Woodward Technologies, a subsidiary of Woodward Asset Capital, claims banks are increasingly using its Web-based tools to manage in-house, online REO and short sale auctions.
With Woodward's OfferSubmission and VerifiedShortSale solutions, banks can effectively run real estate auctions in-house on their own schedules, the firm claims.
The platforms allow banks to leverage the expertise of local real estate brokers as well as exposure of heavily trafficked real estate websites like realtor.com, Zillow and Trulia to attract more buyers and close sales faster. This, in turn, helps reduce their dependence on third-party outsourcers to handle the auction process.
Ronald Jasgur, president of Woodward Technologies, said the software helps eliminate ‘the biggest roadblocks common in traditional auctions which actually work against the seller, like buyer registration fees, one-day presale inspection windows and hefty buyer premiums.’
‘Using our technologies, we consistently see properties attract more than 50 bids during the marketing period and sell for 30 to 100 percent or more above the reserve price,’ he added.