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!!
Replies
I paid contractors for 80% of my Reo listing and never had any issued getting reimbursed, of course after 40, 60 days if
you have the funds and can wait Reo companies like brokers that do this.
How did you get a listing? I'm in Socal (LA) and there's no action at all.
Are you signed up with them? Go here and on the top right is the dealer registration.
https://www.pyramidplatform.com/Login.aspx?
I get only get 1-2 per year but they have great to work for.
Yep. This isn't uncommon in the REO world from what I've seen.
Honestly, I prefer to float the funds for work and have never had a problem being reimbursed. Oddly, I usually do my own lock changes and bill the asset management company for the cost of locks plus $10 each lock for time. This is still usually cheaper than a locksmith and most companies have liked it... except for Selene. They insisted on a locksmith. :-)
Sorry you didn't enjoy that side of the REO biz. :-(
I like REO biz but only when there is a property management and preservation company to handle the labor. I miss the good ole days with Ocwen!!!
Yes, I used a locksmith who came out early Sunday morning and now I have him as a client who is looking for a home!!