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35 ยป VISIT US ONLINE @ DSNEWS.COM FHA PORTFOLIO AUCTION STRATEGIES: ONE SIZE DOES NOT FIT ALL. Choosing the best fit for a mortgage servicer's disposition strategies can mean the difference between selling a property on the first attempt or waiting months as the asset goes through numerous and costly auction cycles waiting for a buyer to finally appear. Not all auction companies are the same, and it is important for mortgage servicers today, more than ever before, to understand the options available in order to choose the best company to fit their portfolio's needs. Here are a few key points to consider when selecting an auction company. AUCTION IS MARKETING How do you want to market your property? e ultimate responsibility of an auction company is to generate a crowd of qualified bidders to actively compete for a client property and bring the high bidder to a quick close. is dual responsibility is at the forefront of your auction company's marketing strategy. Some auction companies will choose a "one size fits all" approach to the marketing of a client property and advertise their brand instead of your asset. is formula brings potential bidders to the website to search through a sea of properties and hope enough qualified buyers are interested to generate a competitive auction. Williams & Williams Real Estate Auction (WilliamsAuction.com) markets every property, not its brand, with campaigns tailored to the specific asset's potential buyer pool, location, and value. is amplified exposure elevates a client property in the market and on its website, so the asset is not lost in a sea of inventory as with other auction websites. In short, Williams & Williams' marketing team is laser-focused on bringing the property to the attention of the right pool of bidders to increase third-party sales, not simply marketing a platform to a generic audience. AUCTION STRATEGIES MATTER What type of auction best fits your property? Most auction companies only offer mortgage servicers an online, timed auction. Williams & Williams not only offers online auctions but also provides additional auction strategies based on the client's needs, the property location, and value. For example, Williams & Williams can provide an onsite auction experience at the property, complete with an auction team, while at the same time broadcasting the auction live on the web at its sister company, Auction Network (AuctionNetwork.com). Not only can a bidder watch the auction from their office or home, but they can compete simultaneously with onsite bidders using Auction Network's sophisticated online bidding platform. is dual-bidding strategy increases the pool of bidders available to participate and the high bid on the property by increasing competition. Another auction strategy Williams & Williams employs for clients is its "Live Acceptance Auction." is strategy allows clients to interact with bidders live during the auction. e client can see the bidding velocity on a property as it happens, modify a reserve price to the current bid amount (which frequently drives even more bidding), and accept the high bid in real time. At the same time, Williams & Williams' live broadcast team provides real time information to all bidders regarding reserve-price modifications and other pertinent details regarding a property. is real-time interaction drives unmatched bidder participation and provides real-time data to ensure both the seller and bidder have the necessary tools for making the correct auction- day decisions. DEFAULT TO DISPOSITION STRATEGY Is there a way to simplify the process for a mortgage servicer? Especially with FHA portfolios? One of Williams & Williams' newest and most exciting programs is its "Default to Disposition" strategy that gives clients with FHA portfolios a best- practices approach to managing CWCOT simultaneously with conveyance. Williams & Williams, MSI, and I Property Claims, in a joint collaboration, have developed this solution to provide servicers with a single vendor to manage the process of inspecting and preserving properties, managing the recovery of an insurable loss, resulting repairs, and the ability to dispose of these assets through disposition to a third party or conveyance to HUD. Williams & Williams is even positioned to support clients with vetting properties for the CWCOT auction process by working within a client's system to identify CWCOT candidates while working with the foreclosure attorney firms to ensure the correct execution of a foreclosure sale. What makes this possible is the Single- Source Client Portal. is portal is a secure system that provides actionable data that can be used in property preservation, loss recovery gain/loss analysis, and property disposition planning. is approach is best suited for FHA portfolios as it provides keen insight and transparency into the overall FHA default process, especially when managing CWCOT simultaneously with conveyance. CONCLUSION In today's environment, it is crucial that the auction company selected be able to meet the varied needs of the mortgage servicer. A mortgage servicer should consider what type of partnership they are looking for. Do mortgage servicers just want a cookie-cutter online auction process? Or would they rather benefit from Williams & Williams' customized strategic marketing solutions, innovated high- performing auction events, state-of-the-art technology, and a single-source solution to manage the variety of activities necessary to service FHA portfolios? 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