REOTrans Sees Billions In Online Home Sales
REOTrans LLC, a provider of systems for managing and selling residential foreclosures, has sold over 150,000 real estate-owned homes at $22 billion in total through its Web-based platform since the inception of the company in September 2003.
Moreover, it appears that as online sales become more and more popular, the tide is turning upwards when it comes to REO sales.
"We continue to see substantial additions of foreclosure properties to our system each month," said REOTrans CEO, Chris Saitta, commenting on the data. "On the plus side, we are definitely starting to see higher numbers of properties selling, even in areas like California and Florida, which have been significantly impacted by the current real estate and mortgage crisis."
Residential real estate foreclosures "have increased dramatically during the past year," the company said, and as of now, approximately 175,000 properties are available through the REOTrans platform.
It provides buyers and investors with free real-time access to REO listings nationwide.
"REOTrans allows agents to have up-to-the-minute information on any property at anytime, day or night, all free of charge," the executive said.
According to Mr. Saitta, "Homebuyers and investors are becoming more active and starting to buy properties once again. There are a lot of good values being offered by sellers."
The company specializes in providing banks with an REO management software system that assists the sale of foreclosure homes nationwide.
Currently 16 of the top 25 mortgage institutions in the country use the REOTrans software, which provides REO property listing services online through its website, www.REOTrans.com.
Over the last five years the company sold about 150,000 homes online.
The REOTrans platform operates as an electronic commerce marketplace for sellers and real estate agents.
The goal, Mr. Saitta explained, has been to enable REOTrans clients a combination of what "everything and everyone needed to easily automate the entire management and sales process for foreclosed homes."
Besides free, up-to-the-minute information, REOTrans also allows real estate agents to retrieve property listings from banks.
REOTrans links these agents with interested sellers. Every month sellers assign up to 15,000 property listings to real estate agents simply by using the REOTrans platform.
Agents can sign up with REOTrans at no charge for basic registration services so they can become available to work with listings in their area. Member agents can also post their own property lists on REOTrans.com at no cost.
"Since its inception, more than 320,000 foreclosed properties have been managed on the REOTrans platform," said Mr. Saitta. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/