USRES Unveils Property Leasing Solution

""US Real Estate Services Inc."":http://www.usres.com/ (USRES), a national provider of REO management services headquartered in Lake Forest, California, has announced the launch and immediate availability of a new service - USRES Property Management. The company says the solution is aimed at helping default servicers meet new regulatory demands regarding occupied properties, while generating a positive cash flow and expediting the market-to-sale process of distressed assets.
According to USRES, with extended notice requirements and other regulations imposed by the recently signed Protecting Tenants at Foreclosure Act of 2009, default servicers are facing major increases to their holding costs and disposition timelines.
Todd Mobraten, COO of US Real Estate Services, said, ""Recent legislation and other market factors have created a gap in the default servicing market. USRES Property Management will serve to bridge that gap, affording our clients an alternative to the current lengthy and costly model.""
For foreclosed properties occupied by tenants, bona fide or not, USRES Property Management can be used to secure standardized lease agreements on behalf of the servicer. USRES Property Management will handle rent collections and processing, maintenance management, financial reporting, and if necessary, the coordination of evictions.
According to USRES, the lease will help offset holding costs through rent collection and will also provide for right of entry, allowing agents to begin marketing the property immediately. In addition, the company said, the verifiable income stream of revenue created by the lease will reduce risk for potential real estate investors, resulting in higher purchase prices and quicker sales.
USRES Property Management also offers a solution for vacant properties, allowing banks and their servicers to generate cash flow on distressed assets while awaiting standard marketing timelines. With the USRES solution, leases can be drawn to coordinate occupancy and monthly rent collection up until the asset is sold. Not only does this approach keep properties occupied and minimizes vandalism and maintenance concerns, but the incoming rental revenue helps to offset some of the holding costs.
USRES pointed out that its new tool allows servicers to take a proactive approach to property management and garner more control over their assets, maximizing earning potential and minimizing losses. The company added that customers using the service will also generate goodwill for themselves within the community by helping to alleviate the flood of foreclosures and the stigma they leave behind.
Michele Foley, SVP for USRES REO Disposition Services, said, ""USRES Property Management is a start-to-finish service. In conjunction with our other asset management services, US Real Estate Services has really become a one-stop-shop for default servicers in this constantly evolving market.""
USRES added that current customers also have the benefit of tracking the status of their properties managed by USRES Property Management through a familiar tool - ""RES.NET"":http://www.res.net/. US Real Estate Services has designed USRES Property Management to work closely with RES.NET, the company's proprietary workflow management system used by asset managers, brokers, and other industry professionals to process REO, property valuations, and pre-foreclosure activities.