An Atlanta-based fintech company has created an app that enables buyers to buy foreclosed property being auctioned at Georgia courthouses through their phones, tablets, or PCs.
Verifyd said its Verifyd Bidder will enable prospective buyers to participate in live bidding without being at the auction site.
“For over 100 years, the foreclosure process in our state, and country, has barely changed, completely shutting out technology,” Verifyd CEO Mike Watkins said in a release. “We all live busy lives today, which means many interested buyers miss out on foreclosure purchases due to their inability to be physically present at the courthouse. It has been our dream to open this process up in a way that is both legally compliant and accessible to people everywhere.”
Verifyd said its app was tested in the Atlanta region during the past year. It said the app eventually will be rolled out throughout Georgia.
“I personally believe that the 2008 financial crisis would have been averted if this technology was in place at the time,” Watkins said. “By making sure that the foreclosure auction process is transparent and open to all those interested in buying the property, the lenders are ensured they receive fair market value for the property. Really, it’s a win-win for all parties involved.”