LPS Division to Sell Foreclosed Homes through Online Auction
Lender Processing Services (LPS), a provider of technology and services to the mortgage and real estate industries, said its LPS Auction Solutions division will conduct an online auction of bank-foreclosed homes located nationwide. The bid deadline is Aug. 2. The portfolio includes single-family homes, multifamily homes and condominiums. It involves properties in 11 states, including Baltimore, Md.; Shreveport, La.; the Greater Fort Lauderdale, Fla., area; the St. Louis, Mo., area; the Richmond, Va., suburbs; and Greater Pittsburgh, Pa. LPS said buyers are encouraged to bid early because sellers may accept offers made prior to the bid deadline. Once the winning bidder is selected, a signed purchase contract and earnest money deposit must be submitted. LPS said homes will be available for viewing later this month. All bids will be subject to seller approval. A co-op broker fee equal to 3% of the high-bid price will be payable on most homes to qualified licensed brokers whose clients close on the purchase of a property. Write to Kerry Curry.