Global Links Offers New Subscription REO Service
Global Links Corp. has launched a new subscription website (www.R-E-info.net) designed to provide the mortgage industry with the most recent foreclosure and REO information.
"Our company is focused on real estate information," said Frank Dobrucki, chief executive officer for GLC. "I was a foreclosure trustee for 12 years. Having done about 4,000 foreclosures myself, I've found that the No. 1 thing people ask for is leads on foreclosures. They want the inside scoop."
GLC is banking on this desire to offer a site that is dedicated to providing the latest foreclosure and REO data on a national basis. "What I'm trying to do is redirect the industry to where the real opportunities are," noted Mr. Dobrucki. "Going forward, interest rates are going to go up and foreclosures are going to increase. A lot of people think foreclosures are the way to grab real estate, but I disagree.
"There are two types of properties, pre-foreclosure properties that are in the foreclosure process and post-foreclosure properties considered REO," he continued. "REOs - in my opinion - are the strongest way to buy real estate. If you think about it, if you bid on the property before seeing it you're taking a crapshoot and hoping you get a good deal.
"However, once the property goes into foreclosure, the bank gets it back as an REO," reported Mr. Dobrucki. "Now there's liability on the bank side when they sell it and they have a particular formula based on the principle that you can buy something for 20% less once they get it."
In creating this proprietary service, Mr. Dobrucki believes that he is serving a great purpose that will benefit the market. "The faster the REO market is re-absorbed, the stronger the banking and real estate markets get, which is why we're spotlighting the REO market," he pointed out. "We're trying to say, 'If you're a serious real estate investor and if you can find out the latest REOs from today or yesterday, you're going to get the best chance at buying the best properties at the best prices.' The longer the properties stay on the market, the more they bring the market down."
GLC also wants to offer a faster way to get this information out, which is why GLC decided to launch a website. "In today's market we found that the different media and listing entities take too long to post this information," said Mr. Dobrucki. "We can have our information up within days of when it happened. We get 8,000 to 30,000 REO updates daily. We're also working with banks to get auto updates on REO properties with photos and as much information as they have on that property."
The site is designed in such a way that the user signs on as a member and can click on the state of interest and then the county to get all the REO information in that county. Every listing includes a property profile including the age, the value and the for-sale price on the property in question. Contact information on the REO manager is also listed so the user can go directly to the manager. The site can also track a given listing at the request of the user.
As far as price, the user pays a monthly fee. For executive memberships, GLC will put together a report on a listing if the user is interested in that particular listing. There's also a free tutorial that will help the user navigate through the site.
Going forward, the site will be expanded to include photos and is just one section of GLC's plan to launch a complete real estate information network. "This is our starting point in our growth curve," pointed out Mr. Dobrucki.
Copyright 2004 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.mortgageservicingnews.com