A national real estate auction marketing firm has signed an agreement to buy a retail title insurance agency platform, according to a release.
Real Estate Disposition LLC (REDC) expects to close the purchase of Commerce Title from homebuilder Pulte Homes Inc. during the first quarter of 2010.
Irvine, Calif.-based REDC holds massive new construction and foreclosure auctions, selling hundreds of properties across the country during auction events. In 2008, the company ran a record 300 auctions, auctioning off 32,800 homes worth a total of $3.4 billion.
REDC will acquire the Commerce Title brand, retail branch network and additional support assets in the sale, including about 130 employees. Pulte will keep the Commerce Title operations that support its new-home sales.
"The Commerce Title retail platform, with its seasoned and successful team, is a great launching pad for our expansion into this market and will complement our other businesses nicely. We’re very excited about the opportunities ahead," said Jeffrey Frieden, the auction company’s CEO.
Headquarters for the Commerce Title operations bought by REDC will be located in Dallas, Texas. Commerce Title’s parent company, Centex Corp., merged with Pulte on Aug. 18, 2009.
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