According to the SacramentoBee, the owner of the domain name Foreclosures.com is going through a foreclosure of her own.
Her own House.
According to the Sacbee.com the “co-founder and face of Foreclosures.com, is herself going through foreclosure on her Fair Oaks home”.
“Records show McGee went into default on her $1.6 million loan in June and a notice of Trustee’s sale filed earlier this month shows McGee and her husband Timothy McGee owe $1.7 million on the property.”
“The home is scheduled for sale on the courthouse steps at the beginning of next month”
The Sacbee goes on to tell the story of how McGee started her website Foreclosures.com in 1995.
Flashback: Foreclosure.com Parent Seeks Bankruptcy Protection
http://www.domainnamenews.com/news/foreclosurecom-parent-seeks-bankruptcy-protection/6881
Foreclosure.com owner is or was Brad Geisen
This is foreclosures.com
Guess neither one is too lucky
@ test
er, sorry cant help you … busy getting the lead out!
Tell her to sell the domain name foreclosures.com to me for $250,000…i’ll buy it.
I’m going to email her right now.
If she really needs the money, she will make this deal.
Wish me luck!
Anunt, depending on the value of the house she may not “need” the money, might be better to let it go.
Do the math boys. owes $1.7ml, house is worth today ? $5-700K, ever heard of Jingle Mail = no recourse to pay out mortgage debt, if they like the house so much buy it back on the court steps. The domain name is worth more than the house.
More proof of the power of great generic keyword domains?
Anunt
If you buy the domain I expect commission
$ 250k is definitely a lowball offer.
I suspect there are 100’s of domain, advertising and real estate companies that would
pay more than that.
She probably received 25 offers higher than that since the article appeared.
I was just wondering, why does she not just sell her website, it is worth $6M to $16M depending on who you ask.
Average Monthly Search Stats
Average Monthly Searches: 16,777,215
Average Monthly Exact Search: 1,220,000
Average Cost Per Click: $2.83 USD
As some posters (with brains) have already alluded to, if she decides to let the property get foreclosed…it’s purely a business decision b/c it makes financial sense.
^^^ LOL @ the poster above with his calculation…
Her website (with subscription fees income stream etc) is worth a lot more than the numbers he pulled from his @ss
In short, I think she knows a lot more than (& worth much more than) many a domainer here..
Lol at you. First she is not making best use of the domain. And those are the best case numbers Mr deleted posted. And she made a bad business choice to invest in this home at the time she did. If she is such an expert, she should be able to sell a stake in the site for a a few million and pay her creditors off.
Her site is ranked in the top 3 for the word foreclosures, if she isn’t making a min of $100K per month then she has a big problem here. I went to the site and its developed pretty well so I think there is something else than what meets the eye.
Besides the property being foreclosed on, she has over 200k in tax liens so I highly doubt she is earning all she could from the site.
That name could sell for $5,000,000 +
High demand name, high ticket item
Here’s a thought… The people searching for the term, are they investors as she hopes looking to profit from foreclosures, or more likely, victims of the economy looking to save their homes. If the later, information to help them would draw a larger audience.
Kinda sucks for her to get this one blasted out on the internet even further. Just saying, sounds like she’s a person and not like a big evil bank etc… Just sayin
first I don’t put a lot of value in automated value scripts but they can give a general idea of a names value. I checked this at epik and it showed 16m and then at valuate and it showed 6m so no @-hole, I did not pull it “out my @SS”.
My guess is somewhere in between the 2 numbers.
I emailed my low-ball offer of $250,000 to buy the domain name foreclosures.com
Tim McGee responded, “Best offer is currently 10 times that…. Your going to have to step up your game.”
I replied with…my offer stands at $250k…if you want to sell at $250k, i’ll buy it…otherwise, i’m not interested…happy holidays!
I know he is not going to agree with my low-ball offer…but out of 1000 low-ball offers that i make, one desperate person in need of cash might just say, “YES”…and 999 other people are going to be pissed off…it’s that one person that i’m looking for!
My uncle taught me that …you can make free phone calls and send free emails to people…and if they say, “NO”…no problem…no harm done…you didn’t lose anything…but when you find that one person that says, “YES”…you’ve hit the jackpot!
Happy Holidays!
2.5m is still lowball.
Anunt,
There is lowballing and then there is simply taking advantage. Your uncle may tell you that its okay to prey on people’s situation to further gain for yourself.
Yet, I’ll tell you this. Today is not your day to make history. Sorry!
well, domain assets liquidation sounds good around now, if you own more than 2000 domain that are decent, I’m sure she could sell them easily to take care of ANY financially. I could be wrong, but is this irony at it’s best?
I have to laugh. Although Alex’s foreclosure training tactics are worded more compassionately than most of her peers on the surface, make no mistake, she and Tim know how to lowball an offer with the best of them when the kiddies are about to be thrown into the street with the kitties and puppies. I was wondering what was up. She had made a big deal of no longer taking many into her expensive private training classes, then reversed that very recently. She was seeming to go into buying notes more too lately rather than taking the physical property itself over. Telling because a lot of the real estate gurus seem to be following Donna the Note Buyer’s lead and doing that slant now. Since she does not deal with banks per se, maybe the foreclosures don’t bother her as much credit wise. I’d feel bad anyway because once I make a deal with you, it’s done. No matter what it takes for me to keep up my end of the bargain. So many now are keeping their cash dry and walking away from “their word”. We all pay for it in the end.