RISMEDIA, Dec. 10, 2008-RealtyBid.com says that it is topping off a banner year with a holiday gift for real estate investors and home buyers. One of the nation’s leaders in online home auctions is offering more than 2,000 REO (bank-owned, post-foreclosure) properties for auction during the month of December. According to the company, this is RealtyBid.com’s largest monthly inventory of 2008, a year in which the website has already seen unprecedented online home auction success.
RealtyBid.com CEO Tony Isbell said the 18 lending institutions offering foreclosure homes for auction on RealtyBid.com in December are highly motivated to sell. That translates to huge savings for the investor and home buyer.
According to the Mortgage Bankers Association (MBA), a record one in ten home loans were delinquent or in foreclosure at the end of September 2008, and a total of 2.2 million homes are expected to have entered the foreclosure process by the end of 2008. The MBA emphasized that with the economy continuing to deteriorate, the foreclosure outlook for next year is worse than 2008.
“These lenders need to get as much of this foreclosure inventory off their books before the end of the year as possible,” Isbell said. “Plus, they are preparing for the large influx of new foreclosure properties they will be dealing with in 2009. Our bank clients are anxious to sell these properties as quickly as possible; many of them have mandated that these properties must sell by December 17.”
As an increasing number of people search for home buying bargains-especially foreclosures-during the down economy and buyers’ real estate market, thousands of new bidders and buyers are embracing online bidding on RealtyBid.com each month.
“The time is right for the kind of efficiency RealtyBid.com’s online auctions offer home buyers and investors,” according to Mike Keracher, RealtyBid.com executive vice president.
“October was our largest sales month ever-a more than 62 percent increase over October 2007. That is a testament to the great deals available on RealtyBid.com, the motivation of lenders to move these properties back into private ownership, and the growing number of people who are becoming comfortable conducting business via the Internet-especially in the secure and transparent bidding environment of RealtyBid.com.”
Thousands of homes are available each month on RealtyBid.com from the nation’s largest lenders, builders and real estate brokerage firms. RealtyBid.com has sold more than 16,000 homes online and was ranked as the country’s number one sales team in team transactions in both the 2008 and 2007 Lore Magazine/Wall Street Journal/Real Trends “Real Estate Top 200.”
For more information, visit www.realtybid.com.
