Companies Launch Online-Offer Venture for Distressed Sales

Arizona-based ""Realty Pilot"":http://www.realtypilot.com, a real estate technology company, and ""RealtyBargains.com"":http://www.RealtyBargains.com, an online distressed property listings directory, announced a joint venture this week aimed at bringing together distressed homeowners and potential property buyers.

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The partnership will provide homeowners facing foreclosure with a new, free service to expedite the offer-making process from prospective buyers. The companies' initiative has been dubbed ""Offer Runway"":http://www.OfferRunway.com.

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""The current process for buying and selling distressed properties, either through short sales or foreclosure, is costly and inefficient to all parties,"" said Matt Kumar, president and CEO of RealtyBargains.

""We believe Offer Runway will completely revolutionize the way distressed properties are bought and sold in this country by giving buyers, sellers, and lenders a viable alternative,"" Kumar said.

RealtyBargains.com, which provides an inventory of approximately 1.6 million homes scheduled for auction, has added a ""Make Offer"" option through OfferRunway.com. Buyers can browse listings on the site, select a property, and immediately make an offer online. The homeowner and lender are then notified, creating a potential purchase.

""This ‘Make Offer' feature will introduce competitive bids to the foreclosure listing with an option to be sold prior to auction to the highest bidder through a more traditional sales process,"" Kumar explained.

""OfferRunway.com"":http://www.OfferRunway.com is a cloud-based application that also offers buyers live chat assistance and automatic notification of higher offers.