Released on: August 22, 2008, 4:50 am

Press Release Author: Jim Case

Industry: Real Estate

Press Release Summary: Online property auction site Fasthomeauction.com is reporting
a record number of foreign investors visiting its web site in search of real estate
bargains, especially in the Sunbelt area of the United States.

Press Release Body: Online property auction site Fasthomeauction.com is reporting a
record number of foreign investors visiting its web site in search of real estate
bargains, especially in the Sunbelt area of the United States. The current weakness
of the dollar against foreign currencies is a key contributor to the trend, which
works to the advantage of lenders anxious to sell their REO (real estate owned)
inventories of defaulted properties to foreign investors.

"It's a huge opportunity for REO asset managers," said Jim Case, CEO of Fast Home
Solutions, which recently launched its online property auction website at
www.FastHomeauction.com. "We're seeing investors from all over, especially France,
Germany and Belgium, as well as from the United Kingdom, Canada and Australia. They
are eager to buy U.S. homes, villas, properties now, while their own currencies are
strong against our dollar."

The British pound is particularly strong, currently trading at over two to one
against the dollar. "This trend means that private investors and investment groups
are highly motivated to buy," Case said. "There will be more millionaires coming
out of this downswing than ever before." Foreign investors often use a group
strategy when they acquire properties, pooling buying power and distributing risk.
They buy multiple properties in targeted areas, then hire local property managers to
oversee them and keep them rented. "Canadians are very active right now, especially
in the Sunbelt areas like Florida," Case explained. "Likewise, people from the UK
are very familiar with Florida as a vacation spot, so when they see bargains on our
website, they are quick to seize the opportunity to purchase."

This is good news for loan servicers and loss mitigation professionals charged with
disposing of owned real estate. The online auction concept, while not new, is
experiencing a surge of popularity because of the ease with which properties can be
vetted by potential buyers, whether for investment or owner occupancy. "Asset
managers are getting slammed right now by the sheer volume of properties they must
sell," observed Case. "Online auctions are the best way to get properties in front
of the most people, but REO people are so busy at the moment, it is difficult to
consider new methods." Fast Home Auction approach to attract REO listings is to
avoid the negatives buyers and sellers have seen in the past with online auctions.
"Buyers hate paying premiums to buy properties online, so we've eliminated them,"
said Case. "At the same time, investors want research on areas and values, as well
as finding local property managers, so we're adding content to make those available
at minimal or no cost," he added.

The "Half-back" Phenomenon
Further complicating things for REO asset managers desiring sell property in Sunbelt
areas is the increase of people leaving places like Florida for financially more
hospitable climes. Their properties are competing with REO sales for buyer
attention, and keeping prices low. These are people who have been whipsawed by
rising insurance rates caused by the hurricanes and sinkholes of recent years, as
well as increased property taxes. Rather than moving all the way back up north,
they are going half way, to places like Georgia, the Carolinas and Tennessee, hence
the term "half-back." "These neighboring states have much more attractive scenarios
for these sellers," explains Jim Case. "And they still don't have to put up with
harsh winters." With these additional properties cluttering up the inventory, REO
sellers are finding their work cut out for them.

This new wave of foreign investors may be the key to keeping the market moving, said
Case. "We send out over a million opt-in emails to investors every week and I can
tell you that the demand for property listings is getting stronger every day," he
said. "The dollar's weakness right now may work out to be a blessing for the REO
asset managers, especially since these foreign investors like to buy more than one."



About Fast Home Auction

Fast Home Auction is a real estate auction web site which harnesses the power of the
Internet to benefit REO agents, asset managers, motivated buyers and sellers.
Buyers can search, bid on and acquire REO properties, all at no cost, and sellers
can efficiently post properties and market to prospective buyers. Fast Home
Solutions is based in Tampa, Florida, and can be found on the Internet at
www.Fasthomeauction.com



Web Site: http://www.fasthomeauction.com

Contact Details: sajid@s-axxis.com