REOdeedwagon.com Goes Offline
Written by: Scott Smalley
I heard it from a friend who, who heard it from a friend who, heard it from another that the site is being taken down. The popular website, which was established to help banks market REO (real estate owned) inventory, has been taken offline due to declining REO inventories. The website provided valuable assistance to bankers who were “Ridin’ the Storm Out” and helped them to “Keep Pushin’” REO off of their balance sheets. With that task nearly complete, the website has acknowledged that it’s “Time for Me to Fly.” To help banker’s “Roll with the Changes,” properties advertised on REOdeedwagon.com will be migrated, free of charge, to Promontory Interfinancial Network’s Bank Assetpoint®, which serves as a marketplace for banks and brokers to view listing of loans, commercial real estate and other assets.
Here’s the official statement from REOdeedwagon.com:
REOdeedwagon.com has been taken offline as of February 28, 2014.
This website was established to help bankers advertise their REO inventories beyond local markets and was successful in accomplishing that goal. After researching this extensively, we feel that the REO inventories are returning to near normal levels for the majority of institutions in the country This is a positive sign for the industry. Should there ever be a need for a service like REOdeedwagon.com, we are confident that we will be able to act swiftly to answer the call from the lessons we have learned. It has been an honor to serve bankers and consumers over the past two years.
If you would like further information, please call 800-662-7044.
If you “Can’t Fight this Feeling” to discuss your bank’s strategy to market and sell REO property, please contact a member of our Commercial Lending team or your usual Stinson Leonard Street LLP attorney.