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

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.

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