06 Jun 08 Foreclosure Auction for Phoenix Real Estate

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The Real Estate Disposition Corp. has scheduled a massive auction this weekend for homes that have foreclosed and are in possession of lenders. The event, to be held at the Phoenix Convention Center, will start at 9:30 a.m. Saturday morning; an estimated 450 properties will be up for auction over the course of the two-day event.

Home auctions, both foreclosure auctions and new home auctions, have become increasingly more common over the past six months. Home builders have helped to reduce their inventories by utilizing auctions, and as lenders are repossessing more homes due to the ever increasing rate of foreclosures, they are finding that auctions are an effective method to reduce their real estate owned.

Of course homebuyers are also in favor of buying their next home from auctions too, as they are receiving large discounts for the properties they purchase. One report suggested that homes valued at around $300,000 will have a starting bid of under $100,000.

Learn more about this weekend’s auction in Phoenix and other home auctions across the nation by visiting USHomeAuction .com.

Tags: band owned, foreclosure auction, home auction, Home Builders, homebuyers, phoenix convention center, phoenix real estate, real estate disposition corp, real estate owned, reo

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02 Jun 08 Real Estate Owned Going to Auction

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.