RISMEDIA, January 27, 2009-N-Play REO, has launched one of the industry’s first REO and Foreclosure Web services allowing buyers to submit real-time online offers on bank and lender owned properties directly through the Internet.
N-Play REO service provides banks, lenders and asset managers a powerful new capability to engage all buyers in a paradigm shifting manner that creates a competitive market driven environment for each marketed property. Buyers compete online for a property through the N-Play Make Offer Grid launched directly from the bank and agent REO property listing websites. According to the company, this interactive, easy-to-use interface displays all active offers and instantly ranks and displays any new or modified offer in real time-based on the seller’s criteria. Buyers compete amongst themselves to drive to the market price, or if a single bidder, N-Play encourages continued improvement of the offer until the seller is engaged. Any offers agreed to online are memorialized in a Memo of Understanding which is then handed off to the respective agents to negotiate any remaining points for execution of a purchase agreement.
“By providing a nonbinding, anonymous, transparent and nonthreatening online process, buyers return to the market in a manner that is attractive to them. This process builds buyer participation and confidence which results in higher offers and smoother negotiations than through mass auctions or blind bidding through negotiated sales,” said Mark Bloomfield, CEO of N-Play RE LLC.
“I think everyone who is marketing REO properties will want to employ this service,” said Todd Rielly, CEO of Viridian Asset Management. “It changes the market for REO properties from the finite group of buyers who are in it solely for financial gain at the expense of the banks to a much broader market of buyers who are better matched to the property.”
By combining the speed and efficiency of an auction with the higher offers typical of negotiated sales, N-Play REO has blended the best attributes of both online, delivering superior results to sellers. For the seller, this translates into more sales at a higher net price in less time than any other means.
The company says that it will charge a flat fee per listing for the service.