OpinionIndustry News

What happened to eBay foreclosure?

Guest perspective: Offer management technology set standard for REO disposition

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Several months ago this writer wondered out loud whether eBay could capitalize on its consumer traffic as it moved into the business of marketing foreclosed assets on the Web. With almost 3,500 assets and hundreds of thousands of visitors per month, it looked like eBay might become the leading foreclosure portal on the Web. It took a while to get this momentum for eBay's offer management technology, but many REO property sellers had started requiring listing agents and brokers to use the technology for offer management to take advantage of the time saved by collecting data from an electronic offer. The eBay business model for selling everything and anything on the Web is a simple one: To create a marketplace for products big and small and have demand for those products drive prices via an auction format. Sellers of REO property paid approximately $99 per property to post their listings on the eBay Web site until the property was sold. eBay added the foreclosure category to its home ...