Real Estate Central

Florida’s Duval and Manatee Counties Will Host the Nation’s First Online
Foreclosure Auctions Run by RealAuction.com

TALLAHASSEE, Fla., Aug. 27 /PRNewswire/ — On September 2nd, Florida’s
Duval and Manatee counties will host the nation’s first in a series of
planned online auctions of foreclosed properties, the onset of an expected
national trend in foreclosure dealings. Historically, foreclosure auctions
took place on the steps of county courts; but a recent bill, driven by
Akerman Senterfitt’s Policy Practice Group, establishes new procedures
facilitating online foreclosure auctions.

The escalating housing crisis has led to a surge in foreclosures that
have ultimately pushed the old-fashioned method to its breaking point. The
amount of paperwork and time involved in these foreclosure transactions has
heightened inefficiency among county clerks, with little help in sight. In
May 2008 alone, Florida saw 37,264 foreclosures — the second highest
number in the country.

Akerman’s Policy Practice has facilitated the passing of innovative new
legislation affecting the current housing crisis, allowing county clerks to
conduct online auctions for foreclosed properties and tax deeds. On June
17th, Governor Charlie Crist signed HB 773, making Florida the first state
in the country to drastically change its foreclosure auction law. The bill
allows county clerks to conduct online auctions for foreclosed properties
and tax deeds.

“This bill will benefit every party involved in foreclosure auctions,”
said Allan Katz, Chair of Akerman’s Policy Practice Group. “The bill
reduces the amount of time and paperwork involved for clerks; increases
competition in bidding which leads to higher sale prices for the banks; and
reduces the number of vacant properties that drag on home values in the
county.”

Members of Akerman’s Policy Practice Group, led by Brady Benford, Larry
Williams and Donovan Brown, worked to pass HB 773 through the Florida
Legislature on behalf of their client RealAuction.com, the company that
will run the online auctions in Duval and Manatee counties.

“If we tried this three years ago the bill would have gone nowhere,”
noted Katz. “The credit crunch and housing crisis that led to the massive
increase in foreclosures made it apparent that a change was necessary.”

Florida is not the only state under siege by an influx of foreclosed
properties. California had 250,000 foreclosure filings in 2007 — up 51
percent from 2006 — with numbers continuing to climb in 2008. Michigan and
Nevada have also witnessed exceptionally high numbers of foreclosed
properties; numbers that are forcing states to reexamine what is often
extremely outdated law concerning foreclosure auctions.

Akerman’s bi-partisan Policy team includes current and former U.S. and
Florida lawmakers, a former Florida Public Service Commission Chair, a
former Florida Public Counsel, and former judges, who handle diverse
matters including: licensing and permitting, bid protests, administrative
rate cases, appellate action, and legislative and regulatory consultation.
Clients include both individuals and Fortune 500 companies in a wide range
of industries including banking, pharmaceuticals, education, gaming, and
public utilities. The group also provides counsel to governmental entities,
defending municipalities and municipal employees in civil rights,
allegations of misconduct, wrongful arrest cases and employment issues.

About Akerman Senterfitt

Akerman is ranked among the top 100 law firms in the United States by
The National Law Journal NLJ 250 (2007) in number of lawyers and is the
largest firm in Florida. With more than 500 lawyers and governmental
affairs professionals, the firm serves clients in major business centers
throughout the United States, including Miami, New York, Washington D.C.
and Los Angeles. For additional information, please visit the firm’s Web
site at http://www.akerman.com.




Contact:
Dianne Weber
Akerman Senterfitt
(305) 982-5631
dianne.weber@akerman.com

Bradley Wray
RF|Binder Partners, Inc.
(212) 994-7592
bradley.wray@rfbinder.com

Pat Tucker
RF|Binder Partners, Inc.
(212) 994-7561
Patrick.Tucker@rfbinder.com

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[Via Real Estate Newswire]