Company Touts Online REO Auction

BankOwnedBids.com, which bills itself as “the first Michigan-based online auction of foreclosed properties,” said it had scheduled its first weeklong auction for Apr. 22. The company reported reported what it called “heavy traffic” on the property pages since its site launched earlier this month. A 2-week pre-auction period has allowed buyers time to review the listings and visit properties of interest, ranging from a four-bedroom bungalow with a starting bid of $60 to an updated four-bedroom, three-bath suburban trophy home with starting bid of $191,100. The company did not disclose who it was selling properties for. “BankOwnedBids.com focuses on helping budget-minded homebuyers and interested investors find a home or property appealing to both their desires and their budget,” said Kent Colpaert, founder of BankOwnedBids.com. Colpaert is hoping to offer regional auctions with residential and commercial properties from across the state and, eventually, from across the nation, he says. Write to Paul Jackson at [email protected].