OfferSubmission is a real estate management system for banks, mortgage servicers and asset managers. Direct Knowledge developed this web application to help asset owners (e.g. banks) sell their portfolios of REO (Real Estate Owned) properties.
Before OfferSubmission, asset owners would typically see only the very best offers made on homes in their portfolios, because all offers went through listing agents, who tend to sit on lower offers while waiting for better offers.
With OfferSubmission, the asset owner receives all offers in real-time and can make quick accept/reject decisions or extend counter offers. This allows the asset owner to sell more property faster and at higher prices while using fewer personnel to do the job.
class="simplehover"The system accommodates all of the players in the transaction: asset owners, 3rd-party servicers, listing agents and buyer’s agents, and it is secured to present each user only the appropriate information and functions.
The main ‘property status’ page allows servicers to view the status of all of the properties they are currently managing, color coded to let them know the properties where action is needed.
For a given property, the servicer can review all of the offers, both new and old. They can accept, reject or counter any of the offers. One key use of this is to send a request to some or all of the bidders on a property to submit their ‘highest and best’ offer – basically to start a bidding war.
For all offer activities, email notifications are sent to the various parties to the offer – this dramatically speeds up the selling process.
Upon acceptance of an offer, the system guides the agents through the process of completing the sale transaction, including generation of key sales documents.