October 14, 2009 07:35 ET

September Foreclosure Sales Skyrocket for

Online Home Auction Company Expects Another Huge Month in October

RAINBOW CITY, AL--(Marketwire - October 14, 2009) - Online home auction company saw its September sales figures increase by more than 211 percent over August and by 308 percent over September 2008. The website announced in early September that it would be hosting one of its largest inventories ever of post-foreclosure, bank-owned properties (REOs) during the month, and that girth of inventory drew a record number of discount-minded bidders to's online real estate auctions.

"We expected to see bidders take advantage of the unbelievable REO bargains we had to offer in September, and they did," said CEO Tony Isbell. "Year-to-date, September is by far our biggest sales month of the year, and it's our second biggest sales month ever." Executive Vice President Mike Keracher works directly with financial institutions and loan servicers looking to sell post-foreclosure properties through's expedited sales system. He said, "We will see another large inventory of foreclosure properties from financial institutions throughout October. The banks understand what a fast and efficient system we have for selling REO properties, and home buyers and investors are able to buy homes at phenomenal discounts. We anticipate offering 1,200 foreclosure properties by the end of October."

Isbell said government moratoriums on foreclosures earlier in the year kept the number of REO properties available to buyers lower than expected during July and August but explained that now that the moratoriums have been lifted, banks are turning to as a means of selling their backed-up inventory quickly. He added that with newly introduced legislation in Congress again aimed at curbing foreclosures, REO inventories may be at their highest peak of the year. "Now is the time for home buyers and investors to seek out bargains!"


Thousands of homes are available each month on from the nation's largest lenders, builders and real estate brokerage firms. Auctioning real estate exclusively online since 2001, utilizes technology to make real estate transactions less cumbersome and more cost effective for all parties. has sold more than 25,000 homes online and was ranked as the country's number one sales team in team transactions in both the 2008 and 2007 Lore Magazine/Wall Street Journal/Real Trends "Real Estate Top 200."

Contact Information

  • Contact:
    Daphne Shannon
    Marketing Director
    Email Contact
    (256) 549-4463