HOUSTON (Sept. 26, 2002) - RealtyBid International has announced that Altegra Credit Co., a subsidiary of National City Corp. (NYSE-NCC), is utilizing RealtyBid.com's online bidding platform to sell approximately 100 houses in 20 states. The houses are featured in online auction-style events Sept. 17 through Oct. 1, 2002 and Sept. 19 through Oct. 3, 2002 at www.realtybid.com. The 20-state project was announced after Altegra tested the online bidding process during a three-month pilot in select markets.
"We are continually searching for interesting technologies that will allow us to operate efficiently," said Chuck Maness, senior vice president of Altegra Credit Co. "Offering a portion of our real estate assets through RealtyBid's online bidding program gives more buyers access to the properties and makes it possible for us to accelerate the sales process. We have been very pleased with the results thus far and like the fact that the RealtyBid program does not change our relationship with our listing brokers."
RealtyBid International Inc. is a subsidiary of Stewart Mortgage Information (SMI), a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC). More than 1,000 U.S. houses have sold since June 2000 when RealtyBid.com, formerly AMSauctions.com, introduced totally online bidding for bank-owned properties.
Tony Isbell, president of RealtyBid, said, "The Altegra project is important because with properties in 20 states, it proves that we have successfully satisfied a major lender for a sustained period of time. We are in discussions with several other major lenders regarding the adoption of our accelerated marketing program on an ongoing basis."
From Sept. 17 to Oct. 1, 2002, buyers can view and place bids on properties in Arkansas, Florida, Georgia, Idaho, Illinois, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, New York, South Carolina, Tennessee and West Virginia. Properties in Indiana, Pennsylvania, Maryland and Ohio are available for bid Sept. 19 through Oct. 3, 2002.
Mike Keracher, executive vice president of RealtyBid.com, said, "Altegra's move to sell portions of its real estate portfolio through online auction-style events confirms that it is one of the innovators in the mortgage industry."
The corporate office for RealtyBid International is located in Houston and the company's operations center is in Gadsden, Ala.
RealtyBid International (RealtyBid.com) specializes in the expedited sale of real estate through an innovative online bidding platform. RealtyBid hosts bidding events for several classes of real estate including distinctive residences, ranches and land, commercial properties, builder and developer events, international properties, bank-owned assets and loan sale events. RealtyBid, formerly Accelerated Marketing Services, Inc. and AMSauctions.com LLC, was formed in 1999 to focus primarily on real estate assets owned by financial institutions. Since its formation, the company has sold more than 4,000 properties nationwide with more than 1,000 of those properties being sold exclusively through online bidding events. In 2002 RealtyBid International Inc. became Stewart Mortgage Information (SMI) subsidiary.
Stewart Information Services Corp. is a technology driven, strategically competitive, global real estate information company. Stewart provides title insurance and related information services through more than 6,200 issuing locations in the United States and several international markets. Stewart meets the needs of the real estate and mortgage industries through the delivery of information services required for settlement using e-commerce. These services include title reports, flood determinations, property appraisals, surveys, document preparation, property reports and background checks. Stewart also supplies post-closing services to lenders, automated county clerk land records and GIS for governmental entities. Stewart provides expertise in tax-deferred exchanges. More information about Stewart can be found at www.stewart.com.