Realtors who manage REO properties find it to be a complex and cumbersome process. There are a variety of well thought through and implemented software programs available to help manage the REO process efficiently. Trying to manage REO properties without REO software can easily frustrate even an efficient and organized agent. With online hosted REO Software services it is pretty easy to manage all your REO inventory efficiently at a very reasonable monthly fee. Since these online services are hosted solutions, they don’t need you to either install or maintain them.

Essential features needed in a good online REO Software are as follows:

• Ability to assign different REO properties to different agents
• Multiple logins with different levels of access to software features
• Ability to schedule tasks and track their progress
• Expense and billing process to track expenses, pay bills and invoice banks/clients
• Easy tools to upload property info, photos along with ability to easily download them into popular formats
• Easy communication tools (integration with email) to co-ordinate with all the entities involved in the process
• Intuitive interface and work flow to avoid steep learning curve
• Should enable banks, lenders and BPOs to check the status and other relevant data with secure access
• Ability to generate custom reports for easy and quick reporting needs
• Highly secure and reliable provider with good customer service
• A low monthly fee

These are just some of the features real estate brokers and agents should look for in any company that offers Online REO Management Software Solution.

The measures passed by the congress to help homeowners facing foreclosure. and those who are currently behind on their monthly payments, seem to have not made a significant impact. This is quite understandable as the price declines have not stopped in most of the country - and in my opinion, this needs to happen along with  stabilizing or gradual declining in the real estate inventory levels. These two will stem the foreclosure tide and thus save banks form the ever increasing REO property inventory (non-performing assets).

According to RealtyTrac, “Nationwide, the number of total foreclosure actions rose to a record 303,879 in August – including 119,059 default notices, 93,927 sale notices and 90,893 REOs – although the year-over-year increase slowed to 26.69 percent last month from July’s year-over-year gain of 55.12 percent. Compared with the month before, foreclosures rose 11.65 percent after rising 7.85 percent in July.”

The numbers certainly don’t bode well for the lenders and banks trying to get out of the current mess. The deceleration in the inventory increases year-or-over is quite apparent, but nevertheless, 27% Y-O-Y is still a huge jump. Unless the mortgage lending gets back to normal, the number REO properties available from various national banks will see no abatement soon. The flood of new REO auction houses is a good indicator to indicate the bullishness for the continuing reo inventory increases at all the major lenders.