This is what I read in RE News I read every morning. This was published yesterday on DSNews.com Apparently, they are making it easier for RE Agents to submit thier offers on REOs for review.
Southfield, Michigan's Woodward Asset Capital, LLC has announced the launch of OfferSubmission.com, a proprietary web-based software program that allows mortgage asset owners to control the REO disposition process, while providing transparency for real estate agents and institutional sellers.
The company explained that banks, servicers, GSEs, private equity firms, and hedge funds can utilize OfferSubmission.com to streamline the offer and negotiation process for bank-owned real estate, with zero added cost to the seller. The system relies on the buyer's agent, rather than the listing agent, to submit binding financial terms of an offer online. Compared to the traditional disposition process, Woodward Asset Capital said, OfferSubmission.com increases the number of offers per property, which correlates to higher prices and shorter marketing times.
In addition, OfferSubmission.com provides sellers with real-time information, such as the number of properties on the market, how many offers each property has received, and which properties are under contract. With this feature, Woodward Asset Capital said, sellers can make strategic decisions while empowered with today's information, rather than reports from the last quarter. “With minimal effort, asset owners are able to review hundreds of offers in a fraction of the time it took to review just one offer before OfferSubmission.com,” the company said.
Since February of this year, OfferSubmission.com has been utilized by National City Bank and a top-rated subprime servicer, and Woodward Asset Capital says the results have been nothing short of remarkable.
Ronald Jasgur, partner at Woodward Asset Capital, explained, "In the first 60 days of utilization, OfferSubmission.com literally doubled the number of properties sold compared to what the bank had historically sold from their portfolio. Sale prices are exceeding 97 percent of BPO values, while days on market have been reduced to just 22. Almost 70 percent of the properties sold via OfferSubmission.com are purchased by owner-occupant buyers, which helps to stabilize neighborhood values and create future wealth for American families through homeownership.”
Jasgur added, “Best of all, the increased execution generated an additional $10 million on the sale of these properties for the bank in just the first two months of using OfferSubmission.com, which is great news for taxpayers who are concerned that banks aren't doing enough to stop the bleeding."
OfferSubmission.com can be utilized as the "system of record" for government reporting, such as for the Troubled Asset Relief Program (TARP), or it can be added as a support tool for processing and managing the REO offer process.
Woodward Asset Capital says it brings “clarity and common sense to the boardrooms of the banks, mortgage lending, and servicing entities,” while helping to establish real benchmarks to improve the overall performance of distressed portfolios. The company provides portfolio consulting and valuation, wholesale residential sales and acquisitions, residential portfolio oversight, shared-appreciation REO rehabilitation management, and TARP-compliant solutions.
I just forwarded this to my agent. If it saves us both time, why not!?!?! What do you guys think?
-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --