First Real Estate Reverse Auction In The US To Be Launched By 10dollarhomedeals.com Sunday July 19 2009

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10dollarhomedeals.com is the Country's first Real Estate Reverse Auction website where anyone can purchase affordable housing for as little as 10 dollars.

10DollarHomeDeals.com

Ask not what your country can do for you, but what can you do for your country.

A revolutionary new way to buy a home will be unveiled on July 19, 2009. 10DollarHomeDeals.com, an Orange County based company, believes that it will turn the real estate market on its ear with its very first real estate reverse auction, where the lowest bidder, not the highest bidder will walk away with a move-in-ready home at a fraction of it's market value - possibly as little as just $10.

Anyone, anywhere in the world can participate in the bidding process. After placing a $10 bid credit, the bidder can place a bid, which represents the price they think will be the lowest bid, not also bid by any other bidder - this is termed the low-solo bid. The bidder with the low-solo bid, will be deemed the winner at the end of the 21-day auction, exactly at 7:07pm (Pacific Time) on August 9, 2009.

The first home to be auctioned in the US via the reverse auction process will be 2124 W. 105th Street, Cleveland, OH 44102 and bidders will soon be able to place bids on homes around the country, including California.

David Barnes, President of 10DollarHomeDeals.com, developed this new way of selling real estate by watching reverse auction giants, such as Dubli.com, auction commodities like iPods and cars in a very similar way. Barnes reflected that a reverse auction is the perfect answer to putting people back in affordable homes, while rehabbing dying neighborhoods around the country, especially with the real estate market the way it is. "It's a win-win for everyone," he said.

Whether the bidder is a private buyer and wishes to live in the home, or s/he is a real estate investor who would like to collect rent, 10DollarHomeDeals.com provides an easy and fun way to purchase property way below market value. Buyers will not only walk away with incredible amounts of instant equity, but can live free-and-clear of mortgage payments for life. For those who still need a little financial assistance and do not have the funds to cover the full purchase price/bid price, Barnes is willing to offer seller financing - leaving no family behind.

Barnes is also developing new and innovative ways to include fund-raising opportunities for nonprofits. A single home will be auctioned on the site with a portion of the proceeds going directly to a specified nonprofit. 10DollarHomeDeals.com will set the precedence for community consciousness in an industry that currently has a bad rap. Real estate may no longer be seen as a me-and-mine business, but as a you-and-yours one. Barnes philosophy was said best by John F. Kennedy, "Ask not what your country can do for you, but what can you do for your country."

Barnes believes that there is no other way to buy move-in-ready residential real estate in a faster, better and cheaper way than with 10DollarHomeDeals.com and invites the public to learn more. If you'd like additional information on how to participate in an auction or on 10DollarHomeDeals.com, please email David Barnes directly at dbarnes at 10DollarHomeDeals.com.

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