L.A. Times Media Group in new foreclosure auction venture

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Interesting item in today’s L.A. Times: ‘Searching for new sources of revenue, Los Angeles Times Media Group is getting into the real estate business.’

More: ‘On Monday, Times Media Group and other partners will launch ZetaBid, a business that will auction foreclosed homes and other properties. The company would also run a website where the properties could be viewed. The other partners are London-based GoIndustry-DoveBid, an auction specialist, and CataList Homes of Hermosa Beach, a real estate brokerage. The partners will share fees paid by the buyer on each home sold.’

More: ‘The Los Angeles Times is part of Times Media Group but has no connection to the new venture, said Times Editor Russ Stanton. ‘We will treat ZetaBid like any other real estate entity from a coverage standpoint,’’ Stanton said.

The ZetaBid website, which lists some of the properties for sale, says the first foreclosure auction event will be Sept. 27 and Sept 28 in Ontario.

As with most foreclosure auctions, ZetaBid will charge buyers a 5% ‘buyer’s premium,’ and sales will be subject to meeting a hidden reserve price on each home; in other words, the winning bidder does not always get the property.

--Peter Viles
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