According to ""Auction.com"":http://www.Auction.com, a real estate marketing and disposition services site, 2010 was a record year. The site offered 35,350 foreclosed assets for $2.4 billion last year, numbers that lead the industry, the site's owner ""Real Estate Disposition Corp."":http://www.redcgroup.com (REDC) said in a statement.
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So far in 2011, Auction.com has auctioned 4,710 foreclosures for $258 million at 94 percent of reserve, according to the company. That's an improvement from January 2010 when the site auctioned 1,540 foreclosures for $86.6 million at 91 percent of reserve.
""We're quite pleased with the results from our auctions this year,"" said Jeff Frieden, CEO of California-based REDC and Auction.com.
Frieden continued, ""Our clients have been able to sell their inventory at our live and online auctions to the large group of homebuyers and investors. Our best-in-class marketing, onsite sales team, unparalleled online platform, and auction strategy brings more bidders and buyers to our auctions than anyone in the country.""
Frieden attributes the site's success to a number of factors. Auction.com offers assets individually, marketing them nationally and locally. Financial institutions can auction REOs, commercial assets, and notes of all property types on the site's disposition platform. The online format also incurs no upfront costs for sellers.
""The ability to set a pricing floor with an auction is a major turning point for REOs, commercial buildings, and notes,"" Frieden said. ""Auctions are the only way to buy real estate where the pricing starts at the bottom and works its way up. Auctions are also the only buying alternative where you can set your own price.""