A national real estate auction marketing firm has signed an agreement to buy a retail title insurance agency platform, according to a release.

Real Estate Disposition LLC (REDC) expects to close the purchase of Commerce Title from homebuilder Pulte Homes Inc. during the first quarter of 2010.

A national real estate auction marketing firm has signed an agreement to buy a retail title insurance agency platform, according to a release.

Real Estate Disposition LLC (REDC) expects to close the purchase of Commerce Title from homebuilder Pulte Homes Inc. during the first quarter of 2010.

Irvine, Calif.-based REDC holds massive new construction and foreclosure auctions, selling hundreds of properties across the country during auction events. In 2008, the company ran a record 300 auctions, auctioning off 32,800 homes worth a total of $3.4 billion.

REDC will acquire the Commerce Title brand, retail branch network and additional support assets in the sale, including about 130 employees. Pulte will keep the Commerce Title operations that support its new-home sales.

"The Commerce Title retail platform, with its seasoned and successful team, is a great launching pad for our expansion into this market and will complement our other businesses nicely. We’re very excited about the opportunities ahead," said Jeffrey Frieden, the auction company’s CEO.

Headquarters for the Commerce Title operations bought by REDC will be located in Dallas, Texas. Commerce Title’s parent company, Centex Corp., merged with Pulte on Aug. 18, 2009.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
The best event in real estate kicks off next week! Tickets are selling quickly.Register Now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription