A system to manage, review, and process distressed real estate and other assets, including, but not limited to, performing and nonperforming notes, substandard assets, and other real estate owned (OREO) assets. The system may be hosted on one or more servers on a network, such as the Internet, and accessible to financial institutions and other users through a web browser or similar program. Alternatively, the system may be hosted on an institution' s own computers. The system may be used by banks, credit unions, savings and loan institutions, asset management companies, financial institutions, real estate development companies, and other holders of assets to list such assets and make them available for review by potential investors or purchasers, and tracks said assets until said assets are sold or “off-loaded.”