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CredentialsNATIONWIDE REAL ESTATE AUCTION SERVICESFederal CCR - D.U.N.S. 038069055 - CAGE CODE 1U4J5CERTIFICATIONS:
Auctioneer Services:
The company is based in Pocomoke City, Maryland on the scenic Eastern Shore. The service area is nationwide across the USA using a network of certified auctioneers. We have sold over 3,000 properties at auction and using hybrid accelerated marketing methods. CASH OR COLLATERAL THE FORECLOSURE ALTERNATIVE:Progessive Auction Exchange, LLC has developed a radical new program to help people avoid foreclosure and save lenders hundreds of millions of dollars in foreclosure expenses. The methods used are based upon 2000 years of auctioneer traditions combined with 21st century technology to deliver the ‘present cash market value’ of any property in 4 to 6 weeks. We are ‘The Industry Standard’ in real estate auctions and there has not been one time in the past 5-years when a greedy seller who refused the hassle free auction cash placed on the table has sold for more, not once. Remember the golden rule of loss mitigation First loss is the best and least expensive loss When a home owner realizes they cannot afford the payments and want to avoid foreclosure is when the Cash or Collateral foreclosure alternative works. Property is entered into an auction pool where it is treated the same as private sector sellers and aggresively marketed. The foreclosure regulations that ledners operate under were written during the great depression of the 1930's with few updates. The regulations require basic 'tombstone ads' with a legal description of a property but no real information. Investors don't want to bid blind on the courthouse steps for a property they know nothing about so lenders are ending up with hundreds of thousands of homes they do not want to manage and market. The Mortgage Bankers Association reports the average cost of foreclosure to a lender is $50,000.00 to $70,000.00 per home or 30% to 50% of the mortgage amount. Multiply that times the 2-million homes projected to be foreclosed upon in the next 18-months and the numbers are staggering. Cash or collateral offers lenders & borrowers an Early Mitigation (EM) solution to deliver ‘the present cash market value’ for any property in about 6 to 8 weeks. “Cash or Collateral” is an innovative alternative to costly foreclosures, equity erosion and risks of holding & maintaining thousands of vacant homes. SIMPLE CONCEPT:
Homes are sold at a live/Internet auction event where there are only three potential outcomes:
The most attractive feature to institutional investors and lending institutions is that a platform has been created to monetize real estate faster than traditional methods. Cash or collateral was created as a solution where the entire property recovery process is compressed into a timed event, with only three potential outcomes and no surprises to lenders or loan servicers. The program is fully scaleable to accept as much inventory as qualifies with solid timeline & no surprise costs. We deliver cash or collateral while saving time, money & retaining dignity for the people whom are losing their homes. For more information please contact: Billy Burke, CAI - AARE |
