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RealTime IT News

eBay Launches New REO Management System

Auction outfit eBay Inc., which began playing the real estate game back in August of 2000, is rolling out an updated Offer Management System (OMS) for foreclosed (called REO, or real-estate owned) properties on eBay Real Estate.

The auction giant also said that its REO properties division will adopt the eBay Real Estate brand and discontinue the HomesDirect brand. Concurrent with the re-branding, REO listings will now be directly integrated into the eBay Real Estate marketplace.

eBay Inc. acquired HomesDirect, a provider of foreclosure-related auction services, for an undisclosed amount in August of 2001.

The new OMS for REO property features real-time online offer negotiations, workflow prioritization and performance tracking and reporting, aimed at helping lenders dispose of properties more quickly and more cost-effectively.

"Lenders have found that our updated system directly impacts their bottom line by helping them and their asset managers make smarter, more informed decisions," said Adam Friedman, COO of eBay Real Estate's REO Properties Division.

The new platform includes real-time offer negotiations; integration with cur rent systems and processes; a Web distributed application accessible anywhere via the Internet; side-by-side offer comparison with "Single Click Countering," automated communication and document creation; communication and document distribution tracking; and detailed reporting for all management levels.

eBay says that its real estate area is the largest online marketplace for REO properties, with more than 10,000 successful auctions each month. eBay Real Estate operates five core categories within its marketplace: residential homes, timeshares, foreclosures, land, and commercial real estate.