LPS Opens Online Foreclosure Auction Until April
[Update 1: clarifies co-broker commission] Lender Processing Services (LPS) will conduct an online foreclosure auction of Arizona, California and Nevada homes until April 1, 2010. LPS is a technology provider to the mortgage industry, and its LPS Auction Solutions division will host the bidding. The portfolio includes single-family homes, condominiums, town homes and one duplex. According to the real estate data provider RealtyTrac, Nevada, Arizona and California have the top-three highest foreclosure rates in the country. All of the Arizona homes on the block are located in Phoenix. The California portfolio contains properties in Los Angeles, Bakersfield, San Diego, Fresno, Sacramento, San Jose, San Luis Obispo and San Francisco. The Nevada units are in Las Vegas and Reno. Because sellers are allowed to accept offers made before the deadline, LPS is urging interested buyers to put in early bids. Buyers do not pay to register. Additionally, a co-broker commission of 3% is paid for by the seller. LPS will open most homes for viewing on March 20-21 and March 27 from 12 p.m. to 4 p.m. "This auction is a terrific opportunity for homebuyers and investors to purchase one or more residential properties at a significant discount," said Evan Gladstone, managing director, LPS Auction Solutions. "There are some wonderful deals for interested buyers." Write to Jon Prior.