SOURCE: ForeclosurePoint

July 10, 2007 10:00 ET

ForeclosurePoint.com Enters San Diego Marketplace Providing Buyers the Key to Purchase Foreclosure Properties at Auction

New Service Is First Solution to Track All Foreclosure Properties, Provide Updated Sales Schedules, Auction Details, Title Research, Bridge Financing, and Guidance From Local Real Estate Agent Partners

SAN DIEGO, CA--(Marketwire - July 10, 2007) - San Diego is experiencing another kind of real estate boom: foreclosure properties. Today, there are approximately 900 properties per month in San Diego that get placed on the schedule for sale at the county's daily foreclosure auction. Unfortunately, the typical homebuyer has been locked out of this market because they lack three critical elements to participate: access to updated foreclosure property information, expert guidance, and short-term funding.

Launched today in San Diego and Riverside Counties, www.ForeclosurePoint.com is opening the door to the foreclosure market for a much larger base of homebuyers and real estate investors looking to purchase properties below market value. ForeclosurePoint.com is the first service offering users free access to foreclosure property listings, including the address, property details and estimated opening bid. The service also provides a complete set of resources to real estate agents enabling them to provide their clients with expert assistance in the purchase of a foreclosure property.

ForeclosurePoint.com delivers a comprehensive solution to meet a spectrum of buyers' needs with free basic information, and a suite of detailed research tools and resources available to subscribers or to those who work with a ForeclosurePoint.com designated real estate agent partner. Features include:

--  Tools and Resources: Pictures, real time status tracking with updated
    sales schedules, inspection reports, title research and valuation analysis
    tools
--  Monetary Lien Research: Monetary lien information, including voluntary
    and involuntary lien position, which is critical to understand prior to
    bidding at auction
--  Foreclosure Financing: ForeclosurePoint.com works with lending
    partners to provide buyers with short-term bridge financing, to address the
    lack of traditional financing options available for auction purchases
--  Foreclosure Specialists: Designated Real Estate Agent Partners provide
    expert help with property research, valuation analysis, title review,
    bidding strategies and post-sale property management
    
"Given today's complex process for purchasing foreclosure properties and market inefficiencies, 99% of homebuyers, as well as real estate investors, are unable to participate in this market," said Chris Matty, CMO of ForeclosurePoint.com. "We are transforming the industry with innovation, opening up the foreclosure market to a much larger pool of buyers."

"Purchasing a home in foreclosure requires a great deal of information tracking and gathering," said Rob Burden, Realty Executives Premier. "For example, of the over 200 properties per week scheduled for foreclosure auction sale in San Diego County, more than half are rescheduled at the last minute, leaving potential buyers to research the new date and time of the property sale, which often gets again rescheduled. ForeclosurePoint.com is the first solution to offer this key information."

First introduced in King, Kitsap, Pierce, and Snohomish Counties in Washington State, ForeclosurePoint.com also features a Real Estate Agent Partner program, enabling local real estate agents to expose the foreclosure market to their clients. ForeclosurePoint.com offers tools and resources to these real estate agents in a manner similar to the Multiple Listing Service, allowing them to help their clients effectively participate in the foreclosure market. The result is a larger pool of homes for their clients to select from and an opportunity to get a deal on a new home in a market renowned for high prices.

"We are extremely excited about this new service and what it brings to our agents," said Joel Phillips, Broker/Owner, Lighthouse Realty, local ForeclosurePoint.com foreclosure expert. "We recognize that of the properties that do go to sale in the auction, fewer than 10% are actually bid on due to lack of visibility and the availability of market analysis tools. ForeclosurePoint.com fills this gap, providing our clients with access to a previously unavailable market, and the confidence to purchase these properties intelligently and efficiently."

Online today at www.ForeclosurePoint.com, users can sign up for free or subscribe based on individual needs. ForeclosurePoint.com will continue its nationwide expansion to additional geographic areas throughout 2007 and 2008.

About ForeclosurePoint.com

ForeclosurePoint.com is owned and operated by DepotPoint, a leading technology services company focused on the foreclosure industry. Headquartered in Bellevue, Washington, ForeclosurePoint.com is bringing new efficiencies to the foreclosure market by combining a comprehensive foreclosure tracking service with access to capital and expert guidance from designated local realtor partners. The company is privately held and was founded by technology veterans from InfoSpace, Microsoft, and experienced staff from the nation's leading mortgage servicing companies.

Contact Information

  • Media Contacts:

    REVOLUTION PR for ForeclosurePoint.com
    Jennifer Karkar Ritchie
    206-932-2454
    Email Contact

    Rob Nachbar
    206-427-0389
    Email Contact