Smith has held significant roles in real estate sales, finance and operations for more than 25 years. He was most recently managing director with FIG, where he was responsible for overseeing several of the company's real estate and financial services investments. Prior to that, he served as a director for the global principal financial group at Union Bank of Switzerland and as director at BlackRock Financial Management.
Financing options through Auction Finance will be provided by Auction.com's preferred lenders and will count toward a buyer's proof of funds, a requirement for bidding on all properties offered for sale on the Auction.com platform. By increasing buyer liquidity, Auction Finance aims to allow a much larger audience of potential buyers to participate in the company's residential and commercial real estate auctions.
According to Jeff Frieden, CEO of Auction.com, “We are pleased to launch Auction Finance as a value-added service to our customers. This initiative is directly aligned with our core business strategy, as it allows us to increase our audience of potential buyers, improve our ability to get sellers a fair price for their properties and expand upon our position as the nation's leading online real estate marketplace.”
Smith says the firm “is already rewriting the rules for real estate sales, proving to buyers and sellers the benefits of an open, interactive marketplace. With this initiative, for the first time, we'll make third-party lenders a key constituent of our marketplace.”
Financing is a core component of most real estate transactions, says Jake Seid, president of Auction.com. “Our long-term goal for Auction Finance is to facilitate on-demand, frictionless financing for assets on the Auction.com platform, which will significantly improve the buying and selling experience.”
Auction.com was reluctant to discuss other elements of real estate transactions the firm is planning to help facilitate through its programs. As we reported in August, the firm launched has launched an online community designed to provide novice and experienced real estate buyers and sellers with a place to learn more about the firm and the real estate auction process in general. The new resource is intended to enhance customer support and create a collaborative environment where consumers can learn from the company and each other. The community can be found on Auction.com under “Help” or directly at auction.com/community.
Stay tuned for an interview with Auction.com's Rick Sharga about why now is the right time for Auction Finance to launch and why finance is so crucial to today's real estate transactions.
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