New Website Targets Foreclosures

A new US website, launched late last year, is offering a bid-based buying model to move foreclosed properties.

countdowntobuy.com works by first examining homes and establishing their estimated value. These homes are then listed on the website slightly above their estimated value, and reduced at a rate of 1 percent per day until the price matches up with a buyer’s bid.

countdowntobuy.com tells buyers how many bids have been placed, but does not show other bid amounts. Buyers can adjust their bids daily.

The website launched with a number of properties in Connecticut, New Jersey, and New York in its inventory, and says more locations are on the way. A few weeks after the website went live, countdowntobuy.com announced it had secured over US $1.1 million in funding from investors.

“We set out to create an environment of trust between buyers, sellers, and third parties,” said Jim Hodson, chief executive officer and founder of countdowntobuy.com. “Now more than ever home buyers need 100 percent transparency and unbiased information throughout the entire home purchase process. countdowntobuy.com online real estate platform eliminates negotiation and mitigates uncertainty surrounding the foreclosure market, essentially unlocking foreclosure purchase opportunities for home buyers.”

Time will tell whether countdowntobuy.com’s bidding model will make it stand out against established US foreclosure websites such as realtytrac.com and foreclosure.com.

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