Magazine article Mortgage Banking

OfferSubmission.com Launches to Improve REO Sales Results

Magazine article Mortgage Banking

OfferSubmission.com Launches to Improve REO Sales Results

Article excerpt

Southfield, Michigan-based Woodward Asset Capital LLC has launched OfferSubmission.com, a proprietary Web-based software program that allows mortgage asset owners to control the real estate-owned (REO) disposition process while providing transparency for real estate agents and institutional sellers.

According to the company, banks, servicers, government-sponsored enterprises (GSEs), private-equity firms and hedge funds can use 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 with 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. …

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