RISMEDIA, June 23, 2008-RealtyTrac®, an online marketplace for foreclosure properties, announced a new partnership with Bid4Homes, an online auction site specializing in distressed property from banks, government agencies and private parties. The partnership enables RealtyTrac users to research and bid on a wide selection of online real estate auctions nationwide. The Bid4Homes proprietary Web-based applications and patented deposit system make it easy for real estate brokers, agents, REO asset managers and private sellers to list homes for auction on RealtyTrac.
In addition to bank-owned properties and properties from private sellers, the company says that Bid4Homes offers forfeited properties from the U.S. Marshals Service, seized properties from the U.S. Department of the Treasury and tax-foreclosed properties from more than 50 counties nationwide.
RealtyTrac’s foreclosure property listings will also now be accessible through the Bid4Homes website, providing users with more choices and the ability to compare properties with others up for auction on the Internet.
“We’re excited to team up with Bid4Homes and its sister site Bid4Assets, which have experienced enormous success in the online real estate auction space, with more than 50,000 property sales in 50 states,” said Rick Sharga, vice president of marketing at RealtyTrac. “This partnership affords our users more choices of properties and another convenient way to buy real estate. Our users will now be able place online bids on properties being auctioned by Bid4Homes while never leaving the RealtyTrac website. And these online auction properties will be paired with the extensive research tools available on RealtyTrac – including comparable sales, loan and sales history, extensive neighborhood information, and nearby MLS listings for comparison – helping users to evaluate a property before they begin bidding.”
“Combined, Bid4Homes and RealtyTrac have more than 3 million subscribers who are interested in buying real estate. That’s tremendous value for REO asset managers. It only makes sense to capitalize on the efficiencies of the Internet, particularly in a slow market. Online auctions have unlimited reach,” said Lisa Lauroesch, vice president of business development and REO sales at Bid4Homes. Lauroesch has seen the real estate market in all types of conditions with her past experience at Freddie Mac, most recently as Senior Director of Offerings Development. “Since the market became soft, 58 percent of all properties we’ve sold at Bid4Homes have been sold to out-of-state buyers. Greater reach means more bidders and more bidders mean more properties move quicker at higher prices. That’s ideal for the seller in any market.”
“Bid4Homes integrates online auctions with listing and buyer’s agents or directly with the homeowner to provide end-to-end asset disposition services for banks and home sellers,” Lauroesch continued. “Our sellers experience incredible success rates on Bid4Homes. Over a quarter of the properties listed sell within 14 days and of these, 60 percent exceed the seller’s asking price.”