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Foreign Investors Take Advantage of Online REO Auctions.
Tampa, FL -- The current foreclosure crisis combined with a weaker dollar compared to some of the major world currencies appears to be the drive behind an unprecedented number of online property auctions by foreign investors.
FastHomeAuction.com, a real estate auction website for REO agents, asset managers and sellers that allows buyers to search, bid and acquire REO properties at no cost, reported "a record number of foreign investors" visited its website in December. Among reasons for the surge, it highlights "search of real estate bargains, especially in the Sun Belt area of the United States" and the weakness of the dollar against foreign currencies as "a key contributor to the trend."
FastHomeAuction.com recently launched an online property auction website. According to the auctioneer it works "to the advantage of lenders anxious to sell their REO inventories of defaulted properties." Company CEO Jim Case sees the new trend as "a huge opportunity" for REO asset managers.
"We're seeing investors from all over, especially France, Germany and Belgium, as well as from the United Kingdom, Canada and Australia," he said. "They are eager to buy U.S. properties now, while their own currencies are strong against our dollar."
For example, the British pound is currently trading at about two-to-one against the dollar, he said, which highly motivates private investors and investment groups.
"There will be more millionaires coming out of this downswing than ever before," Mr. Case said. "Foreign investors often use a group strategy when they acquire properties, pooling buying power and distributing risk." They buy multiple properties in targeted areas, hire local property managers to oversee them and keep them rented. According to Mr. Case, Canadian investors are very active right now, "especially in the Sun Belt areas like Florida," while businesspeople from the U.K. who "are very familiar with Florida as a vacation spot" try not to miss out on possible online bargains, "they are quick to seize the opportunity to ...
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Source: HighBeam Research, Foreign Investors Take Advantage of Online REO Auctions.