REO Pro - Real Estate Default Professionals

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Short Sale Companies Sign Up: Show Me The Money

When the REOs started hitting the market 2 years ago, the supply on the listing side was overwhelming REOs. This caused agents being solicited by companies offering the secret road to obtain REO. Not only that but some REO companies also saw an opportunity to have extra revenue to their bottom line by charging a fee to be in their list. Now that the lenders are realizing that the best way to maximize their profits is short sale, the REO inventory has decreased. And believe it or not, due to increase in short sale supply, there are already companies charging a fee in exchange for short sale business. Do you think it is worth?

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Comment by Levi Ortiz REO Broker on November 15, 2009 at 7:50pm
I don't pay. They are everywhere. Know your market and go get them.
Comment by Steven Rivkin - Planet Realty on November 15, 2009 at 1:11am
There may come a time where we are required to "register" with a lender to submit a short sale package. As the process for short sale approval becomes more organized on the lender side I'm sure portals will be established and IT dollars spent by the banks to standardize their process. The fee we will pay there will be to ostensibly cover overhead for the technology/operation. There is CA law that is demanding reform from banks in their short sale process (standardized, timely, written responses and milestones for example). It is logical this reform will spread to the rest of the country. It is at that time, out of necessity, banks will move to comply and require opt-in ($$) from distressed property representatives.
Comment by Shane Engel on November 13, 2009 at 9:08am
I guess it depends on the company. I have heard of a few that are reputable. Titanium Solutions is one. What are the companies who are soliciting you $ for Short Sales?
Comment by Craig A. Aronoff on November 12, 2009 at 3:01am
My law partner and I have developed a formula to partner with realtors and get short sales closed. We work hand in hand with the realtor to insure the homeowner/client is given all the legal, tax, credit and deficiency advice while the realtor markets the property and solicits offers. When an offer is received, we submit the entire package, negotiate with the lenders for both acceptance of the sale price and waiver of the deficiency or satisfactory terms for the homeowner/client. We charge an upfront retainer to cover our processing cost and a success fee upon closing. Often our fees paid on the HUD from the sale proceeds and not actually paid by the homeowner/client. We would love the opportunity to help with your short sales.

Craig Aronoff, Esq.
Aronoff & Linnell, PLLC
(248) 977-4182
Comment by Johnny Huang on November 10, 2009 at 11:28am
SS business is abundant...anyone can look into NOD's and market the heck out of them for dirt cheap. Why pay a fee and referral business to some company that can't guarantee you a listing since the ultimate agreement decision are made by the sellers. Of course, there's Titanium, but they are about home retention rather than short sales (nice if I can convert them all to SS!).
Comment by Tom Sicard on November 10, 2009 at 9:23am
Susan is right on!..... I really just wanted to say. Great pic, I can see Cuba dancing and TC screaming right now... love that movie.....
Comment by Susan Cook, RDCPro, CDPE, SFR on November 10, 2009 at 1:45am
No...I don't. We can get all the short sale business we want if we know our market.

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