preREO

Real EstateIllinois, United States2-10 Employees

preREO operates as an online marketplace focused on the sale of non-performing mortgages from lending institutions to real estate investors. By connecting lenders with local investors, the platform facilitates the transfer of delinquent first mortgages secured by vacant properties, enabling receivers appointed during foreclosure to repair, lease, and collect rents in order to maximize lender recoveries. The service aims to streamline the liquidation process for NPL assets and vacant properties, offering a path to generate income during the foreclosure period rather than allowing deterioration to continue.
Based in Chicago, Illinois, preREO serves real estate investors looking to buy or finance pre-REOs and related assets, and it provides a structured workflow for identifying properties, making offers, and communicating with lenders through its platform. The company positions itself within the real estate industry as a conduit between lenders with scattered preREOs and local investors who can take control of assets through foreclosure, with the goal of improving asset recovery and market efficiency.

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