Does anyone have experience in dealing with Selene Financial?
I have been dealing with them since last September on a potential listing that was a foreclosure. House was rented, had the tenants evicted after many difficult phone calls to them and their attorney. House is valued at around $600,000. Tenant moved out on March 1st 2014 and I had to have home winterized, put gas and electric in my name, had driveway plowed once because of lots of snow in NJ. Bids on repairs have been done and now they sent me an email Friday saying they are terminating our listing agreement and my relationship with this property. 6 months of running to the Townships, getting tax records, permit violation notices, etc. Many, many property inspection reports along with photo's of house over past 6 months.
I have been working for them for past 6 months for nothing. In fact, I have been paying all the bills and any inspection charges also. I feel that I will be reimbursed for my expense but even that remains to be seen. Any recourse?
Suggestions would be greatly appreciated.
Thanks in advance,
Robert
Replies
Thanks for all of the updates regarding Selene Financial.
Well, I accepted one of their REOs did initial inspection and rekeys, and I ran out of funds!!! Called them to cancel this listing and I did not have any issues with cancelling. I could not afford to carry this asset and contractors do not work on contingencies. I paid for the locks and sent in for expense reimbursement and hopefully, they will reimburse me!!
I will never financially carry an asset for an REO listing!! Manage and preservation and all of those caveats in their contract . . . no thank you!!
Now I know!!
I'm in So.Cal!!
Robert what part of the country do you work? if not in mine I will send you some info that should help. Jason
Yes under pyramid platform you can submit bills for expenses. Talk to your AM
hi
Hi !
hi
IN this market where margins are tight and getting tighter, companies like this will continue to use other peoples money to accomplish their initial goals. Often is three o four fast talking guys who scammed a big servicer out of some listings by making it appear they are nationwide with offices in every town. Then they get Realtors who want listings ( all of us) to get the heavy work done, prep the REO for marketing, and then they bulk sale the properties off to another company that lists them. It's a vicious cycle.
50/50 you don't get paid without a huge hassle, maybe even paying part of that money to an attorney.
I've had only two interactions with Selene. The first assignment was pulled from me after getting initials (locks, value, trash, etc.) done. I guess they sold that asset along with 30 or so to another company and I never got the chance to list it. Frustrating, as I had spent some time on (and in) the property and got nothing out of it except for my reimbursement checks 45-60 days later.
The second asset I had, moved along nicely and I was able to market and sell it within 60 days of occ. check. Again, reimbursements took about 45-60 days, but I had a very smooth transaction otherwise. No complaints on my end and I really would love to market more properties for them.
Sorry your experience hasn't been stellar.