Auction.com aims to make distressed real estate investments accessible for all buyers.
Its marketplace goes beyond traditional disposition to give buyers and sellers new, innovative ways to transact on distressed homes for better outcomes, including two new capabilities – Remote Bid and Offer Interact – that extend the ability of buyers to access and purchase assets.
Remote Bid is a mobile app feature that allows buyers to bid on select in-person foreclosure auction properties for investment from the comfort of their own home.
Buyers can use their phone to bid on properties from any location, participate in multiple auctions at the same time and track bids in real-time.
Remote Bid allows buyers to save time, save travel expenses, and avoid large crowds and bad weather. Importantly, bidding remotely also means buyers can stay focused on the continuity of their businesses even during disruptions to mobility, such as the COVID-19 pandemic.
“Remote Bid is a groundbreaking capability which digitizes the courthouse at a time when the trend for online foreclosure and REO sales is unmistakable,” said Ravi Singh, chief product and technology officer for Auction.com. “More than 89% of online REO auction properties sold in the first quarter of 2020 have attracted multiple competing bidders.”
Offer Interact provides a new way for sellers to transact in Auction.com’s marketplace, as buyers can submit sealed bid offers for sellers to review in real time.
Also, the platform includes a feature that lets buyers send information to sellers regarding the property. This correspondence can include the property’s condition, repair estimates, or other pertinent asset information.
Offer Interact saves time and energy for buyers and increases the quality of bids and likelihood of stronger offers for sellers.
With Offer Interact, sellers appreciate that these properties continue to leverage Auction.com’s world-class marketing exposure to millions of interested buyers.
Buyers in turn appreciate the ability to make direct offers on properties and to enter comments about properties so sellers can consider their input when making decisions.
“Since 2007, the Auction.com marketplace has been introducing technology and, recently, real-time functionality that increase the power to buy and sell distressed homes so buyers and sellers can reach their disposition goals,” Auction.com CRO Ali Haralson said. “Offer Interact contributes to a healthy real estate market and neighborhood stabilization.”
Auction.com is the largest online marketplace for the disposition of distressed residential properties, with a platform that includes 26,000 properties available for sale and 5.6 million registered users.
“Real estate and technology are our passion,” Auction COO Min Alexander said. “We will continue to apply our industry leading experience, proprietary data and relentless innovation to continue transforming how real estate is bought and sold.”
Ravi Singh, Chief Product and Technology Officer
Ravi Singh is an entrepreneur, investor, advisor and a product evangelist, with an acute understanding of the market, trends, competitive activities, challenges and factors for success. He brings a deep understanding of how to leverage data to drive innovation and product development across multiple verticals. Prior to joining Auction.com, Singh held the position of executive director at Demco, where he led the software division.
Min Alexander, General Manager and Chief Operating Officer
Min Alexander has nearly 20 years of experience as a real estate technology executive, private equity fund manager and institutional investor focused on residential real estate. Over the past eight years, Alexander has led two national real estate transaction marketplaces, national field operations and a top 10 ranked U.S. brokerage serving investors to drive the marketing and sales strategies for over 500,000 single family homes in all 50 states, Washington D.C. and Puerto Rico. Min is a graduate of Duke University (BA) and MIT (MBA).
Ali Haralson, General Manager and Chief Revenue Officer
Ali Haralson oversees the business development of an auction platform that has sold more than $49 billion in residential properties. With over 25 years of experience in the distressed residential industry, she partners with clients to optimize programs to return homes to the market faster, ensure the preservation of homeownership and enhance neighborhood stabilization. She has expanded Auction.com’s community involvement by supporting housing, neighborhoods and veterans.