Wednesday, February 20, 2008
The LOGS Group forms JV for Home Auctions
Gerald M. Shapiro, Chairman and CEO of The LOGS Network, an industry leader in real estate related legal and title services, is pleased to announce the formation today of a joint venture with NRC Realty & Capital Advisors, LLC (NRC), a specialist in the accelerated sale of real estate, to provide residential auction services to national mortgage providers and other large owners of REO.
"The NRC/LOGS combined knowledge and expertise represents a new and innovative cost savings approach to seamlessly dispose of the increasing inventory of foreclosed properties," commented Shapiro.
"NRC is fully staffed and ready to handle several thousand homes each month in ballroom style auctions anywhere in the country," said Evan Gladstone, NRC's Executive Managing Director. "Auctions are by far the fastest way to get REOs back to homeowners and small investors and the best method to recover the highest NPV returns."
With over 200,000 new foreclosure postings every month, and with the pace of new foreclosures expected to increase over the next 12-18 months, NRC/LOGS may be on to something-residential real estate auctions have proven to be successful in this current market.
Please visit us at the LOGS booth #907 at MBA's National Mortgage Servicing Conference & Expo on February 26-29, 2008, at the Hilton New Orleans Riverside, New Orleans, Louisiana.