In the dynamic world of foreclosure auctions, innovation is critical to expanding buyer and seller opportunities. Auction.com’s proprietary tool, Remote BidTM, is revolutionizing the auction landscape. With impressive new statistics showcasing its success, we spoke with Dan Willsie, VP of Foreclosure Technology Operations, to discuss the impact of Remote Bid and what it means for sellers looking to expand homeownership.
What is Remote Bid and how does it enhance the foreclosure auction experience for buyers and sellers?
Remote Bid unlocks the potential for bidders to participate in select auctions from anywhere. Traditionally, auctions are held at local courthouses, often with conflicting schedules. Remote bidding allows participants to watch, fund, and bid from any location, creating a more competitive environment and extending the excitement of live auctions to a broader audience. For sellers, this means increased participation and higher chances of selling their properties. Currently, Remote Bid is available in 17 states and is growing.
Can you share the latest statistics on Remote Bid’s performance and what these numbers mean for our sellers?
Remote Bid has facilitated over $1.5 billion in funding, with $410 million in winning bids, 16,400 bids placed, and more than 36,000 approved remote bidders. These numbers reflect a growing interest in the flexibility that this product provides, expanding the pool of potential buyers for distressed properties.
With $410 million in winning bids, a 101% increase from last year, what drives this growth?
Foreclosure buyers are increasingly finding value in Remote Bid. This feature offers enhanced opportunities to purchase properties and strategically invest across multiple counties. This flexibility and convenience are key factors in the significant growth we’ve observed.
How has the number of properties with remote bids placed grown, and what does an 82% increase signify for our platform and sellers?
The 82% increase in properties with bids placed using the Remote Bid feature indicates growing adoption in existing areas and expansion into new markets. For example, we recently expanded the remote bid capability to several counties in New York State. Remote bidding allows buyers to explore and invest in areas they might not have considered before without travel constraints or costs associated with live auction locations.
What is the impact of over $1.5 billion funded through Remote Bid, and how does this benefit sellers?
This substantial funding demonstrates our ability to grow our buyer base across the United States and that a need exists for a product like Remote Bid to enable new bidders to participate in foreclosure auctions. This enables sellers on the Auction.com platform to reach more potential buyers for their properties.
Our 2024 Buyer Insights Report shows that 76% of owner-occupant buyers prefer purchasing via Remote Bid or online auctions. Why do you think that is the case?
Owner-occupant buyers often face challenges attending live auctions during the workday. This can be because of weather, illness, distance, and having a job that does not permit them to leave to attend a live foreclosure sale. Remote Bid provides a convenient alternative, allowing them to participate without disrupting their schedules. It also offers a more controlled environment, helping them stick to their budget without getting caught up in the excitement of live bidding. Simply put, Remote Bid is a more inclusive way to bid on select foreclosure properties. For example, owner-occupants who are first-time bidders can be intimidated by the live auction environment. Remote bidding gives them a chance to bid in a place that may be more comfortable for them.
What are the unique advantages of Remote Bid that make it a preferred method for today’s homebuyers, especially in the current market landscape?
Remote Bid offers a more inclusive purchasing method with competitive pricing. It appeals to buyers looking for opportunities outside the standard market routes and saves them time and money going to and from live auctions. With Auction.com, owner-occupants will have access to inventory beyond what they’ll find on the MLS.
How does Remote Bid ensure a seamless and secure transaction for buyers and sellers?
Remote Bid requires bidders to have funds in their account before placing a bid. The technology ensures that only pre-funded bids are accepted, with winning bids automatically debited from the account. This system protects buyers from overcommitting and assures sellers of a secure transaction once the auction concludes.
Through its transparent platform, Remote Bid continues to empower homeownership, help communities thrive, and stabilize neighborhoods. To learn more about Remote Bid, visit Auction.com/RemoteBid.