RealtyTrac, an online marketplace for foreclosure properties, said Tuesday it had partnered with Williams & Williams, one of the nation's largest auctioneers of U.S. foreclosed real estate, to host a national database of bank-owned property auctions. The properties, all being auctioned by Williams & Williams, will be located under a new "Auction" tab at RealtyTrac's website and updated daily. Along with an opening bid, sale date, time and location, the details for each property include a phone number and e-mail address for Williams & Williams so that members can contact the auction company with any further questions about the property. Members can also link to the Williams & Williams website for the full terms and conditions of each auction.
"As the inventory of foreclosure properties continues to rise, banks are turning to real estate auctions as an efficient method for selling off inventories of repossessed, or REO, property," said James J. Saccacio, chief executive officer of RealtyTrac. "We wanted to make sure our customers didn't miss out on these auctions, which represent yet another opportunity to successfully invest in real estate." "We're a strong advocate for giving real estate buyers and investors direct and openly competitive access to property sales. We believe it benefits everyone to speed the buying and selling process up and want to do all we can to insure consumers get the information they need about these sales in real time," said Dean Williams, chief executive officer of Williams & Williams. Unlike a trustee's sale or sheriff's sale, REO auctions typically allow for inspection of properties beforehand -- although the properties are sold "as is" -- and do not necessarily require winning bidders to have the full amount of the winning bid in cash at the auction. And because the foreclosing bank is selling the properties, buyers avoid the complications that sometimes come with dealing directly with an owner in default. "We're always looking for properties that our subscribers can more easily act on and buy," Saccacio said. "Partnering with Williams & Williams, who is the leader in the REO auction business, provides RealtyTrac members with another reliable source for foreclosure properties that can be purchased in a relatively simple and straightforward way." "RealtyTrac has made a lot of headway in creating the electronic means needed to track and receive the most powerful real estate buying opportunities," Williams stated. "Partnering with them to make sure our sales are being noticed by their members seemed an obvious next step for both companies, as we feel RealtyTrac has shown a commitment and track record to date of executing solutions that serve the real estate consumer, first and foremost." For more information, visit http://www.realtytrac.com.
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