CHICAGO, June 30, 2020 /PRNewswire/ -- preREO is excited to announce the launch of a new platform that connects real estate investors with new opportunities directly from lenders, maximizing the return on investment while improving the local community.
A preREO is a delinquent first mortgage secured by a vacant property, typically a single-family home or condo. These vacant properties become a burden on lenders, incurring significant property preservation costs and often leaving local communities with the blight of abandoned and deteriorating homes.
"preREO is a solution for lenders who are ill-equipped to maintain these homes from afar," said 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 challenge properties. Lenders are willing to partner with investors on preREOs at a sizable discount to market values, mitigating their losses now and increasing potential returns for investors, a win-win. With the help of preREO, investors can utilize receivers, appointed by local courts, to repair and rent the properties during the foreclosure process.
The new platform, www.prereo.com, has been redesigned with both user experience and functionality in mind. It has been rebuilt in a way that helps investors with the preREO process from start to finish as well as expanded inventory in communities across the USA.
Investors can easily search and bid on preREOs, connect with experts that are familiar with the preREO process and generate financial returns while making a positive impact in their communities.
About preREO: preREO provides access to local distressed mortgages secured by vacant properties along with professional expertise to help investors earn a return while giving back to the community. For more information, visit www.prereo.com.
preREO's new logo
How preREO Works
View original content to download multimedia:http://www.prnewswire.com/news-releases/prereo-launches-newly-designed-platform-for-real-estate-investors-301086151.html