Technology

REO manager acquires auction site RealtyBid.com

'Proven disposition platform' now a subsidiary of Matt Martin Real Estate Management

A real estate management firm that takes care of bank-owned homes and investment properties for clients has acquired the auction site RealtyBid.com, which it sees as a “proven disposition platform” for single-family residences and commercial properties including foreclosed homes.

Frisco, Texas-based Matt Martin Real Estate Management said RealtyBid.com’s management team — including founder and CEO Tony Isbell, who will stay on as president — will continue to operate the site as a wholly owned subsidiary. Terms of the deal were not disclosed.

Founded in 2001, Rainbow City, Alabama-based RealtyBid.com specializes in quick dispositions of real estate owned (REO) homes, investment properties, condominiums, ranches and land, and mixed-use real estate. The company says its proprietary technology platform has been used to sell more than 100,000 homes, making transactions “less cumbersome and more cost-effective, while achieving market sales prices for sellers.”

RealtyBid offers an “Agent Direct” program that allows agents to list properties on the site for $150. Buyers pay a percent “Internet transaction fee” or a minimum of $500 to RealtyBid.com at closing.

Matt Martin Real Estate Management provides real estate asset management services, valuation, title, property and note acquisition, due diligence services, property preservation and inspection, HOA research and curatives services from offices in Pennsylvania, Virginia, Texas and California.

“This acquisition greatly expands MMREM’s capabilities with a proven disposition platform for owners of single-family residences and commercial assets, and as an enhanced marketing option in foreclosure sales for third-party trustees and others,” said MMREM CEO Matt Martin in a statement.

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