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DoveBid, Inc ., one of the world’s largest capital asset auction firms, and CataList Homes , a California based alternative real estate brokerage company, have announced a home auction partnership geared to sell lender-owned foreclosure properties in addition to new home development closeouts for builders. This alliance reunites DoveBid Chairman Ross Dove with Grubb & Ellis founder Hal Ellis, who now serves as CataList Homes’ CEO. In 1992, The Ross Dove Company (now DoveBid) and Grubb & Ellis Company held the largest one day real estate auction ever held on behalf of the FDIC in 1992 where over $400,000,000 worth of real estate was sold in one day. The team sold over $1.2 billion in real estate at auction during the early 1990s. “The auction sales method always surfaces in challenging real estate markets when buyers sit on the sidelines waiting for prices to decline,” says Hal Ellis. “With lender-owned foreclosures surging and new home sales slumping, the traditional sales channels alone are not sufficient to move the inventory fast enough given the huge market risk and holding cost to hold these homes for extended time periods. Since we worked with Ross Dove in handling over $1 billion dollars worth of real estate sales at auction, it was a natural partnership, especially with DoveBid's international presence and highly sophisticated technology that none of the real estate auction firms can offer.” DoveBid, with the great majority of the Fortune 500 and financial institutions as its clientele, brings a tradition of technological leadership in the auction industry to the partnership with its webcast auction ability and powerful online auction engine. This benefits sellers by maximizing the universe of potential bidders and therefore their total dollar return, while simultaneously benefiting bidders by increasing the convenience of bidding . “Running a sophisticated ballroom auction with live worldwide bidding online is a complicated process that gives our clients the best methods to achieve top value for the homes,” says Ross Dove, Chairman of DoveBid, Inc. We partnered with CataList Homes because we wanted a technology savvy broker partner who can market our auction assets in the local Multiple Listing Service to gain access to owner-user buyers who typically pay more for properties than investors.” The auction alliance has four foreclosure auctions scheduled for California, Nevada, and Arizona with a national program slated for mid 2008. The company is also slated to run auction events for homebuilders on an as needed basis. The company is also slated to run auction events for homebuilders on an as needed basisDoveBid.com recently announced a merger with London UK based GoIndustry which makes the new entity a global auction powerhouse with over 600 employees, half of which are international. With a declining dollar, the group is poised to reach foreign home buyers who are clearly eyeballing US real estate investment opportunities About CataList Homes, Inc. Share this post: email it! | bookmark it! | digg it! | reddit! | kick it! | live it!
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