There’s a marketplace that allows investors to browse through listings of properties with delinquent mortgages, directly linking real estate investors with lenders and maximizing the return on investments. PreREO has launched its new platform to do just that.
PreREO CEO Jorge Newbery, said:
"PreREO is a solution for lenders who are ill-equipped to maintain these homes from afar.
"We are delighted that, for the first time, community investors can use their local advantage to take control of these properties during the foreclosure process. PreREO is a step-by-step program that can help solve the nationwide vacant home problem for lenders, communities, and investors."
PreREO’s new platform has been updated and redesigned to better help investors with the preREO process of securing a delinquent first mortgage by a vacant property. Now, investors can more easily browse listings of such properties through a streamlined platform.
PreREO properties are a burden on lenders. They’re expensive to maintain and are a mark on the community, as they are, more often than not, abandoned and deteriorating. The new preREO platform looks to beautify communities by selling these types of properties to those who will quickly sell them to families.
Lenders are more likely to partner up with investors when it comes to preREOs, and at a discount to market value, as well. With the help of the new preREO platform, investors can more easily connect with these kinds of lenders, utilize receivers, and repair and rent out the properties as early as amidst the foreclosure process.