Scott D. Coloney, President of Fort Lauderdale-based Foreclosure Response Team (FRT), has announced that McLean, Va-based RE/MAX Allegiance, the world’s #1 RE/MAX brokerage, has entered into an exclusive partnership with the company to serve as the exclusive Broker Affiliate representing the Virginia, Maryland and Washington, DC areas. The FRT is a national Realtor network with advanced short sale technology, training and loss mitigation services. The firm expedites the sale of residential and commercial properties facing foreclosure, with a specialization in Short Sale transactions. RE/MAX Allegiance will present the FRT program exclusively as a viable and system-wide solution to the processing of Short Sale transactions to their 750 real estate agents, in an effort to offer the resources necessary to help homeowners facing foreclosure, and ultimately close as many short sales as possible.
Through FRT’s departmentalized structure, real estate agents are relieved of the cumbersome and complicated tasks associated with loss mitigation and processing of Short Sale transactions, allowing the opportunity to focus on the sale of the home.
“Re/Max agents are high-producing agents and statistically, they outsell more properties than any other brokers. In an effort to accomplish our mission of helping homeowners avoid foreclosure, it is necessary to align our loss mitigations services with a reputable group of agents who have the experience and know-how to bring forth a closing, and together with the Foreclosure Response Team, bring the homeowners out of foreclosure,” said Coloney.
Today, RE/MAX has more than 120,000 agents in the United States and over 65 other countries. It is the only real estate franchise company in the world to achieve nearly 400 consecutive months of growth (and counting), an achievement RE/MAX accomplished one agent at a time. RE/MAX Allegiance has the size, technology, products and buying power to give agents benefits that smaller franchises could never afford.
“RE/Max Allegiance chose the Foreclosure Response Team as its corporate Short Sale solution based on the reputation that the company has built with real estate agents in other markets. Having a viable and highly effective system in place to both handle the growing demands of the market in an efficient and timely manner, and provide the manpower required for such a transaction, frees up our agents time –increasing overall productivity,” said Davidson Lunger, Division President – Northern Virginia, RE/MAX Allegiance.
“Our association with the Foreclosure Response Team also allows those agents that were unsure or intimidated by the short sale process, to better help the growing segment of homeowners facing the challenge of the Short Sale process,” said Judy Austin, President, RE/MAX Allegiance.
If approved, a Short Sale can help a distressed borrower avoid foreclosure, additional fees paid to the lender for costs associated with the foreclosure action, terminal condition of their credit report for years to come and possible bankruptcy.
“Short Sales are trending up in numbers and we are now seeing homeowners of the more expensively-priced properties faced with economic issues requiring Short Sales. Many agents in the mid-to-upper home sale price ranges have not yet experienced the Short Sale phenomenon that has been happening with homes in the lower price ranges in the D.C., Maryland, and Virginia suburbs. These agents require more training and a system like the Foreclosure Response Team to be skilled and up-to-date on the new issues facing homeowners,” said Charlie Bengel, Chairman of the Board, RE/MAX Allegiance.
“The Foreclosure Response Team’s system of pricing and marketing will help drive the highest and best offer for the homeowner and the bank. Many homes going through the Short Sale process were not marketed on the MRIS and were word of mouth. Full exposure and a process of bringing down the price over time if market conditions require, ensures fair market prices and helps build comparables that are truly based on market conditions and this is good for establishing accurate market values of homes,” said Charlie Bengel, Jr., Chief Executive Officer RE/MAX Allegiance.
Broker Affiliate Program
Reaching across the country, the FRT Broker Affiliate Program’s pioneering concept was created in recognition of the growing problem that both sellers and agents are facing when pursuing a Short Sale transaction. The systematic network provides affiliate brokers and real estate agents with valuable marketing and professional resources needed to increase the sellers’ success rate in the pursuit of a short sale.
Plus, FRT has implemented a 90-120 day marketing plan with a systematic approach to evidence the history of a homeowner’s listing. This enables FRT to provide the lender with a price offer based on in-depth tracking in the areas of progressive price reduction, evaluated on time on the market, interest from potential buyers, or offers by serious prospects.
What is a Short Sale?
A Short Sale transaction occurs when there is a declining market and personal financial conditions force a property owner to sell their property for less than what is owed on the mortgage and the lender agrees to accept less than full amount as payment in full. The seller benefits by not having to go into foreclosure or as harsh of a credit rating consequence, but receives no funds at closing. The buyer benefits by getting a great value on a new home purchase. The bank also benefits by avoiding a costly foreclosure process and being responsible for property taxes, insurance costs and maintenance of the property, in addition to facing any code violations that may arise due to the lack of upkeep.
About Foreclosure Response Team
Initially launched in Florida in May 2008, an innovative concept serving as a consumer advocate, the Foreclosure Response Team (foreclosureresponseteam.com) is a national sales, marketing and technology company that provides loss mitigation services and expedites the sale of residential and commercial properties facing foreclosure, with a specialization in Short Sale transactions. The Foreclosure Response Team is made up of a coalition of veteran real estate professionals in the areas of loss mitigation, sales & marketing, title, and technology. FRT serves as an invaluable third-party resource for property owners, buyers, real estate agents and mortgage servicers.
The Settlement Group based in Northern Virginia is the preferred vendor for RE/MAX Allegiance handling all title work in association with the Foreclosure Response Team partnership.
For more information on the Foreclosure Response Team of Virginia, Maryland or Washington, DC, call re/max Allegiance at 703-522-1940. The office is located at 3315 Lee Highway, Arlington, VA 22207. The Foreclosure Response Team headquarters are located at 600 South Andrews Ave., Suite 300, Ft. Lauderdale, FL 33301. For more information call Scott D. Coloney at 954-760-4888