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Roundup: Online Auctions Are Gaining Steam for REO.(real estate)
When a servicer acquires a piece of real estate-owned through the foreclosure process, unloading it fast is usually a high priority. After all, these are firms that want to be in the lending business, not the real estate business.
So it may not be surprising that many lenders have turned to Internet auctions to market the unusual properties, often in need of some tender loving care, that they pick up as a result of foreclosure.
Recently, a number of firms have announced Internet auctions to dispose of property on behalf of lenders.
Realty Bid International said it has been tapped by a "major national lender" to market about 350 homes and investment properties through the company's online bidding platform at www.realtybid.com.
The project is RealtyBid's first major set of auction-style events since it became a subsidiary of Stewart Mortgage information, which in turn is a subsidiary of Stewart Information Services Corp.
More than 1,000 houses have been sold by RealtyBid since June 2000 when the company, formerly AMSauctions.com, introduced totally online bidding for bank-owned properties.
Tony Isbell, president of RealtyBid, said that the project is "believed to be the largest one-time selection of bank- owned properties ever offered to buyers in a totally online bidding environment."
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Source: HighBeam Research, Roundup: Online Auctions Are Gaining Steam for REO.(real estate)