Hilco Real Estate Launches "ASAP" Initiative

ASAP is an acronym for Asset Sale Action Program, a proprietary, new initiative to reduce the time-to-sale of distressed real estate assets held by financial institutions. ASAP will provide banks with a systematic strategic approach to sell their OREO (Other Real Estate Owned) properties

The goal of HRE’s new program is to maximize recovery on a bank-held property through an expedited sale process, conducted in a structured timeframe, while thoroughly documenting the process to meet the FDIC’s Shared-Loss Agreement (SLA) guidelines. Under SLA, the FDIC and the bank share risk. ASAP is said to be a tool for banks to minimize their losses.