By using their mobile device and the Remote Bid feature on the Auction.com app, buyers can bid on properties at select live foreclosure auctions from anywhere, even as social distancing guidelines remain in place.
Accessible only through the Auction.com mobile app, users can participate in multiple auctions at the same time, watching, joining and tracking bids concurrently. The ability to bid on live foreclosure properties remotely instead of attending the venue in person allows buyers to expand their investment opportunities. Remote bidding can save time and money, giving buyers more time to invest in building their business.
Remote Bid gives sellers an advantage, in that they have access to a broader, nationwide buyer base. Sellers can receive bids not only from local buyers, but also from buyers located anywhere in the United States, increasing competition on every asset.
Auction.com began the rollout of Remote Bid prior to the pandemic as a way to alleviate the concerns of live auction buyers, such as severe weather and long travel distances. Now, as municipalities are placing restrictions on in-person auctions and other high-density events to control the spread of COVID-19, it’s a particularly powerful tool to ensure competitive bidding. And no other distressed auction company offers remote bidding for live foreclosure auctions.
While Auction.com’s remote bidding technology is currently available in over 700 counties throughout the U.S., by fall 2020, it’s expected that more than 1,000 counties across the country will enable live remote bidding through the auction.com app.
Remote Bid digitizes the courthouse as online foreclosure and REO sales are on the rise. In the first quarter of 2020, more than 89% of online REO auction properties sold had multiple competing bidders.
The technology is high on buyers’ lists of demands, too. Users signing up for Auction.com’s remote bidding capabilities increased sevenfold between June 2019 and February 2020. According to a recent Auction.com survey, two-thirds of the platform’s users said remote bidding technology increases their interest in foreclosure auctions.
Auction.com’s Remote Bid feature is positioned to help facilitate safer foreclosure auctions, providing options for buyers who choose not to attend live auctions in person as well as buying across a larger geographical footprint as buyers no longer need to attend in person.
Auction.com’s mission is to deliver solutions to our sellers and buyers that make the buying and selling of distressed assets more accessible and convenient for both our buyers and sellers. As sellers and buyers react to the various foreclosure auction and eviction moratoriums related to COVID-19, Remote Bid meets their challenges by offering a new, innovative way to transact on distressed homes for better outcomes.
For more information about Remote Bid, visit Auction.com/remotebid.
PRODUCT: Remote Bid
SNAPSHOT: A feature of the Auction.com mobile app, Remote Bid lets buyers bid on select foreclosure properties from anywhere, participate in multiple auctions simultaneously, and watch or join auctions while tracking bids in real time. Live remote bidding is expected to be in 1,000+ counties by fall 2020.
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