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Default Resource Offers New REO Inspection Service

NationalMortgageProfessional.com
Oct 25, 2010

Default Resource, a diversified financial services company offering collateral valuation and inspections, real estate-owned (REO) management and disposition, comprehensive training, hazard recovery and related services, has announced its new Asset Surveillance Report (ASR) to inspect and oversee the work performed by REO and short sale listing agents. The new report will be offered through the company's Mark To Market valuation division. “Our research indicates that some of the brokers who are taking on high levels of REO are ill-equipped to professionally manage and market these properties,” said Frank Marshall, president and co-owner of Default Resource. “Previous studies have found many inconsistencies in the quality of the service offered to REO property owners and managers and there is a cost associated with this level of performance. This new program will provide a means by which REO asset managers can ensure that their listings are being maintained appropriately and their properties are selling faster and to the right buyer while maximizing recoveries.” Through the Asset Surveillance Report, Mark To Market sends out independent inspectors to listed REO homes. The inspection agents report back if the home is being properly maintained, has visible yard signage, lockbox in place, is listed appropriately in the MLS and the appropriate marketing materials are available in the home. Any hazardous conditions are detailed in the report as well, which also includes photos of the property. The reports are filed by the inspectors using Mark To Market's secure portal. “Whether it is complacency, lack of capacity or worse, this underperformance results in homes sitting on the market too long. This has adverse financial impacts to the seller and individual neighborhoods,” said Marshall. For more information, visit www.defaultresource.com.
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