Foreclosure.Com Partners with Indymac Bank to Help Lender Market and Sell REO Listings

Prominent financial institution turns to America’s largest and most reliable provider of distressed real estate listings to move REO inventory fast

BOCA RATON, Fla., Oct. 24 /PRNewswire/ — Foreclosure.com today announced a partnership with Indymac Bank(R) – the seventh-largest savings and loan in the nation – to market and facilitate the sale of thousands of Real Estate Owned (REO) properties via the Internet, adding another major national lender to its growing stable of prominent data sources.

Foreclosure.com maintains a nationwide database of more the 1.2 million listings that includes foreclosures, preforeclosures, bankruptcies, For Sale by Owner (FSBO) homes and tax liens in one convenient location. Leveraging the Internet and a massive audience, Foreclosure.com is the ideal conduit to connect qualified buyers with motivated sellers.

“More than 80 percent buyers now start their home searches on the Internet,” said Foreclosure.com Founder, President and CEO, Brad Geisen. “Listing properties on our Web site is a fantastic solution for lenders to penetrate this huge buyer pool. We're excited about our partnership with Indymac Bank(R) and are confident that the agreement will help reduce the number of REO listings on its books.”

Potential homeowners can view these nationwide REO listings (foreclosed properties owned by Indymac Bank(R)) at www.foreclosure.com and conveniently set appointments with the listing agents/brokers to view the properties. In fact, each Indymac Bank(R) listing – similar to the other 1.2 million on Foreclosure.com – will enable interested buyers to contact Indymac Bank listing agents/brokers directly via telephone and email.

These listing agents/brokers will then walk buyers through the purchase process.

“Our research indicates that only 17 percent of a traditional real estate marketing budget is spent online,” said Geisen. “That means sellers are spending 83 percent of their marketing dollars chasing only 20 percent of the buyers. Put simply, times are changing and the practices of lenders and others involved in the sale of real estate need to change along with it.”

“Indymac Bank(R) and our other forward-thinking Foreclosure.com lender partners have identified this trend, fortunately, before it's too late,” continued Geisen. “These lenders will benefit from reaching the huge buyer audience that Foreclosure.com brings each month.”

Foreclosure.com also provides visitors with educational materials and resources to help them make informed purchasing decisions.

To learn more about how to post REO listings on the Foreclosure.com Web site contact our Director of REO, Glenn Daniels, at (561) 981-5337 ext. 390.

About Foreclosure.com

With more than 1.2 million foreclosure, preforeclosure, bankruptcy, FSBO and tax lien listings in one place, Foreclosure.com delivers America's largest and most accurate searchable database of foreclosed homes and investment property information to its customers and business partners. Based in Boca Raton, Florida, Foreclosure.com works with hundreds of top lending institutions and government agencies to list diverse property types on its Web site, including Real Estate Owned (REO); Department of Housing and Urban Development (HUD); Department of Veterans Affairs (VA); Fannie Mae; and other government agency and financial institution properties; as well as listings from an extensive network of corporate sellers. On the Web: www.foreclosure.com.

About Indymac Bank(R)

IndyMac Bank, F.S.B. (Indymac Bank(R)), the 7th largest savings and loan in the nation, is the principal subsidiary of IndyMac Bancorp, Inc. (NYSE: IMB) (“Indymac(R)” or the “Company”). Indymac Bank, operating as a hybrid thrift/mortgage banker, provides fair and competitive home financing products. All of the assets and operations of IndyMac are held or conducted within the federally-insured, thrift depository institution, Indymac Bank, whose primary funding consists of bank deposits, Federal Home Loan Bank advances, long term debt and equity. Indymac Bank's home mortgage products consist primarily of single family, first lien mortgages, 90 percent of which are saleable to the GSEs (Fannie Mae, Freddie Mac, or Ginnie Mae) today. In addition, Indymac offers jumbo, full-documentation home loans (loans that exceed the current GSE loan size limits) and home equity lines of credit to prime credit quality borrowers. The prime home equity loans are subject to a maximum 90 percent CLTV. Indymac does not offer any subprime loans which are not saleable to the GSEs. Indymac Bank also provides FDIC-insured retail banking products to facilitate consumers' personal financial goals.

SOURCE Foreclosure.com

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