America's Largest Social Network for Default Real Estate Professionals
I had a Selene property and accepted it. It was trash and they wanted me to pay $900 for a lien. After all was said and done, my commission was $450, this includes commission split and taxes. The property was low value and in a bad part of town. I returned the property to them. I was told they pay 30-45 days but I just was not going to do it. Not worth my time for $450. Watch out for the property value.
I've gotten 2 listings with Selene last year. They pulled the first one from me within 2 weeks as they sold/transferred it in bulk with another 20-30 Florida properties. They were kind enough to send a very nice email and included the name and contact info of the company that had acquired the assets so the agents could try to keep the listings. Within 3 weeks, I got another listing. They were easy to work with, great at communicating and everything went just fine through closing with no issues or no concerns. As long as you can cover most of the costs up front and submit for reimbursement you should be fine.
Selene has been fine to work with. They take a little longer with reimbursements...I would say it is about 45-60 days.
Selene is fine. Their platform leaves a little to be desired, but reimbursements are relatively quick. I have to pay condo fees and other expenses, but never have to wait long to be reimbursed. I have one right now that's a 30,000 value, but they pay a really decent minimum commission. I do not return properties for low value because often the same seller will assign me a much higher value property later. Cherry pick, and lose a good client. Not how it works in the REO business.
Selene, a division of Green River, is one of the better companies to work with in my opinion. They pay promptly and you can actually discuss the property with them when needed. You will need to front some expenses, but I have never had a problem getting reimbursed.
Hi Gary, I contacted Selene Finance and asked for their REO Dept and they gave me the number for HUD. Do you have a different contact information to register with them? I'm in the Miami Area.
I have a Selene property and they use a platform called "Pyramid." If you Google "Pyramid Platform" it should lead you to the Broker sign-up page. Good luck.
They are decent folks in my experience.
I have worked with Selene for years, they are one of my biggest clients. Great Asset Manager who actually respond to e-mails and pick up their phones when called. Re-imbursement timelines depend on their clients. On large invoices for rehabs, they mail the checks in less than 2 weeks. I have had $20,000 property from them as well as $1,000,000. You take the bad with the good. I love working with them.
Thank you all for your feedback. I feel pretty good about taking them on as a client now.
Mostly yes, but they also outsource it to Resolute, Caneel, Meridian etc.