“We have never been more excited about one of our service offerings. Given current market conditions and the desire for lenders to sell their REO and Short Sale properties quickly and easily, our solution couldn't be more timely. The industry is in desperate need of a solution just like the one we are offering and we hope to have a positive impact on lenders and the economy as a whole.”
-- Tedd R. Smith, President and CEO of First Lenders Data, Inc.
Our real estate auctions are limited to lending institution clients and qualified investors. Most auctions are private. For security and privacy reasons, buyers and sellers must be screened and registered in order to conduct transactions in the live system.
We have developed a free demo auction site to enable intrested parties to create an account, post sample listings, bid on sample properties, and discover the power and features of the system. |
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| For a demonstration of our Short Sale Transaction Solutions, visit: |
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FirstClose Real Estate Auction Sites are designed for lenders to sell Real Estate Owned (REO) and Short Sale properties quickly and easily.
Primary benefits:
- Investor Pool Funds in Excess of $300 Billion
- Investor Pool Spend in Excess of $3 Billion Per Month
- Easy, Intuitive Process to List Properties
- Investor Offers Equal to Lender Requirements
- Option to Include BPO, Appraised, or Stated Values
- Fixed Price, Reserve Price, & Buy It Now Options
- Competitive Transaction Fees
- Complete Title, Closing, and Settlement Services
With over $300 Billion in available investor funds, the FirstClose Auction Sites offer an immediate solution for lenders desiring to sell their REO and Short Sale properties. Lenders or realtors simply set the price, upload pictures from a current appraisal or BPO, and the auction begins. Subsequently, investors log into the system to conduct due diligence, which may include ordering a new appraisal. Although auction times may vary, a 5-10 day window is typically allowed for investors to conduct their due diligence. If the investor decides to purchase the property, they simply bid above the reserve price and wait for the auction to end or click the "buy it now" price and the closing process commences.
One significant advantage of the FirstClose auction process is that our investor groups are ready to immediately buy properties at competitive prices, with a high probability that purchase offers will be equal to net proceeds required by most lenders.
Since REO sales do not involve a homeowner or a new borrower, and given that the investors are paying cash, much of the red tape and regulations associated with a typical mortgage purchase is eliminated. For lenders interested in using the auction systems for Short Sales, the process is a little more involved, but still very easy. Since a realtor and borrower must be involved in a Short Sale transaction, a FirstClose realtor trained in Short Sales simply collects all of the documents required by the lender and posts the listing in the private auction. If the property does not sell to an investor in the private auction, the realtor has the option to post the property in a FirstClose public auction and sell the property using MLS and other traditional means.
Strategic title partners are utilized for title transfers, closing, and settlement services to help streamline the entire process.
For more information about FirstClose Real Estate Auctions, contact Van G. Hill, National Accounts Manager, at 1-512-852-2206 or Van.Hill@FirstClose.com |
