PREO.com Aims to Shorten Short Sales
A website called PREO.com has been launched to simplify the short sale process from months to weeks.
By bringing together lenders, buyers, homeowners and real estate agents, the website aims to alleviate the transaction time for a foreclosed, short sale and distressed residential property to become a family home.
The process involves getting pre-approved pricing from the lenders for an REO or preforeclosed property, listing the homes on the website to potential buyers, paying real estate agents associated with the site a standard commission for finding a buyer and completing the sale by filling out all the paperwork.
By following this approach, the website is closing short sales within 30 days. The site currently has approximately 3,500 listings, with the majority of the properties located in Florida and California.
“PREO’s system promises to be a major help to lenders who want to reduce their inventory of distressed properties,” said Eric Friedman, president of PREO.com. “Our site has great potential to improve the flow of short sales, which will minimize lender and investor losses and help speed the housing recovery.”