July 29, 2025 • 31 mins
Uncovering the truth about today's real estate market reveals a surprising reality: short sales didn't disappear after COVID - they're hiding in plain sight. Matthew Marinoff of Real Estate Recovery Group returns to the Be the Solution podcast to shatter common misconceptions and expose the current landscape of distressed properties.
Drawing on two decades of expertise, Matt explains how the "COVID era" created a perfect storm of financial vulnerability. Homeowners who exhausted loan modifications, accumulated partial claims, or overpaid during bidding wars now face a harsh awakening. Most striking is his revelation about properties from Texas where buyers overextended by $50,000-$80,000 above market value - a recipe for financial disaster when life changes force a move.
The conversation takes a deep dive into the foreclosure timeline, revealing the critical window when intervention matters most. Matt's candid approach cuts through the shame that often paralyzes homeowners: "You can lie to everybody else, you can lie to your spouse, you can lie to your side piece, but you have to tell me the absolute truth." This raw honesty highlights why transparency becomes the lifeline for those drowning in financial quicksand.
For real estate professionals, Matt offers practical guidance on when to engage a short sale expert (immediately), how to recognize distress signals beyond what clients initially share, and the crucial role of title searches as financial "EKGs" revealing hidden judgments and liens. His newly launched educational portal at YourShortSaleSuccess.com provides on-demand training for navigating these complex situations.
This episode serves as both warning and roadmap for anyone connected to today's real estate market. The best preparation for tomorrow truly is understanding the hidden currents of distress beneath today's seemingly stable market surface.
Ready to help clients avoid foreclosure fallout or expand your expertise in distressed properties? Visit YourShortSaleSuccess.com to access Matt's comprehensive training resources.
Connect with Maria Quattrone:
Facebook: Maria Quattrone
Facebook Page: REMAX at Home Facebook
Facebook Page: Rise in Real Estate Facebook
LinkedIn: Maria Quattrone
YouTube: Maria Quattrone
Instagram: @maria_quattrone
TikTok: mariaquattronerealestate
Website: MQrealesate.com
Office number: 215- 607-3535
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Maria Quattrone (00:00):
This is the Be the Solution podcast and I am
Maria Quattrone, your host Today.
I'm super excited to bring backa friend of the Be the Solution
podcast and a colleague,Matthew Merenoff, with Real
Estate Recovery Group.
Welcome, Matthew.
Matt Merenoff (00:19):
Thanks for having me back.
Maria Quattrone (00:21):
I'm excited to talk to you, so I have a quote
specifically for you today.
Here's the quote you ready.
Matt Merenoff (00:28):
I'm ready.
Maria Quattrone (00:29):
The best preparation for tomorrow is
doing your best today.
Matt Merenoff (00:36):
I like that.
Maria Quattrone (00:37):
The best preparation for tomorrow, doing
your best today unfortunately,most people don't do that well,
we, we're, we do, and we'regoing to talk to others today
about how they can do that too,but being prepared, absolutely
so.
The reason why I chose thatquote today for you is about
(00:58):
being prepared, and, as a realestate professional, being
prepared means understandingwhat's happening in the market,
understanding the tools that areavailable in the marketplace,
for example, short sales.
Short sales have not been asmany as they have in the past,
(01:23):
but they still exist.
Matt Merenoff (01:24):
What browser are you on?
What browser are you on?
What browser are you on?
Maria Quattrone (01:28):
Chrome.
Matt Merenoff (01:28):
Are you on Chrome ?
I just switched to a differentbrowser.
I guess I'm on Chrome now.
Maria Quattrone (01:37):
So Chrome is the right browser.
Matt Merenoff (01:39):
I'm so sorry about that.
Maria Quattrone (01:41):
Okay.
So Apple, take the beginningand cut that, and then we're
going to start starting fromhere.
So short sales are something,matt, that we haven't seen that
many of them in the last severalyears, at least on our side
over here.
Right, short sales, how itworks.
(02:03):
When should agents get involved?
What's going on with them rightnow?
So let's start with that.
What is going on with the shortsales?
First of all, are you seeingmore of them?
Matt Merenoff (02:18):
I am seeing a lot more of them I've been doing
this for 20 years of them.
