CoreLogic provides RE/MAX with profit grade for foreclosed properties
Business data provider CoreLogic (CLGX) and global real estate franchisor RE/MAX on Wednesday launched HomeStandings, a report that provides property specific data enabling real estate agents to assess the overall purchase quality of a foreclosure. The report grades foreclosed properties on their resale profitability. It uses neighborhood and market characteristics to provide an understanding of value, marketability and rent potential. Area pricing, surrounding market conditions, crime rates, schools, estimated market rent and investment opportunities are also taken into consideration. In order to confirm the capability of HomeStandings, CoreLogic reviewed more than 115,000 properties that were sold as foreclosures and then resold within six months. The study revealed that properties that earned an A grade with HomeStandings had a resale profit averaging $81,000 higher than those with D and F grades. “Homebuyers and sellers are always anxious to understand the true value of their home, and increasing numbers of investors will appreciate this information in analyzing the specifics of their real estate investments.” said Mike Ryan, executive vice president of RE/MAX global communications and branding. The HomeStandings report helps agents identify potentially profitable foreclosed properties that are eligible for resale based on the grade generated by the report for each property. Only RE/MAX agents will be able to access the reports. Write to Justin T. Hilley. Follow him on Twitter @JustinHilley.