Recently launched online marketplace makes process quicker and easier
Designed to dramatically shorten the short sale process, a new website, PREO.com, has been launched that can shrink the transaction time to weeks instead of months.
By bringing together lenders, buyers, homeowners, and real estate agents, PREO.com aims to more quickly turn foreclosed, short sale, and distressed residential properties back into family homes. The concept: Get pre-approved pricing from lenders, detail the properties on a site with a national reach to buyers, pay a standard commission to all real estate agents involved, then complete the sale with a streamlined paperwork process.
With this approach, PREO.com is closing short sales as quickly as 30 days. The site currently has approximately 3,500 listings driven by concentrations in Florida and California. PREO is talking to lenders around the country to grow its listings and expand its reach, and is focusing much of its initial efforts in states where foreclosure rates are highest, such as Florida, California, Nevada, Arizona, and Texas.
“PREO’s system promises to be a major help to lenders who want to reduce their inventory of distressed properties,” said PREO President Eric Friedman. “We are very excited about the potential for our site to improve the flow of short sales, which will minimize lender and investor losses and help speed the housing recovery.”
WHAT: A turnkey solution to liquidate REO and pre-foreclosure inventory
WHO: Bringing together lenders, buyers, homeowners, and real estate agents
WHY: Because short sales can be completed more quickly and easily
HOW: By simplifying/standardizing processes, and providing market clarity to pricing
PREO.com is a complete online marketplace for short sales, REO, and pre-foreclosure properties, offering clear and transparent processes, helpful tools, user-friendly interfaces, and quick turnarounds on homes. Info is at http://www.PREO.com. Content is also available on Facebook and Twitter.
About PREO’s leadership:
President Eric Friedman is a 20-year veteran of the mortgage industry, with senior-level experience at such institutions as OneWest Bank (formerly IndyMac Bank, FSB), Fannie Mae, and Countrywide Home Loans. Friedman has served on the Default Advisory Groups for both Freddie Mac and Fannie Mae, and was involved in the creation of HOPE NOW’s Servicing Best Practices.
Founder and CEO James Albertelli founded real estate law firm Albertelli Law, focusing on lender and developer representation, with offices in Tampa, Jacksonville, and Atlanta. A member of the U.S. Supreme Court Bar and the Real Estate Property Section of the American Bar Association, Albertelli also serves as an adjunct professor of residential and commercial real estate law at Florida Coastal School of Law. Albertelli Law is a Retained Fannie Mae law firm in Florida.
Expanded bios, full team roster, and/or company fact sheet all readily available upon request. For further info, questions, interviews, commentary, or guest columns, please contact firstname.lastname@example.org.
Web Site: http://www.PREO.com
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Filed under: Real Estate
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