HOUSTON (Oct. 10, 2002) RealtyBid International has announced that approximately 90 Michigan properties from a major national lender will be offered to bidders in an online auction-style event to take place Oct. 17-31, 2002. During October, the www.realtybid.com Web site also will offer more than 80 additional bank-owned properties located in more than 20 states.
The events will feature properties ranging in value from $10,000 to more than $2,100,000. Online owner financing will be offered on the Michigan properties.
A concentrated portion of properties will be offered in Montgomery, Ala. from one of Alabama's largest banks. The event will mark the second such event for the bank this year utilizing RealtyBid's online bidding platform.
"We are extremely pleased to see how the banking industry has responded to this new online bidding program and how corporate clients are coming back time and time again," said Tony Isbell, president of RealtyBid. "This platform gives owners of large and small portfolios alike a great vehicle for moving properties in the third and fourth quarters, allowing them to sell multiple properties across geographic boundaries. We are in the unique position to be able to sell hundreds, even thousands of properties throughout the country in a condensed time frame for lender clients who want to expedite sales."
Mike Keracher, executive vice president, said, "Our goal is to consistently offer investors and homebuyers a vast range of properties in every region of the country. Featuring hundreds of houses within such a short period of time is a major accomplishment for the company."
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. The company plans to introduce bidding events for several new categories of properties during the next six months including luxury homes, farms and ranches, and commercial properties. Partnership and alliance opportunities are currently available in all categories.
The corporate office for RealtyBid International is located in Houston and the company's operations center is in Gadsden, Ala. RealtyBid is a subsidiary of Stewart Mortgage Information (SMI), a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC).
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.
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 6,200 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.