Two California-based companies, the Los Angeles Times Media Group and CataList Homes, in a joint national venture with global online auctioneer “GoIndustry DoveBid”:http://www.goindustry.com/en/, announced the launch of Zetabid yesterday. According to a press statement by the companies, Zetabid redefines the way residential auctions are conducted here in the United States by broadening home buyer and investor access to unsold inventories of bank- and builder-owned properties.
Zetabid opens up the auction market of REO homes by combining aspects of both traditional and online auction forums. With this new approach, potential buyers can bid in-person at Zetabid auctions, via live webcast, or have their agent submit an offer.
“Because of Zetabid’s ability to reach a global audience of buyers, bank-owned and builder-owned inventory is opened up to local, domestic and international buyers for the first time,” said Ross Dove, president of global business development for GoIndustry DoveBid. “Buyers anywhere in the world can bid on properties via webcast with the same ease as those physically present in the auction ballroom.”

Zetabid’s widely publicized auctions will include banks’ unsold inventories of single-family homes, townhouses and condos across the country. The company’s inaugural auction will be held September 27 and 28 in Ontario, California. Buyers can register in advance online, and bids can be presented in-person at the auction or via Zetabid’s live webcast auction.
Unlike other auction facilitators Zetabid said it never removes properties from the Multiple Listing Service (MLS). With no off-market time, sellers and their brokers and agents can maximize opportunities to liquidate property and reduce growing inventory back-logs. In addition, the Zetabid founders said the company was created to fully engage the real estate industry and help agents and brokers generate income in a challenging marketplace. According to the companies’ announcement, Zetabid understands the importance of allowing buyers to work with their agents and brokers to get an attractive deal on a bank-owned home, and those real estate professionals who bring clients to Zetabid auctions and represent them through the transaction are duly compensated.
Bob Bellack, chairman of Zetabid and president of the digital media, classified, and development divisions of the Los Angeles Times Media Group, explained the benefits that Zetabid’s approach brings to all parties involved in the sale and purchase of an REO home. “For buyers, Zetabid simplifies the auction sales process and is a smart way to get a good deal on a home,” Bellack said. “For banks, asset servicers and developers, Zetabid is an open model for selling properties and offers the greatest awareness, access, and liquidity of any auction provider through its national marketing capabilities. For the real estate industry, Zetabid is an inclusive model that enables agents and brokers to assist clients in buying bank-owned and builder-owned homes at Zetabid public auctions.”