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 1: Technology brings more competition to foreclosures and Part 3: Lenders save money with foreclosure technologies.) During the last wave of foreclosures in the late '80s, veteran real estate investor Alexis McGee often called banks to inquire about foreclosed properties and found that no one knew anything about the properties. There was no network in place for the banks to keep track of their foreclosed assets and it took weeks for them to locate a property they owned. At that time, banks lacked efficient processes to track and sell the properties at the best possible price, so many ended up selling properties for low amounts in a frenzy to get rid of the...
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