With home sales slowing down and with internet sales rising, it only makes sense to combine the two. Countdowntobuy.com has created and innovative way to hopefully move foreclosed homes.

The idea is relatively simply. To give the banks a fair shake the price is set just above the assessed value for 10 days, and then drops a percentage point everyday for the next 30 days.

Example:

A foreclosed home worth $500,000 goes on Countdowntobuy.com for $550,000 and it sits for 10 days. On the 11th day the price will drop 1 percentage point (of the $500,000 Estimated Market Value) to $500,000, then to $450,000, $400,000 and so on until either the 30 days expires, or a bid is higher than the days value.

Users will bid what they believe the home is worth. You can see how many bids there are, as well as a great deal of information regarding the property, but not the value of the bids.

Confused much?  Don’t worry, I was at first as well.  To us, this seems very much like Ebay, for foreclosures, just backwards.  I know that likely does not help with your