to the auction site's 46 million registered users. In addition, millions more unregistered users browse the site, he said.
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