The service provides significant potential benefits for sellers, agents, buyers, lenders, and the communities in which they live. Some of the key potential benefits are:
- Agent potential benefits: Having Auction involved does not affect the listing agent’s commission structure. If a higher sales price is identified through the online auction the listing agent could be eligible for a higher commission. The higher sales price also helps lift the value of surrounding comparable properties. In addition, Auction.com provides extensive marketing to ensure there are new buyers for each of the properties brought to auction. The service allows for a quicker decision timeframe by the lender for a short sale approval as the lender has more data to make an informed decision.
- Seller potential benefits: The service typically results in a quicker approval process by the lender. The lender typically will also pause any foreclosure action towards the seller.
- Buyer potential benefits: The Market Validation Program service creates a transparent and unbiased platform which allows all prospective buyers an opportunity to purchase a desirable property. The Market Validation Program service also brings properties that might have otherwise not been available for purchase to a nationwide buyer base. The Market Validation Program service also creates a definitive decision date. As a potential buyer, shortly after the close of the auction, you will know whether your offer will be approved by the lender.
- Community potential benefits: Potentially higher sales prices may result in higher market values in the local communities. Higher sales prices also increase the local tax base, which can improve local schools and infrastructure within the community.
- Lender potential benefits: The Market Validation Program service provides a way for lenders to help ensure that short sale properties are sold closer to market value.