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Default Resource Offers New Service to Ensure Proper REO Management

""Default Resource"":http://www.defaultresource.com, a financial services company headquartered in Frederick, Maryland, has developed a new report that will inspect and oversee work performed by REO and short sale listing agents. The Asset Surveillance Report (ASR) is offered through the company's ""Mark To Market"":http://www.marktomarket.com valuation division.
[IMAGE] According to Default Resource, brokers who take on high levels of REO may be unprepared to professionally manage and market those properties.

""Previous studies have found many inconsistencies in the quality of the service offered to REO property owners and managers, and there is a cost associated with this level of performance,"" said Frank Marshall, president and co-


owner of Default Resource. ""This new program will provide a means by which REO asset managers can ensure that their listings are being maintained appropriately and their properties are selling faster and to the right buyer while maximizing recoveries.""

The ASR is operated by Mark To Market, which sends out independent inspectors to listed REO homes. The company's existing network includes more than 20,000 licensed agents and property inspectors.

The agents provide information regarding whether the home is properly maintained, has visible yard signage, has a lockbox in place, is listed correctly in the MLS, and has appropriate marketing materials inside. Hazardous conditions are also detailed in the report, which includes photos of the property. Reports are filed in a secure portal.

""Whether it is complacency, lack of capacity, or worse, this underperformance results in homes sitting on the market too long,"" Marshall said. ""This has adverse financial impacts to the seller and individual neighborhoods.""

The ASR comes from an objective third party, according to Default Resource, and allows servicers or investors to know at a glance how their real estate sales partners are performing. The company has already begun signing contracts with servicers and asset managers.

About Author: Heather Cernoch


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