RileyREO Inc. has announced the launch of its new Web site, www.RileyREO.com. Designed by former bankers, RileyREO provides a low-cost, no commission direct conduit between banks wanting to expeditiously dispose of their real estate-owned (REO) properties and buyers or investors. Two years in development and research www.RileyREO.com is designed to give bank management greater control over their REO marketing efforts and expands the pool of buyers to include all prospects nationwide.
For the potential buyer RileyREO provides access to bank REO properties at no cost or registration requirements. RileyREO does not negotiate or participate in the sale of properties, but rather provides the conduit between financial institutions and potential buyers. As such, www.RileyREO.com works well with properties listed directly by the bank or through realtors. Other buyer features include: The bundling of prospective properties, regardless of whether they are sold directly through the bank or real estate agent/broker and direct contact to the bank or realtor as determined by the bank.
“With over $49 billion in REO properties as of June 2010 (FDIC), community banks need to utilize all available tools to sell their REO properties. The extensive reach of the internet and ability to attract buyers through our free Web site is a powerful incentive," said Mark Riley, co-founder of RileyREO Inc.
For participating banks, www.RileyREO.com provides detailed reports of what properties are being reviewed, requests made for additional information, an option to create a link to the bank’s website, assistance in preparing property and market information and anonymity, if desired.
"By bringing more potential buyers to bank REO properties, the sales can occur sooner and that reduces a bank’s carrying cost," said Riley. "RileyREO Inc. is currently seeking additional properties and encourages financial institutions to partner with us on expediting the sale of their REO properties."
For more information, visit www.BankResourcesAndSolutions.com or www.RileyREO.com.
