Posted by Irwin on May 05, 1999 at 22:58:05:
My area is being handled by Intown Management(or something like that, operating out of Atlanta). They’re
handling 14 states. They just got their first list up for a first bid submission date which happened to be today. They were six weeks late in getting started. They haven’t published any rules for bidding or payment, so we’re assuming they’re going by HUD’s prior procedure. They have a new contract form that nobody has yet, and instead of creating one that can be done on the computer and photo-copied, they created a new six part carbon paper form. Not too bright there.
I can’t judge their appraisals, but they seem to be in the same area that HUDs were.
I have no idea who these outsource REO contractors are, or what experience they have in handling sales of REO properties in huge numbers. These deals were all cut by HUD in DC and dictated to the field offices around the country. God only knows what’s going to happen. At best, the system will work approxiately the same as it did when the local HUD offices were running the show. At worst, the re-sale system will collapse in chaos, fraud and confusion, costing the taxpayers a gazillion dollars before HUD wakes up and takes back control.