In this challenging real estate market, realtors are searching for and adapting to new models and strategies to move foreclosure inventory. The Internet’s marketing clout has been recognized by agents and brokers for sometime now. But today’s market calls for websites to find fresh approaches to harness the Internet’s power such as BidSelect’s electronic offer management functionality. BidSelect.com is well established as a marketplace where buyers and sellers find each other to exchange real estate. However, when combined with a competitive and convenient bidding process, BidSelect.com offers tremendous operational efficiencies and greater value as compared to the conventional real estate approach.

Anyone involved in a real estate transaction can attest to the enormous time spent making phone calls, and getting documents faxed or overnighted back and forth between agents, buyers and sellers. BidSelect.com allows parties to negotiate electronically via a secure and Free Buyer Center Account. An automated email notification is sent whenever an offer is accepted or countered on either side and you will have a real-time status of your offer in your account. Once all parties have agreed to critical terms, a contract package is generated and printed directly from the Buyer Center Account for execution.

Having now sold more than 50,000 homes, the real estate community has taken notice of BidSelect’s strategy for time and cost savings. These successes combined with current foreclosure market conditions are prompting large REO portfolio holders to adopt similar technologies and strategies.

Using any popular search engine with key foreclosure search terms quickly exposes hundreds if not thousands of websites in the foreclosure listing arena. It doesn’t take long to discern big differences in quality, quantity and usefulness of information on these sites.

Recently, there has been an explosion of regional and national sites that pull together, free, publicly available Notices of Default (NOD), Lis Pendens and Notices of Sale recorded by a lender at the local County Recorders Office and charging an average of $40 per month to access their search-able database. While these sites have a large number of foreclosure listings, many are incomplete or out-of-date due to the manual process of entering the County paper records into an electronic database.

A great deal of time, energy and possibly money are expended chasing foreclosed listings that are not ready for immediate purchase. There are sites that offer more reliable and less risky methods of finding foreclosure opportunities because they work directly with the lender or institution after the property is seized and deemed an REO or Real Estate Owned property. Working directly with the legal title holder or Asset Management Company affords many advantages, particularly in providing real-time property information. Offers are negotiated online and go directly to the decision maker which generally means quicker decisions and closings typically set 30 days after an executed offer.

Bidselect.com is a primary site for foreclosed listings that works directly with the bank or institution selling the REO property. Working with the seller, BidSelect.com provides a more complete real-time representation of the foreclosure listing, including detailed photographs and information. BidSelect.com is completely FREE to search all available listings or register for a variety of useful tools. BidSelect.com works with some of the largest Banks and mortgage portfolio holders in the U.S as well as individually listed properties. This system has facilitated the sale of over 48,000 properties valued at $3.8 Billion in the last two years.

BidSelect improves operational efficiency and achieves greater value for individual agents, brokerage firms, financial institutions and corporations by providing a dynamic marketplace where buyers and sellers can exchange real estate in a competitive open and convenient bidding process. Our effectiveness is affirmed in BidSelect’s metric averages of 30 days on market and 93% sales price to list price. BidSelect’s offer management process saves time by allowing buyers and sellers to review and negotiate offers entirely online and without paper.

BidSelect takes a proactive approach to exposing your properties to the reported 80% of prospective homes buyers who start their real estate search online. We currently average over 8 million page views per month and maintain aggressive online and print advertising campaigns.

Home buyers, real estate investors and real estate professionals can begin searching immediately by property type, city/county/state/zip code, price or property features or signup for a FREE account to receive notifications.