You know, I've been doing thisfor 20 years and I think there
was a huge awakening during theCOVID era that's what we're
going to call it now wherepeople weren't paying their
mortgages over that time span,and some of the people that are
(02:38):
getting caught and having tosell their property short now
are people that might haveexhausted all their loan
modification options prior toCOVID.
They might have partial claimsagainst the property, not
explaining to the bank correctlywhat had happened during that
time frame.
On top of the properties thathad not a lot of equity in it.
(03:05):
Now, covid drove the realestate prices so crazy that
people are overpaying for theproperties and now we're seeing
massive repercussions, nowespecially.
I don't know why, but we'regetting multiple properties
coming in from Texas now wherepeople have over leveraged the
(03:29):
properties to the tune of$50,000 to $80,000 more than the
property was worth.
Now why is this, I guess,ultimately becoming a short sale
?
Well, people are losing theirjobs or they have to specific
state to go to another state foremployment or job opportunity.
(03:49):
So I'm not talking specificallyjust Texas, really, anywhere
where people were getting intothese massive bidding wars and
the casualties are.
We're seeing people that are introuble from 2022, 2023 from
purchasing done.
I, as I said, covid era nowforget COVID.
(04:12):
Let's talk about before COVID2019, we were jumping and
popping with properties thatwere in the fall.
Now maybe it's because I'm on adifferent side of the curtain.
You guys are mainstream.
Most real estate agents we aredealing with, you know,
distressed homeowners anddistressed properties that
(04:34):
literally using their properties, like reverse mortgages, not
paying their mortgage and eatingup their equity.
So I don't think it's that.
People are always like oh, youknow, short sales are
non-existent, we're finding themand they are literally
everywhere.
They're in pretty much everystate.
So we have a niche where peopleare coming to us.
(04:56):
So I don't want to correctanybody when they say, oh, short
sales, they're non-existent,they're not on our market share.
There are properties out therethat are sleepers that after
three months or so, at thatpoint then the properties will
hit the market.
But because you know,everything had happened during
(05:17):
COVID, things kind of like tooka reset and were slowing down
and they're trying to figure outways to keep people in their
properties.
You know, they had thedeferments, they had the
forbearances, then they had theloan modification and there's
(05:37):
specific things that peopledon't know what to say and say
to the lenders to try to helpthem and put them in better
situations.
So I just want to correct whenpeople say there aren't a lot of
short sales out there, they mayor may not be short sales.
(06:02):
Last year we did about 19properties where we help people
navigate, avoiding foreclosure,saving the equity in their
properties, because theseproperties were in pre
foreclosure going intoforeclosure.
So there's two things thatwe're coming across People that
have equity in it, which istotally different than 2005,
2008, when things were crazy, tonow, where people have no
equity.
So there's equity and there'sno equity in this.
Properties that are inpre-foreclosure, heading towards
(06:25):
foreclosure and correct me ifI'm wrong, but back in the day
you guys you did short sales,you were heavily into it,
correct?
Maria Quattrone (06:35):
2009, 10,.
There was many short sales.
Right, it took a while forpeople to accept what was going
on, even though there was a bigcrash.
That was in the news.
You know, bears and startingLehman Brothers, and all it
(06:56):
happened before that, though itstarted happening.
Really the markets shifted atthe end of 06 is when the
inventory started to climb.
Matt Merenoff (07:06):
So there's a scene in the movie the Big Short
.
I don't know if you ever sawthat movie I did.
Maria Quattrone (07:11):
It's a great movie.
Matt Merenoff (07:12):
So there's a scene in the movie and the guy
knocks on the front door and hesays is Rufus here?
And the guy says, no, Rufusisn't here.
With a weird look on his facehe goes why are you looking for
Rufus?
And he says, well, he's themortgage holder of the mortgage.
He goes Rufus, that's theowner's dog.
They actually wrote a mortgagein the dog's name.
(07:35):
So it's funny.
People are like, oh, thesethings can't happen.
A couple of years ago, bigbanks were getting nailed
because they were opening upcredit cards and animals names
you know or accounts.
They're opening up checkingaccounts and animals because
they have to meet quotas.
What's my point?
(07:56):
My point is is that you knowpeople are like oh well, it's
the bag.
You can't go up against the bag.
