Sixty days following the launch of OfferSubmission.com - a proprietary Web-based software program that allows asset owners to streamline the offer and negotiation process for bank-owned real estate - the site's creator, Woodward Asset Capital LLC, reports users' success.
The site increases asset disposition efficiency by relying on the buyer's agent (rather than the listing agent) to submit binding financial terms of an offer online, the company says. National City Bank and an unspecified subprime servicer have been using the site since February, Woodward Asset Capital reports..
“Sale prices are exceeding 97 percent of [broker price opinion] values, while days on market have been reduced to just 22, say Ronald Jasgur, a partner at the company. “Almost 70 percent of the properties sold via OfferSubmission.com are purchased by owner-occupant buyers, which helps to stabilize neighborhood values and create future wealth for American families through homeownership.”
OfferSubmission.com can be utilized as the system of record for TARP reporting or it can be added as a bolt-on support tool for processing and managing the REO offer process.
