WSJ: New Site Allows Users to Buy Foreclosures With "Click of a Mouse"

• March 3rd 2010

by Mark Wellborn

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Gutsy real estate investors take notice! The Wall Street Journal is reporting on a new website that allows people to buy foreclosure properties using the internet.

Rebuildus.com, which launched this week, will offer a huge selection of bank-owned homes that can be purchased by a quick click of the mouse. Before you dive into the complicated, headache-inducing and risky world of investing in foreclosures, here are some things about the site that you should know:

• There is a monthly fee of $99.85 to gain access to the available lists of properties.

• You must buy a MINIMUM of five homes at one time. WSJ says average price for a home on the site is $4,000.

• Like with most foreclosures, you will be buying the properties in “as is” condition.

The site’s inventory is largely owned by James Odell Barnes, who has made a name for himself as a foreclosure investor. From the WSJ:

The 58-year-old Mr. Barnes buys homes in large batches over the phone. Mr. Barnes, known to friends and colleagues as simply Odell, doesn’t inspect or even visit them before sealing his deals. He operates in what one of his lawyers has dubbed the “sub-subprime market.” In an interview several years ago, Mr. Barnes said, “The reason the banks call me is I will buy anything.”

This article originally published at https://dc.urbanturf.com/articles/blog/wsj_new_site_allows_users_to_buy_foreclosures_with_click_of_a_mouse/1835.