The bag's always right.
You know the reality is, youknow it's big business.
So when someone this is thefirst thing I say in the
beginning to myself I say I tellpeople, don't panic, I'll let
(08:19):
you know when it's time to panic.
And the other thing is is thatif you don't think that in some
cases banks act like banksters,like a gangster banksters,
you're wrong, because theyreally do.
They don't have to critique andhelp homeowners that are in
(08:39):
trouble.
They have to process, and aslong as they process and they do
their job, then they're doingtheir part.
But I've seen people losehouses or potentially get ready
to lose houses and losemodifications for like 15 cents
a dollar.
All they had to do is move acouple of pennies over and they
(08:59):
would qualify for modification,but that's not their job.
So I like when big banks arelike, I'll be leery of
third-party companies.
Yes, be leery, but at the samepoint, educate yourself.
There are so many people outthere right now trying to
emulate what my team does, whatI personally do, and it cracks
me up because now they'restarting to use my verbiage,
(09:22):
they're starting to use my forms, they're trying to, like you
know, basically be me.
The reality is they just don'tunderstand the right way to
navigate through the short saleprocess and to be able to, you
know, weave, bob and weave whenreally you need to weave and go
(09:43):
into the current.
It's kind of like you're in anocean.
You worry about the undertow.
Don't panic so much about theundertow, which is the
foreclosure process.
Worry more about how you'regoing to get out of it.
Relax your body, Try to figureout which way is up, Get your
bearing and then flow into itand see what you can do.
(10:04):
And that's the problem.
There's so many people in thisindustry.
They're crooks and they're notmaking it easy for people.
Now here's the thing.
Not everybody gets to keeptheir property because people
get a mixed message from them oh, do you save people's houses or
do you help them avoidforeclosure?
I do both.
The reality is that if somebodywants to save their house, it
(10:28):
is their right.
But I will say more times, morethan ever, people don't get to
keep their properties becausethey've already exhausted all
options and they've gottenreally bad advice from people.
If you could pay your mortgage,pay it Not paying your mortgage
and your bank, seeing that youhave the ability, could pay your
mortgage, pay it Not payingyour mortgage and your bank,
seeing that you have the abilityto pay your mortgage, basically
(10:49):
telling your bank I'mcommitting fraud.
Right, you have the revenue,you have the income coming in,
but you're not paying it.
You can't just do that.
It has to be a method to yourmadness, it has to be a means to
the end, and that has a lot todo with your in and outgoing
expenses, your profit and loss,and I know that there's a lot of
(11:09):
things that I'm probablytalking over people's heads
because they don't know.
This is basically what I do dayin and day out.
But I think you were going toask me how does the short sale
process work?
Is that?
Maria Quattrone (11:21):
correct.
Well, first I want to know forour listeners, our agents, when
should they get you involved?
Matt Merenoff (11:31):
So I get a lot of I don't.
I didn't know when to bring youin, I didn't know how to
explain to you the scenario,explain to you the scenario.
So there's a form that I puttogether and that form is for
(11:51):
the homeowner and it's actuallyfor a third party and that's on
my website.
We'll talk about that later.
But if you have any scenariowhere you think something is a
distressful situation, you thinksomething is a distressful
situation.
They might not be distressedwith their real estate.
They might just be, you know,distressed financially, but not
(12:11):
realizing that they did a loanmodification in the past,
meaning like, oh, I did a loanmodification, it's all taken
care of, I don't have to worryabout it.
That might not necessarily true.
Maybe you didn't get thatforgiveness.
I tell, tell people if you comeacross somebody who's in
trouble with a property, they'regoing to go late or they are
(12:32):
late.
Best case scenario bring me in.
Bring me in, if you can, fromthe beginning.
And the reason why I say thatis because we might be able to
stop the process before itstarts and give us even more
time to navigate, to see what wecan do.
One, two.
(12:53):
Maybe we can help salvage theircredit so their credit won't
tank so fast too.
Put them in a better financialsituation, whereas if they know
they're not going to be able toafford the property and they're
moving, we can contact thelender right away and let them
(13:13):
know hey look, there's a deathin the family.
Maybe we can help them get adeferment, maybe we can get them
, you know, a forbearance.
Contact you or another agent orwhoever, whoever's bringing the
lead, get that property listed,because at that point, when you
do stuff like that, that helpsslow down the credit process.
(13:36):
So there's a lot of things Itell people, but nobody wants to
listen.
Everybody wants to say, oh, I'ma youtube educator or, you know
, google expert or whatever itis.
The reality is they don't put alot of that information, the
correct information even outthere.
So if you have somebody or ascenario that you're not sure
maybe they have multipleproperties or somebody or a
(13:59):
scenario that you're not suremaybe they have multiple
properties, or maybe they havesomething in a business name and
that personal name, or ourjoint friend has a hard money
loan and maybe they signed forit personally.
So I say, if you can bring mein from the beginning, or if you
start to smell a scenario thatsounds oddly familiar to you or
not familiar, bring me in.
Maria Quattrone (14:22):
So basically, sooner is better than later.
100% In a short answerImmediately bring them in
because we don't know.
Maybe they didn't have a loanmodification, Maybe you can do a
loan modification.
Maybe they have a lot of equitybut they can't pay their
mortgage right now.
Maybe they have a lot of creditcards and they're paying it
(14:45):
towards a credit card becauseit's cheaper to kind of try to
pay down the credit card with29% than paying the 3% loan.
Who knows?
Matt Merenoff (14:53):
Right Exactly.
Or how to unlock their equityin their property before they
actually go late to help savethem.
I know a credit card that isout of control right now.
Maria Quattrone (15:06):
The most it's ever been.
So when somebody doesn't paytheir mortgage, is it how many
months before something startsto happen?
Matt Merenoff (15:17):
It's usually.
Well, you're going to getwarning shots.
First 30 days they're going tocall you.
They're going to say, hey,what's the payment?
Everything okay.
Second month they're going tocall you again and say look,
you're dangerously approachingforeclosure.
You know foreclosure.
(15:43):
And then in the third month,you know they will get ready to
possibly send out a letterbasically saying hey, you're,
you know, if you go fourpayments behind, at that point
you're going to be inforeclosure.
We're going to send out aletter basically saying that at
this point going forward, if youdon't get back on track, you're
gonna be in trouble.
Once it's once you go past likesix months, you're approaching
the point of no return becauseyou, most of the lenders will
(16:06):
allow you to do a repaymentoption within the first six
months, but after you go pastthat, you're done then they file
official foreclosure.
They're starting the proceedingsokay, it's usually like three
months, four months.
They're going to send out aletter to you saying that we are
starting procedures forforeclosure action.
Maria Quattrone (16:29):
So basically, as soon as they start, they know
that there's a problem.
Don't wait, Act, Don't we Act?
You know, that's one of thethings I see Matt is like.
We talk to a lot of sellers andpeople are embarrassed and they
don't want to tell you all thetime the truth.
Most of the time we get halftruths.
(16:51):
So I always say, look, I can'thelp you if I don't know the
information.
You got to be able to pull itout of them some way somehow.
Otherwise they think thatthey're going to get something
over on you by not telling youwhen, If they would have told
you to begin with, you couldhave helped them, and it might
(17:12):
be too late.
Matt Merenoff (17:14):
I'm going to tell you something.
When someone says what's thebest way to figure out A
financial snapshot From somebody, when you go to a doctor's
office and you don't feel good,one of the first things they do
is take an EKG, correct.
Maria Quattrone (17:32):
EKG Blood pressure.
Ekg Take your weight.
Matt Merenoff (17:37):
Normally if you go into a doctor's office you
don't feel good.
Yeah, it'll be the bloodpressure and I'll do an EKG.
To me an EKG is title.
Title is so massively importantbecause you know most people
that go to a doctor's office.
They don't know what's wrongwith them.
Most people that arepotentially in trouble with
(17:58):
their property may not rememberhaving a judgment from a credit
card from five years ago.
At that point it might've justbeen a letter that was sent to
them in the mail.
Nobody opens up their mail.
Those things eventually aregoing to attach to you and or
your property.
So if you have a judgmentagainst you, that's something
(18:20):
that is going to have to beresolved or potentially a lien
that might be attached to yourproperty, something like the IRS
.
So these are types of thingsthat we come across all the time
.
