Homebuilders and Real Estate Investors Get Another Opportunity to Buy REO Land
Newport Beach, CA – October 25, 2011 – (RealEstateRama) — Determined to dispose of residual REO properties, Heartland Financial USA, a financial services company better known through their affiliates such as Arizona Bank & Trust, has employed the auction marketing experts at the LFC Group of Companies to sell prime development land and other real estate assets on the Freedom Realty Exchange (FRE.com).
Online auctions have proven to be more effective and successful in selling properties that have been resistant to traditional sales methods or deemed “unsellable”. The REO properties in this auction were once highly anticipated master planned communities or residential subdivisions, but have since been left untouched. And as reported recently in the news, many of the local home builders and developers are buying this type of land at well below market value with the intention of keeping it banked until the next market upturn.
“All properties will sell at a price, and knowing that all buyers are looking for a deal,” says LFC’s Director of Operations Ryan Devin “this online auction is the perfect recipe for success.”
The lender-ordered real estate auction includes the following;
• Troon Canyon Estates II in Scottsdale; -±40 acres of prime development land zoned R1-130 (SFR) Once asking over $40,000 per acre, now the minimum bid is just $19,975 per acre or $799,000
• ±30 acres zoned R1-35 in Fountain Hills is perfect for a ridge top design in this upmarket neighborhood. The minimum bid is less than $15,000 per acre – deeply reduced from the previous asking price of nearly $40,000 per acre
• Large office/warehouse on over 41 acres of industrial land in the city of Maricopa. The property was on the market at $995,000 but the seller is looking for minimum bids starting at only $499,000
• ±311 acres zoned Planned Development (commercial and high/medium density residential) in the town of Buckeye has a minimum bid of just $2,250 per acre, reduced from $8,000 per acre
• Along Highway 260 in Pinedale is approximately 8 acres of land with many development possibilities and an extremely low minimum bid of $49,000
“Having worked with Heartland Financial in the past, I know they understand the role an auction plays in bringing buyers to the table with their ideal price in the form of a bid. It’s powerful evidence of true market value and because of that the seller will seriously consider all bids,” said Devin.
As with all of auctions on the Freedom Realty Exchange website, property research, due diligence and even bidding are conducted completely online, removing the need to spend hours in a crowded ballroom with all the unwanted pressure and intimidation that comes with a traditional outcry auction. Interested buyers can view property documents and auction details by visiting FRE.com/111R3. Bids must be submitted by November 17th.
About Freedom Realty Exchange
The Freedom Realty Exchange is owned and managed by LFC Internet Marketing, Inc., a member of the LFC Group of Companies. For more than 30 years, the LFC Group of Companies has successfully auction marketed thousands of commercial, industrial, land and residential properties, with sales in excess of $5 billion; and for the last seven years, we have conducted real estate auctions exclusively online. We have successfully served numerous Fortune 500 companies, real estate developers, investors, financial institutions, government agencies and real estate brokerages, providing a complete suite of real estate disposition strategies and auction marketing programs for commercial and residential property and mortgage notes
