Austin, Texas-based mortgage industry technology provider—First Lenders Data, Inc., launches new real estate auction website called FirstClose. The new site will host private real estate auctions, which permit lenders to auction off their real estate owned and Realtors to post their properties.
The auction itself runs much like an eBay auction, where reserve prices are set and the highest bid above the reserve price wins the auction. Property owners may also set a buy now price, which allows bidders to quickly end the auction.
What makes this new home auction site newsworthy is that buyers are already lined-up. There is reportedly $300 billion in available investor funds, which may result in an immediate alleviation for lenders with large inventories of foreclosed homes.
For more information on FirstClose, visit them online by clicking here.
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