Here's the problem Most peoplethat are in the real estate
realm that we're in, they don'twant to run title.
Maria Quattrone (18:42):
Title companies don't want to run title for you
.
Matt Merenoff (18:44):
Well, if you have an established working
relationship, like we do, we usemultiple title companies
they'll run title for us becausethey know we close.
They know at some pointsomething's going to happen Of
course I'm not saying all.
Maria Quattrone (19:02):
I'm saying.
You have relationships, some ofus have relationships, but most
of the time no, they don't.
Matt Merenoff (19:07):
That's the thing.
That's the point I'm trying tomake.
We have relationships, but mostpeople don't have the
relationship.
Maria Quattrone (19:12):
No, that's what I'm saying.
Most don't.
Matt Merenoff (19:14):
Yeah, saying move soon.
Yeah, they don't know.
You know, like if you're havinga stroke to prevent, they tell
you take a bare ass and put itunderneath your tongue.
Most people don't know.
Really, what you should do isyou should consult with a
professional, like a real estateagent, like an attorney.
Then there's multiple differentattorneys that you can reach
(19:35):
out to, based on the scenario.
But the reality is everybodyburies their head in the sand.
They don't know what to say,they don't know how to say it,
they don't know how to convey it.
They're absolutely like yousaid before they're embarrassed.
So I tell people it doesn'tmatter whether you have a Chevy
Corolla in your driveway or aBugatti in your driveway.
(19:56):
At some point me or maybe notsomebody would have a financial
distress in their life andeverybody's worried about
keeping up with the Joneses.
They shouldn't worry about thatFor me.
I tell people a simple one youcan lie to everybody else, you
can lie to your spouse, you canlie to your side piece, but you
(20:17):
have to tell me the absolutetruth, because if you don't, I
don't know if I can help you andif I find out and this has
happened where people have nottold me the absolute truth from
the beginning.
And I've gotten called out bybanks and they've actually said
to me Matt, are you aware of thefact?
Actually, mr Marinoffoff, youaware of the fact that your
(20:38):
client um sent in like faultybank statements?
Are you aware of the fact thathe's had he has two other
properties, but on theapplication you say he only has
one, only has one property.
I was like, listen, I'm onlygoing off of what they're
telling me.
So if you're telling me on arecorded line that they lied,
(20:58):
they lied to both of us, theydidn't just lie to me.
So I try to make it as clear aspossible from the beginning.
Tell me what's going on,because then that way I can
figure out how to help you outof the situation you're in.
Maria Quattrone (21:09):
So, in regards to the timeline, let's talk
about the time it takes to get ashort sale done, so they engage
you, we to get a short saledone, so they engage you, we're
engaged.
We send them to you, theyengage you, you send us the
paperwork.
It goes up on the market.
Three weeks later we have anoffer.
Now what we?
Matt Merenoff (21:28):
send it to you.
Normally I would say to you ina perfect world you got to be
great.
But that doesn't normallyhappen like that.
Let's just say, if I have aclient and I engage a real
estate agent and I refersomething out, I tell the client
this is what we need from youto move forward on our end.
And then on the other end, fromthe listing side, this is what
(21:50):
they're going to need from you.
About 50% of the time they'llget what they need for the
listing side, but the other partof it they're like slow getting
what we need.
We need authorization my companyto speak with any of the
lenders, anybody that's incontact.
It's not a power of attorney,it's not a limited power of
attorney.
It's just a simpleauthorization form that allows
(22:12):
us to speak with anybody that'sinvolved in the financial aspect
of it.
There's also a packet ofinformation that we need filled
out.
People sometimes are so lazyabout that.
I'm telling you this because itslows down the timeline of the
process.
I could lose 30 to 60 days justfor not getting what we need
(22:34):
from the homeowner correctly.
So you can.
Maria Quattrone (22:38):
What's up?
We know all about it.
It takes sometimes blood, sweatand tears to get a seller's
disclosure back.
Matt Merenoff (22:46):
Right.
Maria Quattrone (22:52):
And you know I hold the listing hostage,
meaning it doesn't go active.
It'll sit in coming soon statusuntil we have a seller's
disclosure Right.
So we're aware of the way thatconsumers behave and how slow
some are to act.
When I look at it, just likehuman behavior.
