REDC Generates $25M in First Online-Only Foreclosure Auction

Irvine, California's "Real Estate Disposition Corp.":http://www.redcgroup.com (REDC) announced last week that it generated $24.9 million in sales in its just-completed national online foreclosure auction. The results push the tally of foreclosed[IMAGE] properties sold at the company's "Auction.com":http://www.auction.com site to more than 19,000 for $1.3 billion. The seven-day auction event held earlier this month was the launch of REDC's Internet-only initiative. It showcased 800-plus homes in 45 states, ranging from million-dollar mansions to modest single family residences. REDC's CEO Jeff Frieden called the company's Internet-only debut "a tremendous success," adding that the company plans to continue holding online-only auctions every month or two. [COLUMN_BREAK] "Since we were unable to get to every city as often as we'd like," Frieden said, "we decided to bring the auction to the people in an online format. To our knowledge, it was the biggest national online auction ever conducted." REDC Chairman Robert Friedman added, "We designed and created this online platform for serious real estate buyers and investors that will maximize profitability for banks, lenders, and other financial institutions in the real estate sector." According to Friedman, the benefit to lenders is clear. He says "Auction.com":http://www.auction.com provides an open real estate trading platform where the market determines the best and highest value of real estate that is sold. REDC says its site has tens of millions of unique users worldwide, a number that the company expects to grow dramatically during the next year. The company explained that one of the biggest benefits the public receives through "Auction.com":http://www.auction.com is that it has the ability to inspect the properties in the online auction two to three times before the event begins. The company says that enhances REDC's ability to auction the property successfully and maximize its sales value for lenders.