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Aggarwal officially spearheads the expansion of Auction.com's technological infrastructure and oversees the company's rapidly growing technology team.
If Aggarwal’s team at Auction.com can help make the real estate investing sector less intimidating for the many Americans who believe real estate could hold financial answers for their families but, simultaneously, believe the sector is out of their reach, Aggarwal believes this would be the most important thing he could accomplish at the company. “To that end, we’re continuously investing in new technology, taking that pure real estate transaction, the auction, and making it more mature and advanced, adding in an education factor for new and existing users looking to learn more and more about our space and their markets. The only way for us to thrive and for our users to thrive is making the platform one that provides the education necessary to achieve an easy, successful, replicable transaction,” he said. THE EVOLUTION OFTHE THIRD-PARTY SALE While Auction.com has long been described as “the eBay of real estate” by industry leaders (Aggarwal noted wryly the description is "somewhat limited" in comparison to the scope of the company's actual services and offerings), the company holds a firm presence at offline auctions as well
as online events. However, recent evolution of the auction process in Ohio could ensconce the company even more firmly in the digital auction space. In late May 2016, the Ohio legislature passed new provisions to its foreclosure laws to permit expedited foreclosures and sales on vacant and abandoned residential properties. At the same time, the state altered its policy on remote bidding and online auctions to allow all counties in Ohio to make their foreclosure auctions accessible online. “Our team works with local private selling officers (PSOs) who have permission through sheriffs and judges to use Auction.com for those online auctions. We were able to essentially digitize the assets for sale and make them available to users all around the world,” said Aggarwal proudly. “You do not have to have a person sitting in each of the 88 counties in Ohio holding an auction in order to bid on the properties for sale in those auctions anymore. You can be anywhere in the country or the world, place a bid, and win the auction,” he added, emphasizing, as always, “That helps sell the assets sooner and stabilize the market faster.” In fact, the first sale Auction.com transacted in Ohio was won by an investor out of the country at the time of
auction. “As long as an investor has access to internet and is able to pay, then that person is ready to bid,” said George Lane, Auction.com’s vice president of legal and business affairs. “If you can buy legally at auction in the United States, then you can buy legally at an online auction from anywhere in the world,” he said. Lane and Aggarwal are both hopeful that Ohio’s ongoing success with online auctions will spur other states toward digitizing their auction processes. “The overall limitation of the process of requiring people to come and be physically present in the state, physically stand in front of the court house and wait there, is limiting to the entire process,” said Lane. “The flexibility that comes to buyers and sellers with online auctions enables communities to stabilize,” added Aggarwal. “This stabilization means these assets are turned back into homes and are not causing blight for an extended period of time. It’s in everyone’s best interest to stabilize these assets, and it’s my mission to bring all buyers, including investors, the stabilizing factors in this scenario, together with those auction properties.” •
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Carole VanSickle Ellis is the editor of Think Realty Magazine. She can be reached at cellis@thinkrealty.com.
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22 | think realty magazine :: july 2018
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