Wednesday, July 7, 1999 | 10:46 a.m.
State regulators have given their tentative approval to a Las Vegas home auction to be held this month on the Internet.
The auction, the second held by Scottsdale, Ariz.-based Homebid.com, is the first of its kind in Las Vegas. The company will have more than 250 local homes available for bidding in the July 13-15 auction, ranging from a $57,000 condominium to a $20 million estate at Mount Potosi Canyon. The total value of the real estate available is $80 million, Homebid said.
The auction is being offered as part of an exclusive partnership with brokers Realty Executives and American Residential Realty, and all properties listed will be properties offered by those companies. Homebid will receive a $425 commission for every property sold.
Terry McGillivary, information officer for the Nevada Real Estate Division, said regulators were initially concerned that bidders wouldn't be getting the necessary information on the properties prior to making bids. But the concerns were alleviated, she said, since Homebid requires any bidder to have an agent, mandates the submission of an offer agreement, and encourages bidders to tour the properties before the auction. Homebid has also obtained auction licenses from the city and county, McGillivary said.
"I can't find anything we'd be concerned about," she said.
Homebid held its first auction June 17 in Phoenix, selling $6.5 million in property.
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