RISMEDIA, January 27, 2010—After a strong 2009, online home auction company RealtyBid.com has hit the ground running in 2010 by offering close to 1,000 REO (bank-owned, post-foreclosure) properties to investors and home buyers around the country during the month of January.
Within the past week, hundreds of bargain properties have been added to the home auction website, many specifically from the states of Missouri, Ohio, Utah and Wisconsin.
“As always, we have discount properties from around the country available on our website. However, one specific lender we are working with has supplied us with dozens of Ohio, Utah, Wisconsin and Missouri foreclosures to auction. This is a banner opportunity to buy homes in these states at unbelievable prices,” said RealtyBid.com Executive Vice President Mike Keracher.
“Most of us know that 2009 was a record year for foreclosures in our country. Our hope at RealtyBid.com is to continue to turn these negative circumstances into a positive for home buyers and investors looking for discount properties,” Keracher said. “We work to return these post-foreclosure properties, which are now lender-owned, to private ownership at great values.”
RealtyBid.com CEO/President Tony Isbell said despite government moratoriums on foreclosures in 2009 that kept the number of REO properties available to buyers flat during the second half of the year, RealtyBid.com continued to break sales records last year. “In 2010, we have already seen increased activity, and we are expecting that trend to continue. We do not expect a tidal wave of properties but a continued increase in inventory as loan modification programs fall well short of expectations.”
Isbell said after failing to secure a permanent loan modification, delinquent homeowners have two main options: to short sale their property, which can be a cumbersome process, or to hand over the keys and the deed through a Deed In Lieu process. “We feel that many frustrated homeowners will opt for the second option, which will translate into much larger REO volumes for lenders and for RealtyBid.com.
“Record traffic indicates that buyers have found RealtyBid.com and are waiting for our newest offerings each month. We fully expect to be able to supply more buying opportunities each month, as banks free up more and more of their post-foreclosure inventory to the RealtyBid.com online bidding system.”
For more information, visit www.RealtyBid.com.