preREO
Real Estate - Chicago, IL, US
preREO Details
preREO is an online marketplace that connects local real estate investors with lenders looking to sell delinquent first mortgages secured by vacant properties. Lenders often struggle to take care of hundreds or even thousands of preREOs scattered across the country and are willing to sell these at sizable discounts to market values. preREO investors can take control of these assets during the foreclosure process, including repairing and leasing out, to maximize investment returns.WHAT IS A preREO?A preREO is a delinquent first mortgage secured by a vacant property. Our preREO process expedites the liquidation of NPL assets and maximizes lender recoveries.THE preREO SOLUTIONLenders sell preREOs to local investors who appoint receivers to take control of the preREO during the foreclosure process. Court orders can empower receivers to repair, lease out and collect rent during the foreclosure process. The costs of code enforcement compliance, property preservation, vacant property registrations, vandalism and property deterioration are replaced with income during the foreclosure process.preREO BUYER STEPS1. Register at preREO.com2. Search inventory and identify properties of interest.3. Make offers and communicate with lenders through the preREO platform.
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