ProReo™ Settlement Services Launches New Platform
Parcel Revenue Corporation and its Highland Heights, Ohio based subsidiary, ProReo™, launched the highly anticipated Title/Escrow Load Balancing Platform last month and the platform is already receiving rave reviews from some of Northeast Ohio’s top real estate agents.
“What this program is doing for the inner city and zombie homes is absolutely amazing,” said Jelena Krilova, a real estate agent with Howard Hanna Realty in Strongsville, OH, located about 20 minutes from Cleveland. “I have never seen a real estate deal close so quickly and easily.” Krilova represented a local real estate investor who purchased a condemned property on Cleveland’s west side. The property had been empty for years and the property taxes were $15,000.00 delinquent. Today, just a month removed from sitting vacant and condemned, the property is under renovation, the taxes have been paid, and the new owner plans to move in once renovations are completed. The property is also just a few addresses from Benjamin Franklin School and posed a safety hazard to children walking to and from school.
“So, yes, we are very pleased with the launch of the platform thus far,” said Julius L. Cartwright. Cartwright is a founding board member at Parcel Revenue and previously served as president of the National Association of Real Estate Brokers. He also consulted on the system’s development.
“One of the major problems in urban areas is that title insurance companies are reluctant to insure the sale of distressed properties due to the serious title issues associated with these properties. The platform allows us to work in conjunction with title agents and attorneys to clear titles in days or weeks, where the process would normally take months or even years.”
The platform uses artificial intelligence and analytics to monitor the workload of participating title agents and attorneys and routes orders to the agent with the least number of pending transactions. Historically, title agents have closed transactions on a “first come, first served” basis which creates logjams in the escrow process. Since state law regulates title insurance rates, the buyer and seller are not financially impacted by which title agent closes their transaction. “Every title company in Ohio sells the same product at the same price, so the agents, buyers, and sellers all want to close as quickly as possible. That’s the goal,” said Cartwright.