Auction.com Offers New Tool For Distressed Homeowners

Homeowners facing foreclosure now have a new avenue to stave off financial disaster with Auction.com.
The site, known for selling distressed properties, launched a tool to help homeowners access equity and maintain dignity in tough times.
SmartSale allows homeowners to sell their properties directly to the Auction.com platform. There are two ways for homeowners to access the program. The Auction Path, available now, lets sellers put their properties up for auction, with real-time bidding and updates. The company says auctioned homes attract multiple buyers and are often sold at competitive prices.
The second path, Offer, will launch “in early 2025.” It gives sellers direct offers from Auction.com, and allows for negotiation on financing contingencies, rentback options, and customizable terms.
“Every distressed customer deserves a chance to protect their equity,” said Ali Haralson, President of Auction.com.
“SmartSale is a transformative solution for families facing financial hardship. It combines the strengths of traditional home selling with Auction.com’s unmatched marketplace, offering sellers the tools they need to navigate this process with dignity.”
Homeowners can select the approach that best suits their circumstances, and retain control over sale terms, timelines, and move-out dates.
Plus, properties are listed on the MLS and connected to Auction.com’s nationwide buyer network.
Sellers receive both local guidance from a real estate agent and the Auction.com concierge team.
Foreclosures declined in December but delinquencies increased for the seventh consecutive month, ending 2024 at a nearly three-year high.
Extreme weather events have forced homeowners in some parts of the country into dire circumstances. Though they are slowly rebuilding, the financial cost of weather damage keeps many in forbearance or worse.
“The overall mortgage forbearance rate decreased slightly in December as some borrowers got back on track following last fall’s severe weather in the Southeast,” Marina Walsh, CMB, MBA’s Vice President of Industry Analysis, said of the trend.
“Even with the slight decrease, the level of forbearance is higher than it was six months ago across all loan types and the performance of servicing portfolios and loan workouts has weakened.”