FOR IMMEDIATE RELEASE --- Save the Date – April 8, 2009

Media Contact:  Kent Colpaert, CEO
Phone 877-660-4727, email kent@bearing-group.com

First Ever Michigan-Based Online Bank Owned Homes Auction Business Launches

Grosse Pointe Park, Mich., March 30, 2009-- BankOwnedBids.com, the first Michigan-based online auction of foreclosed homes, debuts April 8, featuring more than 50 Metro Detroit properties ranging from $1000 houses in Detroit to six-figure mansions in the suburbs.

The site officially opens to the public and potential buyers will be able to browse the inventory for free during a 2-week pre-auction period. Bidding for the first auction opens on April 22 and runs for one week, closing on April 29 at 5:00 PM EST.

“BankOwned Bids.com is changing the way real estate is sold,” said Kent Colpaert, founder of the website. He expects the auction will soon go statewide and eventually nationwide.

Colpaert, 44, broker and owner of Bearing Group Real Estate in Grosse Pointe Park, is a nationally recognized authority on Michigan’s foreclosure market. He has been invited to explain the peculiarities and processes of REO real estate to members of the Grosse Pointe Board of Realtors and other Metro brokerage firms.

Colpaert says BankOwnedBids.com improves upon the auction process in a variety of ways:

- Unlike out-of-state real estate auction houses that sell Michigan properties only a few times a year, BankOwnedBids.com holds frequent auctions with fresh inventory every time. That means buyers and investors have less time to wait for an opportunity to bid on foreclosed property.
-There is no fee to browse the inventory.
- There is no registration fee to bid.
- While some auctions require bidders to post a hefty cashier’s check up front, BankOwnedBids.com requires only high bidders to submit proof of funds or bank pre-approval and earnest money deposit.
- Corporate Sellers are on alert to respond quickly, meaning that bidder’s earnest money deposits are not held up for weeks, awaiting a decision. The high bidder usually finds out if their offer is accepted within 72 hours.
- Unlike some auctions that slash the commissions of listing and buyer’s agents, BankOwnedBids ensures that participating realtors receive full commissions.
- Agents will soon be able to post their own listings.
- Unlike other auction houses that keep agents, brokers and/or banks guessing about the status of their listings, BankOwnedBids is committed to keeping interested parties updated throughout the offer process.
- The website is run by local REO experts who know the market, know Michigan’s foreclosure law, and know various municipal requirements to transfer ownership.

The site was created by a Metro Detroit web development firm. In addition to the online auction, it features related news articles and local advertising.  For more information about how BankOwnedBids.com can help home buyers in today’s economy find great steals, please visit www.BankOwnedBids.com.

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