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…