“One-of-a-kind partnership will empower real estate agents with the tools and knowledge to get “off the market” inventory in front of both national and international investors for immediate acquisition.”
Boca Raton, Fla. – Nov. 9, 2012 – Vendor Select and Wingspan Portfolio Advisors LLC today announced the formation of a strategic alliance that will uncover, package and sell investment-grade “shadow” properties – individually and in bulk – throughout the United States to discount-minded investors.
Wingspan, which specializes in turning non-performing loans into re-performing assets, will leverage Vendor Select’s robust technology and leading nationwide network for real estate professionals to bring abandoned, vacant and/or distressed properties out from the shadows and onto the radars of traditional buyers, as well as investors, hedge fund managers, private equity fund advisors, and Real Estate Investment Trusts (REITs), among others.
“We have seen major shifts in the residential real estate industry,” said Patrick Butler, Director of Partner Relations for Vendor Select. “Big banks and government-sponsored enterprises (GSEs) are selling off bulk real estate-owned (REO) pools and non-performing loans directly to private equity and institutional investors. However, the vast majority of the ‘shadow inventory’ is not being controlled by these entities – it is still lying dormant in America’s neighborhoods and cities.”
The volume of mortgage defaults in recent years has overwhelmed most money lenders, making it difficult for them to resolve their non-performing assets in an efficient manner. In fact, industry statistics reveal that, on average, the foreclosure process can take as long as two years to complete. Meanwhile, many of these homes sit vacant or the borrowers – who in some cases are “strategic” defaulters – are overwhelmed and confused with too much confusing information.
Wingspan and Vendor Select aligned to provide these individuals, as well as their lenders, with dignified exit strategies that will in turn help restore the listless national housing market.
“Wingspan is thrilled with this partnership and the ability to help match up the lesser tapped purchasing opportunities with the rapidly growing appetite of potential homeowners and investors,” said Steven Horne, Wingspan’s CEO and President.
Real estate professionals, investors, asset managers and portfolio owners (small and large) who are interested in listing, selling or buying “shadow” properties individually or in bulk are encouraged to visit www.VendorSelect.com for more information.