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62 LEVELING THE PLAYING FIELD FOR LOCAL BUYERS An analysis of Remote Bids placed and won in 2021 shows that the technology is helping to level the playing field for local, small-volume buyers. With the ability to remotely bid, these local community developers are better equipped to compete and beat out large institutional buyers whose capital and resources have historically given them the upper hand at in- person foreclosure auctions. "Chattanooga has just been flooded with investors from California and other places … there's not property that you can buy and afford there," said Steve Johnson, a Chattanooga, Tennessee-based Auction.com buyer who purchased two properties across the state line in Georgia using Remote Bid in 2021. e analysis shows that remote bidding technology is helping local community developer buyers like Johnson expand their buying radius. In 2021, the median distance between Remote Bidders and properties bid on was 39 miles, compared to a median of 16 miles for bidders at the in-person auctions. e expanded buying radius enabled by Remote Bid was most evident among smaller- and medium-volume buyers, resulting in a median buying radius on par with that of large- volume buyers. Small-volume buyers—those bidding on 10 or fewer properties in 2021—bid on properties that were a median of 13 miles from where they lived when bidding at in-person foreclosure auctions. at was a little more than half the bidding radius of 22 miles for large-volume buyers—those bidding on 10 or more properties in 2021—at in-person auctions. But the median buying radius for small-volume buyers using Remote Bid was 37 miles, just six miles below the median buying radius for large-volume buyers using Remote Bid (43 miles) and above the median radius of 25 miles for all large- volume buyers. A higher percentage of bidders using Remote Bid were out-of-state—21% compared to 10% for in-person bidders. But many of those bidders are like Johnson, leveraging the technology to bid on properties that may be across the state line but are still within driving distance. Both properties Johnson purchased in 2021 via Remote Bid were within driving distance from his home, and he drove to both regularly to perform renovations after purchasing. Remote Bid has gained the most traction in the states of Georgia and Texas, where all foreclosure auctions statewide are held on the first Tuesday of each month. ose "Super Tuesday" auctions traditionally hampered the bidding from resource-constrained buyers like Johnson. "You don't have to go sit around at the courthouse," said Johnson, describing the experience of purchasing the two properties via Remote Bid. He purchased both homes at the March Super Tuesday foreclosure auction in Georgia even though they were in two different counties with live foreclosure auctions taking place simultaneously. "ere were a host of auctions going on in Warner Robins that day. … I went ahead and placed a Remote Bid for the property in Warner Robins and then also placed a Remote Bid on the Wadley (property)." Daren Blomquist is VP of Market Economics for Auction.com. In his role, Blomquist analyzes and forecasts complex macro- and microeconomic data trends within the marketplace and greater industry to provide value to both buyers and sellers using the Auction.com platform. Blomquist's reports and analysis have been cited by thousands of media outlets nationwide, including the Wall Street Journal, the New York Times, USA TODAY, and on many national network broadcasts, including CBS, ABC, CNN, CNBC, FOX Business, and Bloomberg. Feature By: Daren Blomquist RENOVATED FORECLOSURE RESALES IN 2020 AND 2021 RESALE/FULL MARKET VALUE AVG RESALE PRICE PRICE-TO INCOME RATIO OWNER-OCCUPANCY RATE LOCAL COMMUNITY DEVELOPERS (1-10 FORECLOSURE RESALES) 103.6% $271,403 3.5 68% Sources: Auction.com, ATTOM Data Solutions, Census Bureau Remote Bid Tech Levels The Playing Field Small-Volume Bidders (10 or Fewer Properties Bid On) Large-Volume Bidders (10+ Properties Bid On) In-Person Bidders Median Buying Radius in Miles 13 22 Remote Bidders 37 43

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