Panorex Launches REO Disposition Task Force

Panorex Realty, Inc. (panorexrealty.com) and Panorex Commercial (panorexcommercial.com) have announced their strategic decision to increase their involvement in representing lenders with the disposition of REO (real estate owned) properties.

Woodland Hills, CA (PRWEB) September 2, 2007 -- Panorex Realty, Inc. (panorexrealty.com) and Panorex Commercial (panorexcommercial.com) have announced their strategic decision to increase their involvement in representing lenders with the disposition of REO (real estate owned) properties. The Southern California based brokerages are in the midst of partnering with several lenders in the region to provide a solution to the foreclosure situation which has seized the nation.

With the recent increase in REO properties nationwide and especially in California, lenders have yet to find a solution which will ensure that their reputation as responsible financial institutions is preserved. Panorex has implemented a new division which will solely be in charge of the disposition of both residential and commercial REO properties. Kevin M. Levine, Sr. Vice President of Panorex, will be heading the new department focused on relieving the stress caused by the growing number of properties in lenders' REO portfolios. "Lenders find themselves in a tough spot today, unable to handle the overflow of defaults and having no choice but to foreclose. In order to keep themselves off state and federal regulators' watch lists, however, they need to keep their REO portfolio at a minimal size. This new division helps sell these properties quickly and at an accurate price," stated Levine. "By relying on an external source to manage and liquidate their portfolios, lenders can get back to focusing their energies on their primary business."

Panorex will focus its residential REO disposition in California, Nevada and Arizona regions and its commercial REO disposition nationwide. Panorex brokers will be available for lenders to contact regarding any help or advice they may need to formulate the best strategy for disposition of assets. With the technology, refined marketing operations and proven investment strategies, Panorex's trained real estate agents are able to effectively market and sell properties quickly in order to decrease losses and acquire the highest recovery prices.

Eli Tene, founder and C.E.O. of Panorex, commented on the company's recent expansion of services. "We are currently trying to get the word out to lenders across the country that we are here to help. Notices of Default in the state of California alone totaled 54,000 this past quarter. To make sure this does not equate to billions of lost dollars for lenders, we are working hand in hand to market properly and sell at sufficient values. We realize that you cannot attempt to sell an REO property as you would a borrower-owned one. It requires an increased amount of diligence and care."

Panorex Realty, Inc., headquartered in Southern California, specializes in the purchasing and selling of residential, commercial and industrial real estate. Through quality representation, superior advisory and investment strategies and timely execution, Panorex is able to cater to a diverse clientele, including lenders, investors, pool buyers and single property owners.

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