So how you do one thing is howyou do everything.
Matt Merenoff (23:07):
The reality is and nobody's ever corrected me
on this when you're in asituation of financial disaster
and a potential disaster andyou're used to having amazing
credit, and little by littleit's like a crack in the dam and
now the dam is exploded andit's wide open and now, like
(23:30):
everything has just gone to shit, now your credit is just
tanking.
It's almost like they get to acertain point and they're
floating in the water and go ohmy God, this isn't so bad.
I had amazing credit.
It was such a stress to pay mybills.
Every single month I paid mymortgage payment.
Woo, this is fun.
(23:52):
They get complacent.
So reeling them back in andsaying guys, you haven't paid a
mortgage anywhere from threemonths to 10 years.
I'm gonna bring you back downto reality now.
So the start of it is get mariathe paperwork she needs.
Get me the paperwork I need sowe can move forward.
(24:12):
You will get a lot of peoplethat are my credits already shut
.
Anyway, let me you something Ifyou have a property and that
property goes to foreclosureinstant death for your credit
You'll have a foreclosure for along time in your career report.
Some people file bankruptcy toprolong the process of losing
(24:33):
the property, but nobody thinksabout the repercussions of all
of that.
Now you got to go rent.
Who the hell is going to rentto you?
Nobody's going to want to rentto you.
They're going to want anywherebetween three to 12 months of
the first year's rent payment upfront, and legally they can ask
that you are a financialnightmare and you can say, oh,
(24:56):
don't worry, I'll take care ofit, I'll pay for it, I'll make
sure everything's.
But if you look at your credittrack record, they don't want
you.
So I tell people from thebeginning we're going to get you
back on track, but you got towant to get back on track.
You're saying you want to do ashort sale on your house, but
let me tell you what's entailedin doing the short sale on the
house.
So make sure you get us what weneed, because what's going to
(25:18):
happen is we're only going toask two or three times and if
you don't get us what we need,we will close the file out.
And I don't care who thatupsets, but who wants to go
after somebody chasing?
If I only had 10, 15 files,it'd be a different story, but
we're working with a massivedatabase of properties of people
(25:39):
that are in trouble, that wanthelp.
I want to work with the peoplethat want help.
Nobody wants to chase somebodyfor, ultimately, for them to for
the property to go toforeclosure.
And now you wasted all thattime for no reason.
Maria Quattrone (25:52):
No doubt it's the same thing, just in general,
in any business.
You know, chasing people, Ialways say the more you have to
chase just as they agree.
Here's the thing when they'veagreed, then you need to chase
them to actually sign thepaperwork that they need, In our
case, a listing contract.
Matt Merenoff (26:11):
Yeah.
Maria Quattrone (26:12):
It's like great , this is how the whole thing's
going to be.
Yeah.
No thank you, this is how thewhole thing's going to be.
Yeah, no, thank you.
I actually, after a couple ofweeks it's not signed.
I told the office to cancel outthe docu sign.
I said just withdraw it, cancelit out, because this is how
it's going to be the rest of theway and time's money and we
(26:34):
don't have time for this.
We want to help the people thatwant to be helped.
Matt Merenoff (26:39):
Yeah, I agree.
Maria Quattrone (26:40):
Period, this game of cat and mouse go play
with somebody else.
That's the honest truth.
You know, our job is to be thesolution.
We can't be the solution ifyou're not going to do your part
, regardless.
If it's the short sale,whatever you know working to get
the taxes fixed, the taxabatement.
(27:01):
I love when I refer somebody tosomebody and then they don't
get back to them.
They're like oh, they never gotback to me, they begged me for
the referral.
Like beg me please, I need help.
Can you find this person?
I have this person.
I have the referral.
Like beg me please, I need help.
Can you find this person orhave this person?
I have the referral.
And then I asked my referralpartner hey, did they call you?
No, never heard from them.
I'm like, anyway, so we giveyou the paperwork, we have an
(27:26):
offer.
How long is it going to take toget this thing done?
Matt Merenoff (27:29):
if everybody gives us what we need in a time,
assuming you have all.
If we have everything, a shortsale really shouldn't take more
than three months to getcompleted.
It really shouldn't.
