As the nation’s leading online marketplace for the disposition of distressed residential properties, Auction.com provides sellers and buyers with innovative ways to transact distressed assets.
Auction.com’s latest solution is called Offer Interact™, part of the Auction Interact® family of tools and services for maximizing the successful transactions of bank-owned and foreclosure homes.
“Years of study show that auctions quickly determine the market price and demand, and that buyers want to compete for assets in different ways,” said Auction.com Chief Business Development Officer Ali Haralson. “This new strategy adds to our existing multi-auction platform.”
Offer Interact is a platform on which sellers place multi-run REO assets so buyers can submit private bid offers. If sellers receive an acceptable bid, they can accept, reject, or counter. When sellers place these properties in Offer Interact, they appear on the Auction.com marketplace with a label that reads, “Direct Offer” and continue to leverage Auction.com’s world-class marketing exposure to millions of interested buyers.
For buyers, it’s another way to purchase distressed properties in a less-time pressured environment. 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 that may affect their offer price.
“This is a win-win scenario for our sellers and buyers,” said Haralson. “Sellers can increase the quality of bids and the likelihood of stronger offers.”
In just about a week after the launch, sellers loaded more than 400 assets on the new platform and received approximately 325 direct buyer offers.
“Offer Interact is how Auction.com is striving to innovate and perfect the mechanics of how we sell real estate in ways that encourage buyers and sellers to transact,” said Ravi Singh, Chief Product and Technology Officer. “Since its inception, 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 and investment goals.”
To learn more about Offer Interact, contact your Auction.com Business Partner.