San Diego-- HomesByAuction.com is putting a new twist on the online home auction trend be requiring participants to be represented by licensed real estate professionals.

There is no fee imposed on either party for the auction, but the seller is required to use a practitioner to list the property on the site, and the buyer must work with a practitioner registered at the site to inspect the property and place an appropriate bid.

The result is an efficient process that provides a sense of security for the participants, says a spokesperson.

Keller Williams® Realty San Diego this week will become the first brokerage to host an event in San Diego. Five local, non-foreclosure houses, ranging in price from $165,000 up to $480,000, have been available since Sept. 11 for preview and are scheduled to be auctioned on Sept. 21.

The property firm also is working in conjunction with The Heritage Escrow Co. and First American Title Insurance Co. to provide auxiliary services to homebuyers and sellers. "We aim to revolutionize the process of buying and selling a home online," stated Keller Williams® owner Leona Kline. "With its abundance of high technology, San Diego is an ideal community to move the process online."

Source: Business Wire (09/20/01)