Swedish mortgage firm develops online property auction site

Internet Business News, Sept 29, 2000

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Swedish mortgage company Stadshypotek, a subsidiary of the Handelsbanken group, is launching a new web site that will enable people to buy or sell properties over the Internet.

Stadshypotek e-bid, which is expected to be available to the public in November, is the result of a co-operation with Sweden's leading real estate agents. The system enables users to enter their bid for a property online and then follow the bidding on screen, with the information fully accessible and open to all parties, and all bids reaching the market.

Sweden's estate agents will continue to present their properties for sale on the Internet and from there bidders can be linked to Stadshypotek e-bid. The new service also features a search function to the participating estate agents.

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