Brokerage company forms venture to service REO properties

Howard Hanna Real Estate services, a brokerage company with 122 offices and 3,600 sales associates in four states, has partnered with a vendor management company to create a new entity to manage and sell bank-owned properties across the country, according to an announcement today.

Other real estate companies have also sought to build or strengthen specialties in foreclosure-related properties as that market niche has exploded with the market downturn.

The new company, National Real Estate Asset Management, is intended to provide a range of services for customers holding bank-owned foreclosure properties, also known as real-estate owned or REO properties. “Through (this company), customers holding foreclosed properties can work with one partner who handles every aspects of property dissolution — from eviction to the sale of property,” according to the announcement.

Howard Hanna partnered with National Real Estate Information Services, a privately held vendor management company, to launch the new venture. NREIS offers title, appraisal, settlement and default services and services about 4,000 pre-foreclosure and REO properties each month.

Howard Hanna has an asset management team that works with both residential and commercial properties, according to the announcement. The brokerage company has operations in Pennsylvania, Ohio, New York and West Virginia.