Chronos Solutions, formerly Matt Martin Real Estate Management, a diversified national real estate services firm, recently introduced a new service to help sellers in the disposition of HUD, VA, and non-performing loan (NPL) sales via its affiliate company, RealtyBid.
Trustee Sale PlusSM is designed to diminish servicers’ transaction risk in the event a third-party doesn’t purchase the property at the courthouse auction, according to the Chronos.
RealtyBid is the only company in the country that can immediately provide second chance online auctions, “plus” title curative, and Chronos’ signature HOA/Condo Lien Identification and Resolution service, collectively called ConveyancePrep.
Chronos noted in their release that ConveyancePrep is available to support any servicer or institutional investor with assets in need of conveyance or marketable title assistance, and is included for free when utilized under the Trustee Sale Plus program.
Matt Martin, CEO and co-founder of Chronos Solutions, noted that the new program offers "unparalleled value to the servicing community. The title curative process can be expensive and many servicers simply aren’t set up to do it."
Martin also pointed out that a number of other realities routinely make the process cumbersome for servicers. “Some foreclosure attorneys fail to cure title completely, leading to costs and delays. HUD requires any Home Owner Association obligations, such as liens and fees, to be current at the time of conveyance, but identifying those obligations can be a major challenge,” he said.
"This service offering will drive more third-party sales for sellers and assist in reducing carrying costs associated with distressed assets."
RealtyBid President Tony Isbell
“Also, if a property isn’t conveyed in a timely manner, the resulting fees and penalties can be massive and cost prohibitive for the servicer," Martin continued. “There are significant time and cost savings for a servicer by allowing a trusted third-party provider such as Chronos to manage its auction programs through a product like Trustee Sale PlusSM. We are aware of no other service program in the industry that overcomes the inherent challenges as comprehensively."
“We have very strong experience and a proven track record in driving traffic and selling distressed assets through various channels including at the courthouse steps, online, and in ballroom settings," said RealtyBid President Tony Isbell. "This service offering will drive more third-party sales for sellers and assist in reducing carrying costs associated with distressed assets. For those assets that don’t sell at auction, we provide the additional peace of mind through our “plus” program of helping make sure those properties are ready to be disposed of by other means by providing clear, marketable title. It’s the best of both worlds.”
Chronos can provide other niche services, including title, valuations, and inspections to further assist in the process.
“Sellers are attuned to bundled services today more than ever, particularly given the concerns posed by additional vendor management scrutiny by regulators” Martin said. “The faster and more comprehensive you can be in the disposition process, the better the results for everyone. Trustee Sale Plus promises to make that happen and raise the bar for trustee sales as a comprehensive and cost-effective solution."