Online hammer for American Founders Bk

NEWPORT BEACH, USA: Launching its first ever online auction of OREO properties, American Founders Bank looked to Freedom Realty Exchange’s real estate auction website, to sell several bank-owned properties with an estimated total value of more than $9.5M, as announced in a press note.

The decision to move forward with this alternative marketing strategy is based upon the bank’s desire to remove OREO properties from its inventory. Many of the properties have been on the market for a long time with the buy-sell gap preventing a final sale. The auction process, unlike traditional real estate methods, delivers the message to interested buyers that the seller is very motivated to sell and empowers the buyers to drive the final sale price during the set auction timeframe.

“Finding ourselves in the position with several OREO properties on the books, we were excited to find a solution that will allow us to sell these properties quickly,” stated Barry Brauch, CEO for American Founders Bank. “We are hopeful that the success of the auction will not only satisfy the bank’s goal but also positively impact the communities near these properties.”

“When a local bank, such as American Founders Bank, is in the position to offer their OREO properties in an online auction, it motivates buyers in the area who are generally aware of the properties, to step up and get into the game,” stated Director of Operations Ryan Devin. “And with the very reasonable minimum bids set by the bank, I believe we will see plenty of interested buyers.”