Share your experiences here with the Partnerfirst Short Sale ProgramPartner First is charging agents to join and also charging a monthly fee to them as well.  I want to get more discussions going on here about other companies that claim to offer lender directed short sale listings.

There are MANY companies out there duping short sale agents and REO agents especially out of monthly and yearly fees, and delivering little to NOTHING in return.  We have another discussion going on on this forum about NASSPRO, or the National Association of Short Sale Professionals as well if you have experiences with them.

I'll stay out of this one for obvious reasons, but if you have any experiences with PartnerFirst and ServiceLink short sale program, please post it here.


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I am a member of partner first and have not received any leads. Just lots of invites for webinars. I was referred to that network by a well known agent saying it was something I should get involved with early, but so far I have just paid the monthly fee and haven't seen much happening. Anyone else?
In all of my years in R.E. I have not found a source that provided me with consistant qualified leads, until I became a Preferred partner with SSSN.

I am now verrrry leary about companies that say they will. Having said that, I would be happy to invest my money if the return was there.

I would be interested to hear of any other sources of qualified leads...
Sometimes I think we're the only ones out there doing things ethically, ESPECIALLY when it comes to short sale referrals and networks. I have yet to find ONE other company that has an ethical and honest business model in my opinion. Most of them seem to be mitigation company scams POSING as companies that refer listings to agents, OR, just a complete scam all together to dupe agents out of membership fees. I think its important folks know who to be on the lookout for and avoid like the plague.

Our site also gets GREAT "Google Juice" and can serve as a way to warn other agents as well!
I agree, I am soooo happy that I found SSSN. I not only appreciate the leads, but I love exchanging information on this site.
Here are TWO other threads online about PartnerFirst short sale program. I have also yet to find anybody who has received ANYTHING from them as well.

http://reopro.ning.com/forum/topics/partnerfirst-short-sale

http://www.agentsonline.net/forums/ubbthreads.php/topics/335806/Par...

Anyone else have any experiences with Partner First Short Sale Referral Program?
I looked into Partner First over a year ago when they first where branching out from California. At that time they had only 1 small bank who had a large share of their business in California but not in many other states. They were hoping to get a few other banks with the large network but in the end they make their money from the monthly fees that they are charging like equator and their short sale designation classes. I have not heard anything good from them since and I talk to a lot of people around the country that know what they are doing and are involved in various programs. With the business that I do in Utah, I am one of the first that gets approached by these types of programs.
I have been receiving email about the Bank Directed Listing Program. According to the email this program will be introducing a wave of new Bank Directed Short Sale listings into the marketplace.

The banks will be directing their home owners to qualified agents through the use of Foreclosure.com's broker network and they are suggesting the choose an agent with Certified Short Sale Agent training.

There is a cost involved, not sure what...I was wondering if anyone has any knowledge of this program.
Problem with most all of these companies that 1.) None of the lenders have signed up with any of them for the most part, and 2.) They have no history / experience in referring short sales to agents, and don't realize that 75% of the "trained" short sale agents are just very poorly performing agents in general.

There are a BUNCH of companies out there making millions charging fees CLAIMING to offer bank directed short sales, when only a few small investors and servicers are even doing ANYTHING remotely similar to this. Not to mention, most ALL of the banks will NEVER be sending "exclusive" bank directed short sales to ANYBODY. This is because it is a huge liability for them. If they suggest an agent exclusively, they CAN'T foreclose on the property EVER! Why??? Because if they did, all the homeowner would have to do is say "I listed with this agent that THEY asked me to use and they did a horrible job"...

I've had direct conferences with the department heads of a couple of the big ones and a few of the smaller ones, and ALL of them say they will NEVER, EVER be sending exclusive "bank directed short sales". If anything, they will send a list of three agents to a borrower to "suggest" the borrower pick one. That way, there is no liability for them, as it was the borrowers decision. Wachovia and Wells Fargo have done this one some scale in the past.

Thats why it is important to speak out against the MANY companies out there spouting out that they are offering bank directed short sales. They are only duping agents out of fees, period.
Mike,

You are hilarious! Every time I turn around I see you indirectly bashing PartnerFirst. What are you so afraid of? Some of these "sheep" on these network sites are able to be convinced that PartnerFirst is ripping people off. But those are not the agents we want to be on our network anyway. I am the director of ed. for PF and have been involved since its inception. I have a stellar reputation in the industry, speak nationally for the largest brands on short sales, have closed over 1,000 short sales, have done several webinars for NAR on HAFA, and have made short sales my life. PF has procured 5 huge national contract with ServiceLink, LPS, Moss Codilis, Prommis Solutions, and AMS to be the AMS solution (Agent Management Solutions) for short sale lead distribution. PF is VERY clear that there are no guarantees of leads. With over 7 million people in default, a 65% re-default rate on HAMP loan mods, and major emphasis from the gov. to decrease foreclosures, the writing is on the wall. Some servicers have component servicers that handle the defaulting borrower outreach campaigns (mail, phone, etc.) that are failing miserably. Response rates are at an all-time low. Industry insiders know that the next step is lender-driven short sales. The caveat is...PF does not control the leads. Our job is to build the national network, procure the AMS contracts, and train the agents in all areas of the default process (i.e. Deed-in-lieu, short sale, loan mod, HAMP, HAFA, etc.). PF members that pay $45 a month receive 7-8 unique, relevant 1 hour webinar trainings a month, hundreds of updatd resources (handouts, door hangers, postcards, archived slide shows, checklists, etc.), a thriving forum community, as well as continual education. It is convenient to point out the obvious. That there are not a whole lot of leads coming through the system yet. That is not just true with us. This is a nationwide battle. It is a complicated process. Even Matt Vernon from B of A just launched a co-op short sale program with 2,000 borrowers with 1 loan only, owner by the same investor, with HAFA-like incentves to encourage homeowners to choose to do a short sale. This is going to be an uphill battle. However, do you have any idea how much file flow our clients (mentioned earlier) have the potential to release? Well into the 100,000's of thousands. So if I was an agent (which I am), and for $45 a month I could position myself in the way of opportunity, get the best of the best training in the industry (which it is, jut ask Alex Charfen of CDPE or Heidi Henning of SFR). This program is for savvy agents that get it. Obviously you do not get it. Good luck to you on your buyers agent launch. I actually am hoping it is wildly successful. Our industry needs it. I just recommend that you find another company to pick on. Your credibility will be shot once the file flow does increase and some agents decided not to join due to your passive aggressive viral smear campaigns to shed your company's offering in a better light.

Oh and here is an interesting article that was released last week. Looks like we pulled the wool over LPS's eyes too. Or maybe it is just you that doesn't get it Mike. You would be one of those guys mocking Noah as he was outside building the ark before it had ever rained I suspect.

Link:

Interesting article...I would like to see more as they are released. Please keep us updated.
You sure did pull the wool over their eyes as well, didn't you...

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