America's Short Sale Conduit (ASSC) has announced that it plans to execute a nationwide expansion plan after a successful initial test in the New York Metropolitan Area. The company eclipsed the $25 million mark and expects to have more than $100 million in residential properties in various stages of negotiation by the end of the quarter. Now the company plans on is expanding its participating real estate professional, bank and servicer network across the country.
ASSC provides real estate professionals with a turnkey short sale platform that includes services, training, lead generation even upfront cash to help them build their business and service their clients. ASSC focuses primarily on third party acquired residential short sale listings servicing them from start to finish on a contingency basis. The company then provides liquidity by purchasing commission receivables upfront. The company serves as a nucleus between homeowners, realtors and banks delivering valuable resources and efficiency to short sale transactions.
"Banks and servicers appreciate what we do," said Darren Bell, lead negotiator for ASSC. "We provide them with a complete package, documented properly and reviewed to insure that the request meets with their specific guidelines. We only work with homeowners who pass our prequalification test which includes a lien search, comparable review and an underwriting of the homeowners income, assets, hardship and overall situation. These days I'm seeing counter offers from the banks in 60 days or less."
ASSC offers an exclusive upfront commission purchase program, "Freedom," that provides real estate agents and brokers cash flow within days of listing a short sale property. The company recently launched its Promise program which provides participating realtors with upfront marketing dollars at the time a home is listed. When the transaction closes the marketing dollars are repaid but if the transaction falls through ASSC is not reimbursed.
"We understand the risk, but we also believe in our product and we're willing to bet on ourselves," said Bernard Scott the broker of record for ASSC. "Cash flow for our real estate partners to build their business is critical during these times. The program is called Promise because we deliver on our promise or they keep our money, we know what we're doing and we'll make that bet."