IRVINE, Calif. and SILICON VALLEY, Calif., Feb. 4, 2016 /PRNewswire/ -- Auction.com, a Ten-X company, today announced the upcoming online auction of more than 100 bank-owned residential properties in Puerto Rico. The properties, many of which are financeable, include both single family homes and multi-family properties. All properties will be sold individually and in "as is" condition. Online bidding begins Feb. 21 and ends Feb. 24.
The majority of the properties are vacant and will be available for viewing at Saturday open houses held on Feb. 13 and 20. Title insurance is included for every property and closings are expected within 45-60 days. Auction.com is also offering a 3 percent broker co-op on all properties included in the auction event.
Limited data on home sales in Puerto Rico suggest that the market is currently sitting at or near its bottom, providing an enticing long-term opportunity for investors. The island's well-publicized economic woes have also made it difficult for potential home buyers there to secure mortgages, and have led to household over-crowding – both of which suggest that Puerto Rico may become an exceptionally vibrant rental market for investors who don't require financing and employ a buy-and-hold rental strategy.
"This special event is another example of the global nature of real estate, and how our online platform can bring exciting opportunities to investors around the world," said Auction.com General Manager Jason Allnutt. "These properties are priced to sell, presenting a great opportunity for both investors looking for rental homes in Puerto Rico and to first-time homebuyers in the region who are able to secure financing. We're pleased to bring such a large selection of these properties to auction in a single event and plan to develop a more expansive program in the near future."
Auction.com will host a free educational seminar on Feb. 13 in Orlando, Florida to help interested buyers prepare for the upcoming online auction event. Attendees will learn about the online auction process and how they can leverage this format to successfully make real estate investments. For details about this one-day event, which will be held at the Orlando World Center Marriott, located at 8701 World Center Drive in Orlando, Florida, visit Auction.com/ConciergeOrlando.
For more information about this auction and the real estate market in Puerto Rico, or to view the properties included in this four-day online auction event, visit Auction.com/PuertoRico.
Auction.com, a Ten-X company, is the nation's leading online real estate marketplace, focused exclusively on the sale of bank-owned and foreclosure properties to real estate investors. Its mission: to provide the most trusted online real estate marketplace, making transactions easier and more transparent. Auction.com is headquartered in Irvine and Silicon Valley, Calif., with offices in key markets nationwide. Investors include Google Capital and Stone Point Capital.