BrokerageIndustry News

Seeking outside help for short sales, REOs

Part 2: Controversy over distressed-property fees

Editor's note: This is the final article in a two-part series that details companies that offer services, technology or training to expedite sales of distressed properties. Some companies charge fees that are passed along to consumers. Click here to read Part 1. By MATT CARTER and PAT CURRYAlex Charfen is co-founder and chief executive officer of the Distressed Property Institute -- which has trained a number of in-house transaction coordinators and bestowed its "Certified Distressed Property Expert" designation on about 12,000 agents and brokers who have completed its courses. He is leery of third-party companies that offer to act as short-sale negotiators and make "outrageous claims about their closing percentages," and those that "claim do be national processing centers for foreclosures." And he said consumers shouldn't have to foot the bill for participating in short-sale transactions. Some third-party companies offer services and system...