Industry NewsTechnology

Technology brings more competition to foreclosures

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Editor's note: With experts predicting foreclosures to rise in the next year, many in the industry already have new strategies in place for how they'll manage this market change. This three-part series explores new technologies in play for lenders, investors and real estate agents who work with foreclosed properties. (See Part 2: Web sites streamline foreclosure and Part 3: Lenders save money with foreclosure technologies.) Warren Adams, a Realtor at Security Pacific Real Estate in Fair Oaks, Calif., said the "technology" he once used to track pending foreclosures consisted of a pile of newspapers and a pair of scissors. The Internet has changed that. "When I started doing this I was cutting out notices of trustee sales and putting them on my desk. It was a real time-consuming process," said Adams, who specializes in buying foreclosed properties at trustee sales and marketing the properties for banks. "The days of walking down to the county recorder's office and (then) going to ...