Foreclosures going once, going twice, going online

WEST PALM BEACH-- Look around virtually every neighborhood in the area and you will see a for sale sign.

And many of those homes are also foreclosures, about 45,000 in Palm Beach County alone.

"The foreclosures are terrible, there are 6 of them in my block alone," said Alan Mentser.

The professional real estate investor is in the business of bidding for foreclosed homes, traditionally done at a live auction run by the county.

But now the clerk's office has decided to go once, go twice, and go online.

"We are hoping to reach a broad audience and to open up sales globally. Conceptually, someone in China could bid for these properties going on sale," said Mark Broderick of the Palm Beach County Clerk and Comptroller's office.

Starting January 21st, all Palm Beach County foreclosures will be conducted online, no more live auctions.

That's why a group of real estate experts took part in an orientation class Tuesday to find out how to make their bids on a new specially designed website.

The clerk's office, which had to cut 100 employees in 2009 because of state budget cuts, says the E-bay-like auctions will free up the remaining workers, while bidders will not be tied up at the court house all day.

"I can put in my maximum bid on the computer and then basically walk away. At the end of the day, the results are generated and I will receive an email notification," said Ian Yorty of Grant Street Group, the Pittsburgh-based firm which designed the website for the county.

But Mentser says nothing beats a live auction.

"You kind of know who who you are bidding against. You put a face to that number and that has some advantage," he said.

Starting Wednesday the site will go live enabling people to register, place deposits and research properties.

You can find it at www.mypalmbeachclerk.com