Online Auction Pushes More than 800 Properties

Real Estate Disposition’s (REDC) Auction.com will host an online foreclosure auction Aug. 3, encompassing more than 800 properties and homes in 45 states, according to a corporate release. The properties range from million-dollar estates to modest single-family residences and are open to public inspection on August 1 and 2. The bids begin August 3 and the auction ends August 9. “We created and designed this online platform for serious real estate buyers and investors that will maximize the benefits and profitability for banks, lenders and other financial institutions in the real estate sector,” says REDC/Auction.com chairman Robert Friedman. REDC sold more than $5.5bn in distressed real estate assets in the last two years. Last weekend alone, more than $43m in homes sold at four REDC/Auction.com foreclosed home auctions in Chicago, Atlanta and Washington, D.C. In total, 542 foreclosed homes sold in front of 3,200 bidders. Write to Jon Prior.