preREO has launched a new platform, prereo.com, to connect real estate investors with lenders and servicers to access opportunities with distressed properties.
The company defines “pre-REO” as a delinquent first mortgage secured by a vacant property, typically a single-family home or condo.
“preREO is a solution for lenders who are ill-equipped to maintain these homes from afar,” says CEO Jorge Newbery. “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 brings noteholders and community investors together, allowing for more efficient maintenance and improvement of these properties. With preREO, investors can utilize receivers, appointed by local courts, to repair and rent the properties during the foreclosure process.
The new prereo.com platform has been redesigned with both user experience and functionality in mind. It has been rebuilt in a way that helps investors with the pre-REO process from start to finish, as well as expanded inventory in communities across the U.S. Investors can easily search and bid on pre-REOs and connect with experts that are familiar with the pre-REO process.