New Report Provides Current &Past REO Property Listing Activity
Dallas-First American Valuation and Property Solutions here released a new Property Listing Verification report that confirms and tracks real estate-owned listing activity of individual properties, which has applications in REO marketing, fraud prevention, due diligence and portfolio valuation.
The service gives lenders and investors access to local real estate markets on a national basis with rapid turnaround. The new report confirms that a specific property is currently listed and provides the listing price and days on the market.
If a property is not currently listed, the report displays up to 12 months of listing history, time on the market and past listing prices. Real estate agents knowledgeable about their specific markets will perform local verification and cross-reference research.
The final verification report is available within two business days. The report is designed for use by quality control and fraud prevention staffers in the REO and servicing arenas to identify potential cases of collusion, and by investors who perform due diligence as part of the portfolio acquisition process.
"The level of REO sales activity nationally is at an all-time high," said Joni Pierce, division senior vice president of First American Valuation and Property Solutions.
"Our new verification report gives servicers greater visibility into how their assets are being marketed at the local level and provides a red flag to detect cases of collusion. Investors can use the report to obtain a more accurate picture of specific assets within a portfolio that could affect their offering price."
The challenge for a lender to price the REO accurately is gigantic. With a nationwide staff of qualified appraisers and talented, experienced REO operations and quality control personnel, First American provides lenders and loan servicers with quality traditional 1004 REO appraisals that provide all the detailed information required to make the best possible decision on reconciled values and disposition strategies for non-performing assets.