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Does anyone have any experience with BGS3?  They claim to be a processor for short sales who will handle the all of the interface with the lender for short sale.  They also provide leads of borrowers who are 60-90 days past due.  And of course they chare a healthy start-up fee and monthly fee for these services.

Thanks,

Don St. Clair

Please be very carefull, there are companies out there trying to take the homes for  sellers with NOD on file. They procalaim to be a service and get the seller to move out ,sign over the deed , rent the house out collect rent then they sell the home or just walk a way with all the money!
It is happening here in California! We re having to take a mandatory certification class, so we will be able to do short sales. This could be a legal night mare!

A entire office of 15 people (crooks) were just arrested because this is what they were doing. I hate to say, they were preying on Spanish speaking people who do not understand what they are signing. 15 Million Dollars!

Hi Don,

I am checking into the BGS  referral services to realtors in Ca.

I will let you know the terms contracts and fees, I believe they are selling off territories

as other referral to realtors for processing short sales. they ask for up front and monthly fees however I have to talk with a rep. to find out the exact amounts..

Thanks,

Steve S. Shabkie

steve@steve4re.com

818-410-6065

Don,

Did you ever check into the validity of BGS3?  Has anyone worked thier program? 

Sorry.......Steve,  Did you ever check the validity of BGS3 short sale leads company?

Don,  Did you sign on with the company & work the program?

I know this is an old message but I want to revive it for a couple of reasons:

1. I am an agent working with BGS3 and as far as I can tell they are not offering a scam but a legit service.

They gather leads for potential short sales, distribute them to trained agents and then handle the process from contract to closing. They do not buy homes, get people to sign over deeds, etc.

2. I am looking for other agents using BGS3 to compare notes and ideas with. If you are using this service, or even a similar one from another company, please contact me. I'm not trying to sell or buy anything, I simply want to trade "war stories" and ideas.

Dwight

I have reviewed their contract and they look legit. How many leads to agenst get per month?

I know this is an older thread ... But I'll chime in her. I run an office in Charlotte, NC and oversee the Shorts Sales for 3 offices ... I know there are several "Loss Mitigation" companies offering varying levels of service. I've not used BGS3 yet ... But I know they offer lead generation and Loss Mitigation or just Loss Mitigation. Short Sales are extremely time consuming and you need a "Negotiator" / "Adminstrator" to spend time on the phone with the lenders ... submit documentation ... and continually follow up. They usually charge 1-2% and you can separate their fees on the HUD / NET Sheet so it does not affect / reduce your commission.

To sum it up ... I don't necessarily recommend the lead generation end of their service ... But I highly recommend finding a third party to deal with the bank ...

BGS3 SCAM

I would be very careful in dealing with this company. I know first hand of two agents in my office who have had problems with BGS3. I wouldn't use them for the lead generation or short sale servicing side of things. They are gaining quite the reputation!!!

I instructed my bank not to allow anymore draft from them. They should not be allowed to operate anymore. I have lost a sale because of them, and they have not delivered what they have promised. They are a very organized fly-by-night company. They don't have a conscience they really want to earn their living by stealing from poor real estate agents. They should be stoped from what they are doing.