NEW YORK, May 6, 2020 /PRNewswire/ -- CastleRock REO, one of the largest purchasers of bank owned homes in the US, announced today that it has sold its 15,000th home since the company's inception in 2010.
Headquartered in White Plains, New York, CastleRock was founded by President Jason Epstein and CEO Victor Naar, who sought to provide a supply of low-cost homes to local communities across the US in the midst of the country's economic downturn. Over the past decade, CastleRock has grown to a 40-person strong team and has sold more than $300 million in previously foreclosed homes to owner occupants and investors.
CastleRock continues to grow revenue in a declining foreclosure market through its long-standing relationship with banks, the integrity of its service for home buyers, and its development of proprietary software to match buyers with low-cost properties.
Jason Epstein said, "Selling our 15,000th home is a huge milestone for us. It's a testament to the integrity of the team's approach and the reputation we've developed among financial institutions that we can grow the company despite a steady decline in foreclosure activity. This milestone also reflects the team's dedication to delivering unbeatable service to first-time buyers and investors, through the deployment of our proprietary software."
Furthermore, stated Victor Naar, "Even after buying and selling 15,000 homes, CastleRock's objective remains the same. We want to give buyers a better value alternative to acquiring a house through traditional routes. We do that by bulk buying previously foreclosed homes from financial institutions, and passing on the discount to the buyer. Institutional sellers are often willing to take lower prices from CastleRock because we can purchase either large blocks of properties or one house at a time and we close cash, we close quickly, and most importantly, if we put a bid on something, we close on it at the bid price 99% of the time."
James Harp, Senior Vice President of Operations at Auction.com explained why CastleRock is a premier destination for divesting of real estate: "CastleRock is an ideal partner because the organization offers a combination of readily available funding, and the ability to produce a tremendous volume of high quality bids within a matter of days. We've been working with Jason, Victor and their team for many years, and they are one of the most active and reliable buyers on our platform. CastleRock stands behind their bids and performs on time, as promised. In a fast-paced market that confidence goes a long way."
CastleRock's average inventory of foreclosed houses grew to 1,000 homes at any given time by 2019, making it easier than ever for aspiring homeowners to find their ideal home at a discounted rate, stated Naar. This encourages funds to flow back to local residents more quickly, who may be unable to afford alternative options.
On numerous occasions CastleRock has to be able to sell homes back to the original occupants who lost the home from the bank at up to 80 percent less than their original mortgage amount. That has been very rewarding according to Naar.
CastleRock typically sells homes that are priced around $50,000 or less and offers buyers a discount of up to 20% on market value. The company's average turnover time between purchasing and selling homes is 110 days.
About CastleRock REO
CastleRock REO is a real estate investment company that specializes in acquiring and selling bank owned or previously foreclosed single-family homes. CastleRock has acquired and carried through to sell more than 15,000 homes since the company was founded in 2010. Through long standing relationships with banks and financial institutions, the company buys bank owned homes and passes the discount to first-time home buyers and investors. With more than 50 years of combined experience in REO, CastleRock's team is dedicated to managing all aspects of trading foreclosed homes to the highest ethical standards.
SOURCE CastleRock REO