Coming Soon… RealAssist™: Streamlined Property Sales for Chapter 7 Trustees
As you may have heard in our recent announcement, we’re excited to present to our clients a new, streamlined way to sell properties that are part of a bankruptcy estate – the all-new RealAssist™ program from BMS…and powered by Auction.com!
Utilizing the bankruptcy technology of BMS and the power of the leading online real estate sales website, Auction.com, the RealAssist™ program helps you sell properties that are part of a bankruptcy estate to increase the value of the bankruptcy estates you administer and return more funds to unsecured creditors in the process, typically with little additional effort.
It’s a win-win situation for everyone involved: a win for the debtor as they avoid going through the painful foreclosure process; a win for the servicer as short sales are less costly; and a win for the bankruptcy estate as the carve out allows trustees to provide additional monies to unsecured creditors.
Of RealAssist™, BMS Chief Executive Officer Steve Moore said, “With the proven Auction.com sales platform and servicer relationships of Ten-X combined with the bankruptcy industry knowledge and powerful process automation opportunities offered by BMS, RealAssist™ will prove to be a valuable service to trustees, allowing them additional opportunities to sell assets and distribute larger amounts back to creditors while allowing debtors relief from their underwater properties.”
How does it work?
RealAssist™ allows you to monetize otherwise unsellable assets in a quick, streamlined manner. Trustees that opt into the RealAssist™ program receive notifications of properties that are pre-approved for sale by servicers through a short sale—properties that debtors have indicated they wish to surrender through the bankruptcy process.
File a motion with the court (BMS provides you with a template), get a listing agent (Auction.com can assist if you don’t already work with a real estate agent) and sign the documents to get the property listed for sale. It’s that easy.
So that the property sells fast, it goes through a finite 21-day marketing period followed by up to 3 auctions on Auction.com.
For each eligible property brought to sale on the Auction.com platform, the estate will receive a guaranteed carve-out of 5% of the sales price (at least $7,500) regardless of whether the property sells or not.
How do trustees benefit from RealAssist™?
We don’t waste your time. We help you get more asset cases.
- Only Pre-screened, Eligible Properties: RealAssist™ alerts trustees to properties in their cases that have gone through a strict eligibility screening process where services have pre-approved the property for sale and where a debtor has indicated that they wish to surrender the property through the bankruptcy process.
- Guaranteed Carve-Out: It’s simple, 5% of the final bid at auction (at least $7,500)
- Document Assistance from BMS: Trustees are assisted on filing motions with the court. BMS provides tailored templates to use.
- Paid Property Insurance: Property insurance is paid for by the investor ultimately holding the mortgage – not the trustee or the estate
- Global Exposure: Marketing the property is done by the listing agent and Auction.com’s powerful global platform
- Finite timeline: Each property goes through a finite 21-day marketing period and up to 3 auction cycles. You can close cases in a timely fashion.
Additionally, RealAssist™ is flexible for trustees, allowing them to select their own listing agent or receive a recommendation from Auction.com. Throughout each step of the process, trustees receive frequent updates and consistent communication for a stress-free experience.
Finally, since Auction.com is the leading online marketplace for real estate transactions, properties listed on Auction.com get more exposure and larger buyer pools resulting in yield higher sales prices.
What’s next? RealAssist™ will be integrated with your case administration software later this year. You’ll receive all property notifications, documents, updates from within an easy-to-use dashboard for an even more streamlined experience that only BMS can provide.
Want to learn more?
Trustees wishing to learn more or opt into the program can visit the RealAssist™ web page here.