Default Resource, a provider of default management, valuation, and loss mitigation services, has announced that Barnesville, Ga.-based United Bank has chosen Default Resource to manage its expanding portfolio of real-estate-owned (REO) properties. Default Resource will be handling a large percentage of the REO portfolio for United Bank through Executive Asset Management, its affiliate for managing default assets. Under an agreement between both companies, Executive Asset Management will manage United Bank’s properties, enabling the bank to reduce its fixed costs, while enhancing net proceeds from the sale of its real estate-owned (REO) properties. Services provided by Default Resource/Executive Asset Management include property preservation, marketing, valuation, contract negotiation, title, settlement and closing services.
“When it comes to managing bank-owned real estate, Default Resource and Executive Asset Management provide unparalleled service and delivery,” said Scott Swafford, United Bank’s director of special assets. “We were impressed with their reputation and their ability to execute across multiple service offerings, such as property preservation, closing and training services. They are a trusted advisor and we look forward to a long working relationship together.”
United Bank received approval from the Federal Deposit Insurance Corporation (FDIC) to acquire a number of failed banks in the southeastern United States in recent years. The bank’s assets have recently surpassed $1 billion.
“As the real estate market continues to struggle, we are pleased to be working with dynamic institutions like United Bank,” said James H. Zeldin, executive vice president of Default Resource. “Regardless of property type, we designed multiple, customized disposition strategies aimed to maximize asset proceeds and reduce losses.”