Los Angeles-based REOTrans LLC, a provider of systems for managing and selling residential foreclosures, has sold more than 150,000 homes, representing $22 billion in total value, through its Web-based platform.
The company provides banks with a software system to manage and sell real estated owned (REO) homes nationwide. REOTrans provides its software to 16 of the top 25 mortgage institutions in the country and provides foreclosed property listing services via its Web site, www.REOTrans.com.
Residential foreclosures have increased dramatically during the past year, with approximately 175,000 properties currently available through the REOTrans platform, the company adds. ‘We continue to see substantial additions of foreclosure properties to our system each month,’ says Chris Saitta, CEO of REOTrans. ‘On the plus side, we are definitely starting to see higher numbers of properties selling, even in areas like California and Florida, which have been significantly impacted by the current real estate and mortgage crisis.’
The REOTrans platform consists of a highly configurable workstation and e-commerce marketplace for sellers and real estate agents, providing buyers and investors with free real-time access to REO listings nationwide, the company says. REOTrans also provides agents the ability to secure listings from banks.