IRVINE, Calif., Oct. 24, 2017 /PRNewswire/ -- Auction.com, the nation's largest real estate transaction marketplace for distressed asset disposition, has announced its new online platform to successfully execute mortgage foreclosure sales of Ohio properties in conjunction with Private Selling Officers (PSOs).
With the signing of Ohio House Bill 390, foreclosure sales of properties may be conducted online by a PSO. The sales are hosted completely online through Auction.com's online platform, creating a more optimal, streamlined and transparent experience for buyers and sellers of distressed assets.
With foreclosure sales now online in Ohio, it is possible for buyers to track whether a property is going to sale, "on hold" or cancelled through email notifications. Sellers can expect their assets to gain greater visibility through Auction.com's massive marketplace, use of digital advertising network, search engine marketing, geographic marketing and other industry-leading marketing technologies. Additionally, Auction.com provides property information and due diligence information at no cost -- including property photos, HomeDisclosure.com reports, tax lien information and more -- which builds buyers' confidence when preparing to bid.
"Buyers gain confidence to bid when they have detailed insight into the asset and understand the process," said Javid Jaberi, Executive Vice President of Operations for Auction.com. "House Bill 390 enables buyers to view asset information from their own computer or mobile phone, enabling them to bid on assets completely online from the comfort of their homes or businesses. These resources enable faster transaction timelines, lower holding costs and increased numbers of potential bidders, better ensuring that assets are sold at market price."
Auction.com is the nation's largest online real estate transaction marketplace focused exclusively on the sale of bank-owned and foreclosure properties. The company brings a breadth of quality assets to the market, attracting prospective buyers through world-class marketing and leveraging a scalable technology platform to conduct transactions in a transparent, efficient manner.
Auction.com and its parent company, Ten-X, a Thomas H. Lee Partners company, are headquartered in Irvine and Silicon Valley, Calif., with offices in key markets nationwide. Investors include CapitalG (formerly Google Capital) and Stone Point Capital.
Ten-X is the nation's leading online real estate transaction marketplace and the parent to Ten-X Commercial, Auction.com, and Ten-X Homes. To date, the company has sold 300,000+ residential and commercial properties totaling over $50 billion. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions online. Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. For more information, visit Ten-X.com.
About Thomas H. Lee Partners, L.P.
Thomas H. Lee Partners, L.P. ("THL") is a premier private equity firm investing in middle market growth companies, headquartered in North America, exclusively in four industry sectors: Business & Financial Services, Consumer & Retail, Healthcare, and Media, Information Services & Technology. Using the firm's deep domain expertise and the internal operating capabilities of its Strategic Resource Group, THL seeks to create deal sourcing advantages, and to accelerate growth and improve operations in its portfolio companies in partnership with management teams.
Since its founding in 1974, THL has raised over $22 billion of equity capital, acquired over 140 portfolio companies and completed over 360 add-on acquisitions which collectively represent a combined enterprise value at the time of acquisition of over $200 billion.