If everything is aligned, youhave the paperwork, you have the
evaluation, you have to do adispute on the property if an
(27:50):
evaluation has run out on theproperty because, remember,
sometimes these properties havealready been reviewed by someone
else, so they might have to doanother value on the property
and they won't.
Maria Quattrone (28:03):
Assuming none of that happened, brand new one.
Matt Merenoff (28:07):
Should take three , four, three, four months.
Maria Quattrone (28:10):
From the time of agreement is set up.
Matt Merenoff (28:12):
From getting everything in place, going
through the paperwork, gettingit listed, getting an offer,
moving forward.
If it's a very vanillasituation, it should take three
months, four months.
Maria Quattrone (28:27):
In totality, then yeah.
Yeah, well, we're working withthe Shirt Sale.
Expert.
Matt, you've got an eventcoming up.
Matt Merenoff (28:37):
It's not necessarily an event.
It's an online training portal.
This is something that you know, for me, I've been working on,
or something that I've beencreating or tossing around
forever.
You go to these live events.
You spend tremendous money, youdo airfare, you do hotel, you
(28:59):
do food, you do cartransportation, whatever it is.
I'm making it.
So the portal will be 100% pureeducational on-demand.
Learn at your own pace, go back, it's yours for life and
there's going to be multiplemodules in there.
(29:20):
My cheat sheets that I wrotedown on little pieces of paper
for years ultimately put intothe portal itself, and I'm
excited about it because thisway, people maybe they don't
want to do the short sale, butthey want to understand how the
short sale process works, andfor me, this is something that
(29:41):
it's a necessity.
It's a need because I'm comingacross older agents that are
seasoned and new agents and theythink that a short sale is an
Ro.
You know as well as I do reo isreal estate owned, so it's
everything in one place to helppeople be able to figure out how
(30:01):
to navigate and understand thetrue process and how a short
sale works.
Maria Quattrone (30:05):
So what's the uh website name?
Matt Merenoff (30:09):
The website is your Short Sale Success
YourShortSaleSuccesscom.
Yourshortsalesuccesscom.
Maria Quattrone (30:19):
Awesome.
When will it be launching?
Matt Merenoff (30:23):
It's live now.
We've been doing a lot oftesting with it beta testing.
It works.
We're getting testimonialvideos for people right now that
have gone through the classitself.
I wanted to make sureeverything was 100% beautiful
before we did an actual seriouslaunch.
You're going to start seeing itpop up all over the place,
(30:47):
hopefully on the internet verysoon.
Awesome, Hopefully.
People.
Maria Q (30:51):
Yourshortsalesuccesscom .
You go there to get all thecoaching you need for short
sales, how to navigate them foragents and for consumers right.
Matt Merenoff (31:04):
If a homeowner wants to understand how the
short sale process works, itwould be an amazing tool for
them.
If really any type of realestate professional wants to
understand how the process works, it would be an amazing tool
for them.
If really any type of realestate professional wants to
understand how the process works, then, yes, it would be an
amazing tool for them.
Can you be able to do a shortsale after going through the
portal?
(31:24):
Yes, will you be as experiencedand well-versed as myself?
No, but it will give you theleg up that I didn't have when I
started in the industry 20years ago.
It will catapult you into years, many, many years past, where I
was with the experience andunderstand the information and
(31:47):
the knowledge that's needed toWow.
Maria Quattrone (31:51):
That's awesome.
Well, congratulations ongetting that up there and
getting that done.
I know what a huge feat that isto get online coaching and
training done, so we're in theprocess of that now.
So that's awesome.
Congratulations on that, matt.
Thank you for being on our showtoday.
Be the solution podcast.
You are the short sale solution, so look forward to getting
(32:15):
these deals we have with youthrough the system and to the
table.
Matt Merenoff (32:21):
Absolutely.
Thanks so much for having me on.
I appreciate you.
Maria Quattrone (32:23):
Always, you too .
This is the Be the Solution podcast and I am
Maria Quattrone, your host Today.
I'm super excited to bring backa friend of the Be the Solution
podcast and a colleague,Matthew Merenoff, with Real
Estate Recovery Group.
Welcome, Matthew.
Matt Merenoff (00:19):
Thanks for having me back.
