ForeclosurePoint.com Opens Doors To Foreclosure Market
BELLEVUE, WA -- Foreclosure rates are increasing nationwide, including locally, where, despite a strong housing market, the rate of foreclosures is growing significantly as ultra-low adjustable rate mortgage (ARM) loans expire. The impact will leave many homebuyers with a monthly mortgage payment they can’t afford, and a rising number of homes in foreclosure. Traditionally purchased by savvy real estate investors with the wherewithal and know-how to navigate this market, foreclosure properties will now become a ’deal’ for all.
Launched today, www.ForeclosurePoint.com is opening the door to the foreclosure market for a much larger base of homebuyers or real estate investors looking to purchase properties below market value. ForeclosurePoint.com is the first service offering users free access to foreclosure property listings, including the address, property details, estimated opening bid, and the initially scheduled auction date. This new service also provides a complete set of resources to real estate agents enabling them to provide their clients with expert assistance in the purchase of a foreclosure property.
ForeclosurePoint.com meets a broad spectrum of buyer needs with free basic listing information and a complete suite of research tools and resources available to subscribers or those who work with a ForeclosurePoint.com designated real estate agent partner. Subscriber features include:
-- Tools and Resources: Pictures, inspection reports, an up-to-date
status tracking tool, title research, and valuation analysis tools
-- Title Research: Title details and monetary lien information, including
lien status, which is critical to understand prior to purchasing a
-- Foreclosure Financing: Buyers can qualify for up to 80% of the auction
price via short-term financing, which will also include placement of Hazard
-- Foreclosure Specialists: Expert help with property research, valuation
analysis, title review, bidding strategies, and post sale property
“There are over 800 homes in King County alone that are in some stage of foreclosure,” said Prakash Kondepudi, CEO of DepotPoint, the parent company of ForeclosurePoint.com. “Unfortunately, the average home buyer or real estate investor does not have access to this market because they lack the information, capital and expertise necessary to fully participate. ForeclosurePoint.com will change this, arming buyers and real estate agents with relevant and timely property information to purchase foreclosed-upon homes.”
Initially available in King, Kitsap, Pierce, and Snohomish counties in Washington State, ForeclosurePoint.com also features a Real Estate Agent Partner program, allowing real estate agents to expose the foreclosure market to their clients. The company offers tools and resources to real estate agents in a manner similar to the MLS, enabling them to help their clients effectively participate in the foreclosure market. The result is a larger pool of homes for their clients to select from and an opportunity to get a deal on a new home in a market renowned for high home prices.
“As a real estate agent for many years, I have received numerous requests from clients and other agents for ways in which they could access homes in the foreclosure market,” said Clark Griffin of Winnow Properties, a ForeclosurePoint.com real estate agent partner. “As a ForeclosurePoint.com partner, we can help clients maximize their real estate investment returns with increased visibility into accurate information and resources otherwise unavailable or inaccessible.”
Online today at www.ForeclosurePoint.com, users can sign up for free or subscribe based on individual needs. ForeclosurePoint.com will expand its offering to additional geographic areas throughout 2007.
ForeclosurePoint.com is owned and operated by DepotPoint, a leading technology services company focused on the foreclosure industry. Headquartered in Bellevue, Washington, ForeclosurePoint.com is bringing new efficiencies to the foreclosure market by combining a comprehensive foreclosure listing service with access to capital and expert guidance. The company is privately held and was founded by technology veterans from InfoSpace, Microsoft, and experienced staff from the nation’s leading mortgage servicing companies.
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