Latest Innovation from Foreclosure.com to Forever Revolutionize the Sale of Foreclosure Properties

America's largest and most accurate searchable database of foreclosed homes and investment property information is changing the way foreclosures are marketed, sold and purchased, unveiling today its latest Foreclosure.com Auction Sales Technology (F.A.S.T.) feature - Live Auctions.

The state-of-the-art addition to the award-winning Web site allows investors and potential homebuyers to view all F.A.S.T. Live Auction properties for free, place bids and buy homes directly through Foreclosure.com.

"We've got the rare mix of traffic and the technology to ensure that F.A.S.T. Live Auctions become the future of the industry," said Brad Geisen, president and CEO, Foreclosure.com. "Much like eBay re-invented the concept of a garage sale, F.A.S.T. Live Auctions will radically change the foreclosure industry."

F.A.S.T. Live Auctions provide lenders with a unique opportunity to market their properties directly to a national online audience 24/7. And with the help of a local real estate broker/agent, potential homebuyers can place bids on F.A.S.T. Live Auction properties and purchase them at reduced prices.

"It's a recipe for success, creating a competitive situation for lenders that need to move listings fast and buyers who want to capitalize on amazing deals," said Geisen. "It's a natural fit for our Web site and a win-win for everyone involved."

Essentially, F.A.S.T. streamlines the auction process and makes it easier for sellers to sell and buyers to buy foreclosure properties.

"Put simply, sellers move their properties quicker, brokers earn nice commissions, and buyers can purchase real estate below market value," said Geisen.

Indeed, Foreclosure.com has developed a commission structure that saves sellers of properties cash, but still maintains the buyer-broker relationship. This is made possible by the use of the online auction method, a flat-fee listing broker and a requirement that all buyers be represented by licensed real estate brokers/agents. (Each property is listed with a local Realtor® and properties are listed in the MLS.)

"We require that bids be placed through licensed real estate agents to ensure that buyers are qualified and are well informed about a potential purchase," said Geisen. "Purchasing real estate is a big decision, and we want to see it done right across the board."

Investors and potential homebuyers can search the Foreclosure.com database by zip code for F.A.S.T. Live Auctions. Or, perhaps even more convenient, interested buyers can access all of the F.A.S.T. Live Auction properties directly from the Foreclosure.com homepage.

All bids are kept confidential under a 10-day sealed bid format. The sellers reserve the right to accept or reject any offers. Winning bidders are notified about the outcome of F.A.S.T. Live Auctions within at least two days after they expire.

"With more than 1.2 million listings, it was only a matter of time before we made it possible to start buying many of them," said Geisen. "We pioneered foreclosure listings more than six years ago, and now we're proud to usher in another revolutionary way of doing business better."

About Foreclosure.com

With more than 1.2 million foreclosure, preforeclosure, bankruptcy, FSBO and tax lien listings in one place, Foreclosure.com delivers America's largest and most accurate searchable database of foreclosed homes and investment property information to its customers and business partners. Based in Boca Raton, Florida, Foreclosure.com works with hundreds of top lending institutions and government agencies to list diverse property types on its Web site, including Real Estate Owned (REO); Department of Housing and Urban Development (HUD); Department of Veterans Affairs (VA); Fannie Mae; and other government agency and financial institution properties; as well as listings from an extensive network of corporate sellers. On the Web: www.foreclosure.com .

 

 

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