LOS ANGELES, CA - Zetabid, the pioneering firm redefining home auctions in the U.S., today announced that it will sell approximately 155 bank-owned homes in the greater Phoenix area on Saturday, June 27, 2009.
Zetabid is auctioning single-family homes, condos, townhouses and multi-family homes ranging from $25,000 to $500,000. The auction includes 58 homes in Phoenix, six in Buckeye, five in Casa Grande, four in Chandler, five in Gilbert, 20 in Glendale, nine in Mesa, four in Queen Creek, eight in Scottsdale and five in Tolleson, among other cities.
"The Phoenix market for residential properties is very active because prices appear to have bottomed," said Bob Bellack, Chairman of Zetabid. "Many investors and owner-occupants realize that the great bargains in the marketplace will not last indefinitely. Shrinking inventory of bank-owned properties, an easing in mortgage financing, and the approaching Dec. 1, 2009 deadline to take advantage of federal tax credits for first-time homebuyers are motivating buyers to act."
The bidding begins at 10 a.m., and investors are encouraged to register in advance at www.zetabid.com. Buyers can also register at the Sheraton Downtown Phoenix Hotel on the day of the event, beginning at 8:30 a.m. Detailed information about each property is available at Zetabid's website.
"Since Zetabid's February auction in Phoenix, the local market for bank-owned properties has strengthened significantly," Bellack said. "Properties under $100,000 are in the greatest demand. Many homes are selling at or over the asking price, and multiple offers are common. The emerging recovery in the lower end of the residential market is a trend Zetabid is seeing consistently across the country."
For the Phoenix auction, prospective buyers can bid in person at the Sheraton Phoenix Downtown Hotel or via Zetabid's worldwide Internet simulcast. Buyers can also bring their real estate agents to the auction event. Additionally, buyers can place an offer on a property before the auction by using the 'Buy It Now' form at www.zetabid.com. Zetabid is the nation's only residential auctioneer that allows buyers to purchase a property contingent on securing mortgage financing.
Zetabid encourages buyers to view homes with a listing agent during its open houses on Sat., June 13 and Sat., June 20 from noon to 4 p.m., or by appointment. Zetabid urges prospective buyers to carefully inspect properties before bidding.
Source: Zetabid.com