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The Lowdown

July 23, 2008 Post

Here's the The Lowdown from DNJournal.com! Updated daily to fill you in on the latest buzz going around the domain name industry!

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 ďDomain KingĒ 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.

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. ďIím going after the 98% of the real estate market outside of the foreclosure business,Ē Geisen said.

ďFor the past several years, Iíve built and run one of, if not the, most successful Internet foreclosure businesses, but the business was always exclusively distressed real estate. Iíve 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. "Iíve seen whatís been wrong with the way things were done and Iíve developed the methods to fix them. I have the knowledge and resources to take this to a whole new level Ö and thatís what I plan to do,Ē Geisen said.

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. Iím thrilled to be a part of this exciting new project with Brad.Ē

Rick Schwartz

(Posted July 23, 2008)


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