Zetabid, the pioneering firm redefining home auctions in the U.S., announced that it will sell approximately 200 bank-owned homes in the greater Phoenix area on Saturday, Feb. 21, 2009.

Zetabid is auctioning single-family homes ranging from $20,000 to $800,000 primarily in Maricopa County. The largest concentration of homes is in Phoenix, where 85 of the properties are located. Zetabid is also auctioning 19 homes in Mesa, six in Avondale, five in Apache Junction, and five in Chandler, among other cities.

Zetabid expects more than 1,000 first-time homebuyers, trade-up buyers and investors to attend the auction at the Arizona Biltmore Resort and Spa at 2400 E. Missouri Avenue in Phoenix.

The bidding begins at 10 a.m., and investors are encouraged to register in advance at http://www.zetabid.com. Buyers can also register at the Arizona Biltmore on the day of the event, beginning at 8:30 a.m. Detailed information about each property is available at Zetabid's website.

At Zetabid's recent auctions in California and Florida, homes that went into contract at the auction were typically 25% to 40% below the listed retail price. More than 3,500 people have participated in five separate Zetabid auctions in the past four months. During that time, Zetabid has brought more than 700 homes to auction.

For the Phoenix auction, prospective buyers can bid in person at the Arizona Biltmore or via Zetabid's worldwide Internet simulcast. Buyers can also bring their real estate agent to the auction event. Additionally, buyers can place an offer on a property before the auction by using the 'Buy It Now' form at www.zetabid.com.

Zetabid encourages buyers to view homes with a listing agent during its open house weekend, Feb. 13-14 from noon to 4 p.m., or by appointment. Zetabid urges prospective buyers to carefully inspect properties before bidding.

Read full press release at the PRNewswire