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:

www.preo.us.com

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Jim the Realtor
Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!

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