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Realtors welcome at auction site bidEup

Electronic signatures, documents create binding sales

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A new online auction site claims it will be the first to facilitate legally binding sales, by authenticating users and allowing the use of electronic signatures and documents so contracts can be executed digitally. Bethesda, Md.-based bidEup will accept only those properties listed by licensed real estate agents or owned by financial institutions or government agencies, and requires bidders to show they have cash or financing from a lender. In announcing the site's launch today, the company said SunTrust Mortgage will be the first in a series of preferred lenders, although bidders with financing from any reputable lender will be eligible to use the site. The chief executive officer of bidEup, real estate attorney David McNairy, is pitching the site as a way to increase a listing's geographic reach, allowing sellers to market properties to potential buyers anywhere in the world. Although any bidder who proves he or she has sufficient cash or financing may purchase property t...