This sounded like a big move:
Eric Friedman is leaving his post as senior vice president of default servicing for OneWest Bank, formerly IndyMac, and will become president of PREO, an online marketplace for REO and short sales. Friedman, who held leadership roles with Fannie Mae and Countrywide, told REO Insider that his last day at OneWest is Aug. 13, and a search for replacement has begun. He has spent 20 years in the mortgage banking industry.
“PREO brings lenders, Realtors, homeowners and buyers together to turn distressed property back into family homes,” Friedman said.
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Is PREO just another website that combines foreclosure activity with MLS listings?
No, none of the properties checked were listed for sale, but all were on foreclosureradar.com’s NOD or NOT lists. Most of them have IndyMac loans on them, and their bid prices are different than the amount owed – and usually well under! It sounded like they have partnered with the lenders to offer these properties to the public, but not sure if it’s a glorified short-sale, or an actual open bidding process before, during, or after the trustee sale.
The website also mentions that it “encourages defaulting borrowers to allow an inspection and interior photographs in exchange for the promise to relocate within 30 days after a bid is accepted.”
This could be the wave of the future – a website designed and run by insiders to liquidate properties directly to the public. If the opening-bid amounts are legit, and buyers can get a peek inside the house prior to bidding, it could take off.
They are realtor-friendly too, put my name down when registering:
I’m astounded that it has taken this long for someone in the industry to try to use the internet to intelligently liquidate distressed properties. Perhaps if we hadn’t wasted so much gov’t money on push loan mods and had simply allowed things to run their course, we would have had this kind of site a year or a year and a half ago. Better late than never, I say.
Now, if the same approach would be taken toward trustee sales, with real opening bids posted at least 2 weeks in advance and with firmer sale dates (i.e. no postponements, except perhaps in the case of bankruptcy filings where it’s legally mandated until the foreclosing lender gets permission from the BK court to proceed against the property), then we’d be talkin!
Looks like their server can’t handle he load.
Sigh…
Insiders on the way up insiders on the way down.
Now is a great time to make a bid!
I think its an idea worth trying, but a lot can fall apart. Everyone has to work together and there has to be enough incentive for every party to cooperate.
If it’s not this website, it’ll someday be another. Sites like Amazon and Ebay weren’t the first to market, they’re just what found a good enough model and stuck.
Subject change…can anyone tell me how to tell if a house is in RSF covenant or not. A map would be great of the covenant, or streets that define this community. I’ve googled to no avail.
Thanks in advance.
Could it be that these homes are ones that haven’t gone to auction – but have done deed in lieue? Just trying to figure out how this works.
The bottleneck in this whole process seems to be making firm, final decisions by the bank on a price/deal.
Marketing the homes has never been a problem…just ask JTR and all the other agents trying to liquidate the inventory they’ve been given.
Thus, this is going to be a big waste of 99% of everyone’s time, unless the ultimate decision making process has changed behind the curtain.
You think it was tough finding a good home at a good price with the local crowd? Now try doing it with every joker throwing out offers/bids sitting at a computer and don’t know Vista from Carmel Valley.
I looked up my zip code and found ONE property listed, designated as a pre-foreclosure 75 days ahead of auction, and the reserve bid is what the bank is owed.
Finally!
Let’s see if they can get it right.