Selene Financial

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!!

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  • 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.

  • 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!!

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