Networking Sites Connecting those in REO Cyberspace
A handful of companies are launching Websites into the real estate owned (REO) space as demand increases for foreclosed properties. Lenders Asset Management Corp. (LAMCO), a default asset management company, released its new site, which offers more information to lenders on how to meet REO default management needs. The site also introduces users to the LAMCO REO Liquidation Management Process, a system developed to mange and liquidate default properties. Complimenting the site is the LAMCOnetwork, which connects institutions that do not partner with an REO asset management companies with REO agents, appraisers, contractors and others. LAMCO is launching into a space that is seeing increasing competition. For example, Heavy Hammer, an online real estate marketing company, holds a string of sites that provide free foreclosure resounces. USHUD.com and its sister sites grant access to more than 500,000 home buyers to foreclosure information every month. They also connect with real estate professionals to discern between good REO deals and bad ones. Write to Jon Prior.