61
according to an analysis of subsequent sales
post-foreclosure sale using public record
and Multiple Listing Service (MLS) data.
Renovations by these local community
developers helped recover the full market value
of the homes, which resold for an average of
104% of their estimated after-repair value. at
after-repair value was based on an Automated
Valuation Model from ATTOM Data
Solutions.
Despite recovering full market value
through renovation, renovated foreclosures
sold by local community developers were still
affordable for local buyers, selling at a price-
to-income ratio of just 3.5 times the median
family income in the surrounding Census tract.
e median family income data comes from the
latest Census Bureau estimates.
INCREASING COMPETITION
Technology-fueled innovation at the
foreclosure auction is helping buyers like
McCormick compete.
"I have found myself competing against
bigger investors at times and it can be frustrating
because I know they have deep pockets," she said,
noting that remote bidding technology is helping
her to compete with those larger investors. "I use
Remote Bid (on the Auction.com mobile app)
75% of the time because I travel for work so a lot
of times I'm away from my laptop, I'm away from
home. I could be on the road."
"I just like the process in general," she added.
"I don't have to be in a crowded room of people.
I love that idea, especially now during the
pandemic."
Remote bidding technology allows
prospective foreclosure buyers to purchase
properties at foreclosure auction remotely,
even in states that still mandate a traditional,
in-person foreclosure auction—all states except
Ohio and Florida.
is technology is available in nearly 900
counties through the Remote Bid feature on the
Auction.com mobile app. Prospective buyers can
track, bid, and buy at live foreclosure auctions
from anywhere their mobile phone has data
coverage.
