HOUSTON (Sept. 3, 2002) - RealtyBid International has been tapped by a major national lender to market approximately 350 homes and investment properties through the company's totally online bidding platform at http://www.realtybid.com.
The project is RealtyBid's first major set of auction-style events since becoming a subsidiary of Stewart Mortgage Information (SMI), a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC).
More than 1,000 U.S. houses have sold since June 2000 when RealtyBid.com, formerly AMSauctions.com, introduced totally online bidding for bank-owned properties.
Tony Isbell, president of RealtyBid, said, "This project is believed to be the largest one-time selection of bank-owned properties ever offered to buyers in a totally online bidding environment."
The auction-style events will feature houses in Indiana, Maryland, North Carolina, Ohio and Pennsylvania. The houses will range in value from approximately $5,000 to $300,000.
Interested buyers can view and place bids on the North Carolina and Maryland properties Aug. 29 through Sept. 12, 2002. The Pennsylvania and Ohio houses will be featured Sept. 3 through 17, 2002; and the Indiana houses will be available for bid Sept. 5 through 19, 2002. Online owner financing will be offered on the properties.
Mike Keracher, executive vice president of RealtyBid.com, said, "We are extremely pleased to have a project of this magnitude to serve as the site's first major real estate offering."
RealtyBid International (RealtyBid.com) specializes in the expedited sale of real estate through an innovative online bidding platform. RealtyBid hosts bidding events for several classes of real estate including distinctive residences, ranches and land, commercial properties, builder and developer events, international properties, bank-owned assets and loan sale events. RealtyBid, formerly Accelerated Marketing Services, Inc. and AMSauctions.com LLC, was formed in 1999 to focus primarily on real estate assets owned by financial institutions. Since its formation, the company has sold more than 4,000 properties nationwide with more than 1,000 of those properties being sold exclusively through online bidding events. In 2002 RealtyBid International, Inc. became a subsidiary of Stewart Mortgage Information (SMI), a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC).
Stewart Information Services Corp. is a technology driven, strategically competitive, global real estate information company. Stewart provides title insurance and related information services through more than 6,100 issuing locations in the United States and several international markets. Stewart meets the needs of the real estate and mortgage industries through the delivery of information services required for settlement using e-commerce. These services include title reports, flood determinations, property appraisals, surveys, document preparation, property reports and background checks. Stewart also supplies post-closing services to lenders, automated county clerk land records and GIS for governmental entities. Stewart provides expertise in tax-deferred exchanges. More information about Stewart can be found at www.stewart.com.