Investor News: Profits, Fight Over Home Auctions
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auctions, mortgage, real estate March 22nd, 2008Irvine-based National Home Auction Corp., an upstart foreclosure auction company, helped sell more than $40 million of bank-owned homes in a single day earlier this month.
Not a bad day’s work for a company that’s been in business less than a year, held its first auction in late February and is fending off charges that it stole trade secrets from the country’s best-known home auctioneer, Irvine-based Real Estate Disposition Corp.
National Home’s most recent auction, held March 16 at the Los Angeles Convention Center, brought in more than 2,000 first-time homebuyers, speculators and other bidders, armed with $5,000 cashier’s checks required to take part in the auction and used as partial down payments for any deals made.
Tags: auctions, mortgage, real estate
