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HOT STOCK PICK *ALERT* RUMORS OF NEW MIDDLE EAST CONTRACT
52 Week high $0.11
52 Week low $0.01
Shares outstanding 37,934,000
New Software from Henderson, Nev.-Based Firm to Help Track Foreclosures
MONDAY , JANUARY 19, 2004 05:04 PM
Jan 19, 2004 (Las Vegas Review-Journal - Knight Ridder/Tribune Business News via COMTEX) -- A Henderson-based real estate venture company is about to unveil a new computer software program that will educate individuals and financial institutions about foreclosures.
The new software from Global Links Corp. will be released in mid-March and will be a prelude to a new Web site that will perform the same tasks, only more quickly. The companion Web site will debut in April.
The software's name and suggested retail price have not yet been announced.
In addition, Global Links will set up a new investment division to track exclusively commercial foreclosures and bankruptcies and bid on properties defined by the company as a good opportunity for corporate profit and long-term holdings.
Frank Dobrucki, chief executive officer of Global Links, said the software program will be suitable for any person or company that is simply interested in learning about or following the foreclosure process.
"Most of my life revolves around real estate, even though I'm not an agent. I understand distressed properties and know what it entails," Dobrucki said.
The software requires the user to input as much of the property information as possible, whether it be commercial or residential. It then will create information flags to track the foreclosure process, including the timeline, actions and sale of any property.
Dobrucki said the online program will be easier to use because the program will be able to send out automatic e-mail messages reminding the user of important upcoming dates and deadlines regarding a foreclosed property. He also said the software is solely an educational tool and not a get-rich-quick scheme.
"We will not do commercial seminars about how to score in the foreclosure market," Dobrucki added. "We are simply explaining the laws to the user, explaining the process entirely. Foreclosures are a matter of public record so the software eliminates the process of digging out that information."
Global Links will partner with a yet-to-be-named major national title company to provide information for the software's future Web site and to help promote the service.
Dobrucki, a former foreclosure trustee for 12 years who conducted some 4,000 foreclosures in his career, took over the 52-year-old Global Links last March and added two other subsidiaries focusing on developing affordable senior housing and international housing. He developed the software initially as a way for Global Links to instruct real estate agents about the foreclosure process during an actual real estate transaction the company was handling.
Dobrucki said the software will be limited to tracking foreclosures in Nevada, Arizona and California because foreclosures can be conducted using trustees in these states whereas most other states use judicial foreclosures that can tie up the courts. A trustee acts as a middleman between a title company and a bank, he explained.
"No other local company is doing any kind of foreclosure tracking. No one is doing what we're doing," Dobrucki said.
By Erik C. Huey