REO

Overbuilding and a high rate of foreclosures have toppled Florida’s housing market, making it one of the worst in the nation. With ample supply to choose from, savvy buyers are turning their attention to bank-owned foreclosure auctions.

Aspen Grove Inc., a provider of workflow solutions for foreclosure, bankruptcy, eviction, and REO, yesterday released its newest version of REO management software, iAgent version 3.0. Changes to the program have been designed especially to increase REO management efficiency and broaden sales results due to its more efficient process management capability, the company explained in a press statement.

Today’s tumultuous housing market can be a dangerous place for the brokers, agents, and field inspectors who must walk into foreclosed and REO properties on a daily basis. Occupied or vacant, these properties represent unfamiliar territory often rife with unknown peril.

The Dallas-Fort Worth (DFW) Realtors group is the first local real estate association in the United States to offer the National Association of Realtors (NAR) Green Designation Course. Specifically designed for member Realtors, the course provides an in-depth understanding of what green means for every aspect of real estate: residential, commercial, and property management.

There is some positive news regarding the weakened housing market, Rainbow City, Alabama-based RealtyBid.com reports. The good news is that there are still thousands of buyers with a large appetite for appropriately priced homes, and the growing success of RealtyBid.

Bankers Real Estate Services (BRES) Advisors Inc., a California analytics and transaction execution company, has introduced an evaluation product to the real estate owned (REO) market that determines the properties’ end game, the company said in a press statement.

According to the National Association of Realtors (NAR), a reduction, or a government buy-down, of mortgage interest rates by just one percentage point could result in up to 840,000 additional home sales and reduce the inventory of homes by as much as 20 percent.

Champion Mortgage, a division of Nationstar Mortgage LLC, announced the launch of its REO Financing Partner Program yesterday. The program, developed specifically with today’s distressed market conditions in mind, has shortened turn times on REO foreclosure sales by 30 percent, which in turn has helped decrease loss severity on REO properties by over 10 percent, the company said.

Mortgage bankers and servicers require a comprehensive, flexible, and scalable REO management system that integrates with their own in-house and third party systems to provide automated workflow management and high visibility throughout the property management life cycle.

Michigan Paves the Way with Creative Techniques to Legally Avoid Costly Delays, Hasten Foreclosure and REO Sales When it comes to loss mitigation, quicker is almost always better. If the ultimate goal of every foreclosure is a clean, quick REO sale, avoiding delay by using creative methods can substantially improve results.