In the high stakes world of home finance, it’s hard to think of foreclosure as anything but a loss. When a mortgage debt cannot be satisfied the servicer loses and so does the investor. As the largest real estate marketplace, Auction.com has worked to reduce the overall loss severity through the application of innovative technologies and a data-driven approach that optimizes the real estate disposition experience for buyers and sellers.
In the process, we’ve been able to provide transparency through these approaches that mutually benefit the buyers and sellers and create a healthy and scalable marketplace.
In our experience, the best foreclosure sale executions occur in a transparent environment. Auction.com’s marketplace, which boasts more registered users and assets than any other marketplace, encourages more participants to become involved, which in turn, increases the likelihood that the foreclosure process will end as successfully as it can, and result in turning a house back into a home.
Making foreclosure sales more accessible
Historically, the foreclosure sales process has shrouded itself in a vail of confusion and uncertainty. A lack of transparency in the process remained pervasive, which hindered sellers from gaining the maximum exposure possible for their properties and buyers from the right assets in a timely manner. As properties came to auction, often unexpectedly, interested buyers were left with little, or no, time to conduct the due diligence needed to bid and win. Meanwhile, sellers often found that their assets were selling below market price given the lack of robust competition needed to achieve a fair market value.
As frustration in the process grew, real estate marketplaces like Auction.com recognized the challenges facing buyers and sellers, and began to equip both parties with solutions that better fit their needs. For buyers, Auction.com enabled greater access to information specific to a property’s condition, its occupancy status, the neighborhood it’s located in as well as access to important resources, such as title reports, tax lien documents, property insights reports, etc.
For sellers, Auction.com provides more insight into buyer interest on a particular property. Given a seller’s ultimate goal is to sell an asset quickly, efficiently and profitably, Auction.com works to give sellers a better understanding of the types of properties buyers are looking to bid on and the price they are willing to pay, so that the seller can determine the market value and demand for each property.
Achieving a better execution
Better execution is a factor of deep insights, the right technology, local presence and buyer education. When all of these elements come together, both buyers and sellers benefit. To that end, Auction.com invests heavily into technology that operates within changing market conditions, as well as its team of knowledgeable and experienced professionals who use these tools to perform the kind of analysis that exposes the realities of local markets and educates both buyers and sellers.
Auction.com leverages its marketing engine to help buyers find properties that match their interests and portfolios through digital ad networks, strategic local marketing and more. Also, Auction.com’s Customer Care team works to field over 50,000 in-bound calls, make over 8,000 outbound calls and coordinate upwards of 10,000 chats, helping buyers understand all facets of a property and preparing them for auction.
With access to robust market and property data, Auction.com enables sellers to share more insight into their property in an online transparent environment which allows buyers to make more informed decisions. At the same time we provide sellers access to our vast data that will allow them to make informed decisions on the value of each property.
Furthermore, Auction.com engages with attorneys, sheriffs and real estate leaders to share insight into the state of the local real estate market. These local partners not only share data with the Auction.com team, but also hold educational seminars and trainings to help buyers prepare for auction.
As it once existed, the traditional process discouraged excited, new buyers with a host of nuanced challenges that made the auction experience an uninviting one. With Auction.com, buyers and sellers are finding faster and more efficient experiences through its industry-leading efforts toward creating a transparent marketplace. Now, buyers and sellers who were once disengaged are enjoying newfound confidence in the process and returning to auction with the tools needed to make more informed decisions.