SOURCE: BankOwnedBids.com

April 21, 2009 05:49 ET

BankOwnedBids.com Launches Its First Auction of Michigan Foreclosed Properties

GROSSE POINTE PARK, MI--(Marketwire - April 21, 2009) - BankOwnedBids.com, the first Michigan-based online auction of foreclosed properties, opens its first weeklong auction on April 22.

Web site administrators report heavy traffic on the property pages since the site launched earlier this month. A 2-week pre-auction period has allowed buyers time to review the listings and visit properties of interest. The homes range from a four-bedroom bungalow with a starting bid of $60 to an updated four-bedroom, three-bath suburban trophy home with starting bid of $191,100. All are competitively priced by corporate sellers burdened with excess inventory.

"BankOwnedBids.com focuses on helping budget-minded homebuyers and interested investors find a home or property appealing to both their desires and their budget," said Kent Colpaert, founder of the web site and a nationally recognized authority on Michigan's foreclosure market. He expects the site will soon offer regional auctions with residential and commercial properties from across the state and, eventually, from across the nation.

Colpaert says BankOwnedBids.com's innovations benefit the buyer, the seller and the agent alike.

--  BankOwnedBids.com will hold frequent auctions with fresh inventory,
    meaning that buyers won't have to wait for new bidding opportunities.
--  There is no fee to register or browse the listing inventory.
--  Corporate sellers are on alert to quickly respond to offers. Buyers
    will usually know within 72 hours if their offer is accepted.
--  Corporate sellers and their agents will soon be able to post their own
    listings on BankOwnedBids.com.
--  All listing and buyer's agents will receive their full commission.
    

About BankOwnedBids.com

BankOwnedBids.com is a Michigan-based online auction site featuring foreclosed residential and commercial properties. It also offers economic and real estate news as well as opportunities for focused advertising. For more information about how BankOwnedBids.com is changing the way real estate is sold, please visit www.BankOwnedBids.com.

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