Verifyd’s new bidder app will allow prospective buyers to participate in foreclosure auctions remotely.
“For over 100 years, the foreclosure process in our state, and country, has barely changed, completely shutting out technology,” Verifyd CEO Mike Watkins said in a release. “We all live busy lives today, which means many interested buyers miss out on foreclosure purchases due to their inability to be physically present at the courthouse. It has been our dream to open this process up in a way that is both legally compliant and accessible to people everywhere.”
“I personally believe that the 2008 financial crisis would have been averted if this technology was in place at the time,” Watkins said. “By making sure that the foreclosure auction process is transparent and open to all those interested in buying the property, the lenders are ensured they receive fair market value for the property. Really, it’s a win-win for all parties involved.”
The app, currently available only for the Atlanta area, is set to eventually roll out across the rest of the state. Buyers can bid without participating as well, by setting a maximum bid before the auction begins, as the app will bid in their place automatically.
According to a recent Gallup poll, 35% of Americans believe real estate to be the superior long-term financial investment, compared to 27% who say stocks are the better investment. For real estate investors, tech such as this one could provide a quicker way to take advantage of the rising positive sentiment toward real estate as an investment. Additionally, many current homeowners (around 1 in 10) say they would prefer going back to renting over owning, according to Gallup's research, which could be a boon for single-family rental investment.
Rents increased 2.9% year-over-year in February 2019, and CoreLogic states that single-family rents have climbed steadily since 2010, while annual rent increases have stabilized, fluctuating between 2.7% and 3.1% for the past 12 months.