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The Lowdown
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July 23, 2008 Post
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Here's the The
Lowdown from DNJournal.com! Updated
daily to fill you in on the latest buzz going
around the domain name industry!
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Compiled
by Ron Jackson
(DN Journal Editor/Publisher) |
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Foreclosure.com
Founder, President and CEO Brad Geisen
announced today that he has reached an agreement with “Domain
King” Rick Schwartz to acquire the domain name Property.com.
The price paid was not revealed but Geisen indicated
it is one of the largest URL purchases ever.
Schwartz had purchased the domain for $750,000 in
2005. |
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Brad
Geisen
Foreclosure.com Founder |
Geisen
plans to create a one-of-a-kind one-stop online real
estate marketplace on Property.com that is to debut
sometime in 2009. The site will reportedly offer a
national real estate classified ad system that will be
free to all visitors, "providing sellers, buyers
and investors with a whole new concept of marketing and
finding homes on the Web," according to a release
we received about the sale.
According to Geisen, the acquisition of Property.com
will allow him to focus his efforts on a different and
potentially much larger segment of the real estate
market than foreclosures alone. “I’m going after the
98% of the real estate market outside of the
foreclosure business,” Geisen said.
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“For the past several
years, I’ve built and run one of, if not the, most
successful Internet foreclosure businesses, but the
business was always exclusively distressed real estate.
I’ve achieved in Foreclosure.com what I set out to
accomplish and I am ready for a new challenge in a
different market." |
Geisen said
the new Property.com "will revolutionize how homes
should be listed, viewed and purchased. "I’ve
seen what’s been wrong with the way things were done
and I’ve developed the methods to fix them. I have the
knowledge and resources to take this to a whole new
level … and that’s what I plan to do,” Geisen
said.
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Property.com plans
to include all listing types, including those
indexed by the Multiple Listing Service (MLS),
creating a database that could surpass more than
15 million homes, but not including
distressed properties, which will remain the
business of Foreclosure.com. It will be totally
free to search for potential buyers and
visitors, and sellers will be able to upload and
edit their own personal listings at no charge.
Schwartz said
"Early on I saw the value in Property.com;
however, I never had the resources to develop it
so it could reach its maximum potential. Brad
Geisen has the vision to truly get the most of
Property.com for the benefit of so many people
in every corner of the United States. I’m
thrilled to be a part of this exciting new
project with Brad.” |
Rick
Schwartz |
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(Posted
July
23,
2008) |
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