BidaBingers Sell Faster With Real Estate Auctions
Realtors, buyers, lenders and sellers are all invited to list and bid on foreclosure, short sales, estate sales and other distressed properties. The sites first no reserve property auction ended on April 17, and is the winning bidder paid $137,000. The property is located in Miami, Fla. and has a “Zestimate” (Zillow.com estimate) of $238,500.
With the real estate market in a slump, Bidabing.com claims that they can help to liquidate real estate, quickly and effectively.
According to a recent report, U.S. home foreclosure filings jumped 60 percent and bank seizures more than doubled in February as rates on adjustable mortgages rose and property owners were unable to sell or refinance amid declining prices.
Rick Diaz, the company founder said, “The challenge in this market is attracting enough buyers. Now, by combining traditional marketing methods with the Internet and offering conventional financing, we will get more local and international qualified buyers to participate in the bidding. That will bring the highest sale price in any market.”
A Site for More Eyes
The site not only helps buyers find properties, but it addresses the needs of the real estate agents and lenders as well -- a group that is feeling the effects of the market’s decline like no other.
Buyers and sellers who are not working with an agent at the time of registration may continue through the registration process. However, buyers are required to be registered under a BidaBing.com agent member before submitting a bid.
Agent members will assist buyers through the bidding, contract and financing process. Bidabing.com’s lead system also refers sellers to agent members for assistance and counseling.
For lenders, the company plans to play a role in helping liquidate assets and originate new loans.
The company’s overall objective is to make it easier for distressed properties to be auctioned to the general public with better terms while allowing banks and agents to benefit from the BidaBing.com application as well.
“Throughout the country, people are losing their homes and banks are losing money. In the end, everyone is losing, including tax payers. When we help someone avoid foreclosure everyone wins,” Diaz said.
Currently, there are members in five states: California, Florida, Idaho, New York and Oregon. Most members are in South Florida, where the first marketing efforts are being tested. The database continues to grow on a daily basis.
To test the site and learn about its potential, visit: www.BidaBing.com.
2964 Aviation Avenue 4th Floor
Miami, FL. 33133
BidaBing.com is an online real estate auctioning application designed for agents, asset managers and buyers to participate in the auction marketing and bidding process. The platform was designed to cater to users throughout the world and is currently being translated to 5 languages.
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