I’m not so wealthy I can afford to lose money. But if you do what’s right, you’ll be taken care of.” TECHNOLOGY-ENABLED INVESTOR MOBILITY Technology has enabled even smaller- volume investors like McCormick and Johnson to invest outside of their backyards. All bank-owned (REO) auctions offered on platforms like Auction.com are online, and investors can buy remotely at foreclosure auction in an increasing number of markets. The increasing opportunity to bid remotely at foreclosure auction is thanks to two key developments in the last several years. First, state law changes have allowed for online bidding in some states. Ohio, where McCormick invests, is one example. Second, Auction.com has continued to expand Remote Bid, a technology launched in 2020 that is now available in more than 1,000 counties nationwide. “The difference with the remote and the online, you don’t have to drive. You don’t have to go sit around at the
▲ SOURCE: AUCTION.COM
STATES ATTRACTING MORE MOBILE INVESTORS Through the first half of 2024, states attracting the highest share of out- of-state buyers on Auction.com were South Carolina (75%), Kentucky (73%), West Virginia (73%), Maryland (56%), and Pennsylvania (48%). However, the absolute share of out-of- state buyers doesn’t tell the complete story because some states are inherently more conducive to out-of-state buyers
when there are major metro areas straddling state lines. The better measure is the change in the share of out-of-state buyers so far in 2024 compared to 2023 (see Figure 1). States with the biggest percentage increase in out-of-state buyers were South Carolina (up 114%), North Carolina (up 69%), Nevada (up 61%), Kentucky (up 51%), and New Mexico (up 40%). Other states in the top 10 for the biggest increase in share of out-of-state buyers
courthouse,” Johnson said. “With Remote Bid, I can buy anywhere.”
TACOMA NARROWS, WA ▼
10 | think realty magazine :: september - october 2024
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