A significant chunk of our lives now lives online. The last couple of months is a testament to the value of technology and our reliance on it now that we are living in a world where social distancing is required. Government agencies have adapted to the new normal that public transactions, staff training, and a myriad of other processes that used to be conducted on an in-person basis are being shifted online.
Jesse Loomis joins the Justice Clearinghouse to present the services provided by Bid4Assets, a leading real estate online auction site that helps public agencies take their auction process online. Jesse is Bid4Assets’ Chief Executive Officer who regularly lectures, leads webinars, authors articles, and serves as a media resource. He has been instrumental in helping law enforcement and tax collectors generate hundreds of millions of dollars in sales proceeds.
Points he unpacked on this session are:
- A history of online public auctions during the early eBay days.
- How government agencies US Marshals Service and the DOJ first utilized this service by contracting Bid4Assests, and the positive outcomes of doing auctions online.
- How conducting online instead of live auctions is limiting liabilities in terms of legal issues with altercations and bid-rigging that tend to transpire in live auctions, and the current public health risk related to COVID-19.
- The wider, more audience that Bid4Assets can provide with its massive database of bidders across the US, and online and offline targeted marketing and public relations capabilities and links.
- The ramifications to the entire community of not having lots of vacant properties and REO because Sheriff Sale properties were not bought and made productive.
- A live demonstration of the Bid4Assets online sheriff sale, looking at its topline features and capabilities that streamline the whole auction process.
- The ability to automate time-consuming and detail-oriented tasks involved in an online auction thereby improving staff productivity and efficiency.
- Understanding some of the statutory requirements for public auctions that may pose challenges when aiming to go online, some suggested workarounds, and how Bid4Assets can assist agencies to make it happen.
- Options that agencies may consider when deciding to go online, the pros and cons of each option, and the important factors to take into account to find the perfect provider for your agency’s needs.
- Bid4Assets’ solutions that serve both short- and long-term goals, improves efficiency, is highly customizable based on distinct needs, and is available for no cost for the agencies.
- Bid4Asset’s offer to all interested agencies.
Topics raised during the Q&A were about:
- Jurisdictions that require bidders to be local residents.
- How posting requirements are handled for an online auction.
- Doing a live and online auction simultaneously.
- The nitty-gritty of handling the money collected from the bidders and handing it over to the agency.
- Bid4Assets’ system integration with existing software being used by the agencies.
- Interest in auctioned mobile homes.
- Post-sale processing assistance.
- How Bid4Assets handle winning bidders who default.
- The outcomes for the agency and Bid4Assets if the plaintiff is the high bidder.
Resources and Handouts
- “The vast amount of transactions being completed in this online format.” — Anthony
- “Great presentation, thank you, Jesse!” — Barbara
- “The presenter appeared to be very well versed on his subject matter. Well done!” — Kim
- “I had no idea on-line auctions were an option. Very informative presentation.” — Max
- “The value of reaching more bidders with an online auction.” — Phyllis
- “Excellent idea.” — ROBERT