Bid4Assets, Inc., an online real estate auction company based in Silver Spring, Maryland, says that more and more homebuyers are turning to Web-based auctions to find their American dream.
The company announced on Thursday that it has successfully auctioned 60,000 real estate properties since its inception in 1999. And in the first quarter of this year, Bid4Assets said it experienced a 19 percent increase in the number of properties sold on its auction site, compared to Q1 2008.
According to Bid4Assets CEO Christina Osberg, sellers using the company’s auction services have credited Bid4Assets for their high sales completion rates. Osberg attributes this success to the site’s security measures, such as ID verification of buyers, and Bid4Assets’ “selling power,” which she says stems from a large, growing number of investment bidders.

“In the early months of 2009, these investors have become especially active, creating an ideal marketplace for both buyers and sellers of real estate,” Osberg said.
Bid4Assets auctions a variety of real estate throughout the nation, including residential homes, land, and commercial property. In addition to working with private sellers, the company says it provides auction services to banks, attorneys, non-profit organizations, and a growing list of federal and state government agencies, including more than 40 counties nationwide, the U.S. Marshals Service, and the U.S. Department of Treasury.
The company’s auction bid prices have ranged from less than $100 to several million. Most recently, Bid4Assets explained that it has created a niche market selling distressed homes with $1 minimum bids and no reserve price.
Jesse Loomis, VP of business development at Bid4Assets, says he’s encouraged that the company has reached the 60,000 property milestone amid such a troubling real estate market. “Many of our sellers are buying bank-owned properties in massive quantities for pennies on the dollar,” Loomis said. “By auctioning these online starting at $1, investors and first-time homebuyers are purchasing vacant homes at a significant discount.”
Loomis continued, “Most of our buyers make the necessary repairs to restore the home and either move in or place tenants. This is going a long way to help stabilize local markets that have been plagued by poorly maintained foreclosures.”