AgentBrokerage

Why Auction.com is the main stop for more first-time homebuyers

Auction.com is driving residential auction sales and looking to change the industry
  • More first-time homebuyers are looking to Auction.com for opportunities.
  • More foreign investors are buying property online at Auction.com.
  • Auction.com is using DocuSign to make its user end-to-end experience seamless.

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Todd Gladis As interest rates rise for the first time in nearly 10 years, a sure sign of a healthy economy, the main business that Auction.com started on in 2007 -- selling distressed commercial and residential assets for institutions -- is now selling more traditional properties by auction. “We always knew that we would migrate from distressed to traditional properties,” said Auction.com vice president, Rick Sharga. “We have started moving there on commercial -- at this point, about 60 percent are non-traditional high quality properties.” Sharga expects the same to happen on the traditional residential side. At the moment, the residential properties in Auction.com Select tend to be properties still owned by lenders, homes that have been properly fixed up and ready to sell. These homes have been selling -- 88 percent -- in the first three weeks of listing, and for within 96 percent of the listing price. “We are seeing more of an uptick in users coming to ...