Maria Quattrone (00:21):
I'm excited to talk to you, so I have a quote
specifically for you today.
Here's the quote you ready.
Matt Merenoff (00:28):
I'm ready.
Maria Quattrone (00:29):
The best preparation for tomorrow is
doing your best today.
Matt Merenoff (00:36):
I like that.
Maria Quattrone (00:37):
The best preparation for tomorrow, doing
your best today unfortunately,most people don't do that well,
we, we're, we do, and we'regoing to talk to others today
about how they can do that too,but being prepared, absolutely
so.
The reason why I chose thatquote today for you is about
(00:58):
being prepared, and, as a realestate professional, being
prepared means understandingwhat's happening in the market,
understanding the tools that areavailable in the marketplace,
for example, short sales.
Short sales have not been asmany as they have in the past,
(01:23):
but they still exist.
Matt Merenoff (01:24):
What browser are you on?
What browser are you on?
What browser are you on?
Maria Quattrone (01:28):
Chrome.
Matt Merenoff (01:28):
Are you on Chrome ?
I just switched to a differentbrowser.
I guess I'm on Chrome now.
Maria Quattrone (01:37):
So Chrome is the right browser.
Matt Merenoff (01:39):
I'm so sorry about that.
Maria Quattrone (01:41):
Okay.
So Apple, take the beginningand cut that, and then we're
going to start starting fromhere.
So short sales are something,matt, that we haven't seen that
many of them in the last severalyears, at least on our side
over here.
Right, short sales, how itworks.
(02:03):
When should agents get involved?
What's going on with them rightnow?
So let's start with that.
What is going on with the shortsales?
First of all, are you seeingmore of them?
Matt Merenoff (02:18):
I am seeing a lot more of them I've been doing
this for 20 years of them.
You know, I've been doing thisfor 20 years and I think there
was a huge awakening during theCOVID era that's what we're
going to call it now wherepeople weren't paying their
mortgages over that time span,and some of the people that are
(02:38):
getting caught and having tosell their property short now
are people that might haveexhausted all their loan
modification options prior toCOVID.
They might have partial claimsagainst the property, not
explaining to the bank correctlywhat had happened during that
time frame.
On top of the properties thathad not a lot of equity in it.
(03:05):
Now, covid drove the realestate prices so crazy that
people are overpaying for theproperties and now we're seeing
massive repercussions, nowespecially.
I don't know why, but we'regetting multiple properties
coming in from Texas now wherepeople have over leveraged the
(03:29):
properties to the tune of$50,000 to $80,000 more than the
property was worth.
Now why is this, I guess,ultimately becoming a short sale
?
Well, people are losing theirjobs or they have to specific
state to go to another state foremployment or job opportunity.
(03:49):
So I'm not talking specificallyjust Texas, really, anywhere
where people were getting intothese massive bidding wars and
the casualties are.
We're seeing people that are introuble from 2022, 2023 from
purchasing done.
I, as I said, covid era nowforget COVID.
(04:12):
Let's talk about before COVID2019, we were jumping and
popping with properties thatwere in the fall.
Now maybe it's because I'm on adifferent side of the curtain.
You guys are mainstream.
Most real estate agents we aredealing with, you know,
distressed homeowners anddistressed properties that
(04:34):
literally using their properties, like reverse mortgages, not
paying their mortgage and eatingup their equity.
So I don't think it's that.
People are always like oh, youknow, short sales are
non-existent, we're finding themand they are literally
everywhere.
They're in pretty much everystate.
So we have a niche where peopleare coming to us.
(04:56):
So I don't want to correctanybody when they say, oh, short
sales, they're non-existent,they're not on our market share.
There are properties out therethat are sleepers that after
three months or so, at thatpoint then the properties will
hit the market.
But because you know,everything had happened during
(05:17):
COVID, things kind of like tooka reset and were slowing down
and they're trying to figure outways to keep people in their
properties.
You know, they had thedeferments, they had the
forbearances, then they had theloan modification and there's
(05:37):
specific things that peopledon't know what to say and say
to the lenders to try to helpthem and put them in better
situations.
So I just want to correct whenpeople say there aren't a lot of
short sales out there, they mayor may not be short sales.
(06:02):
Last year we did about 19properties where we help people
navigate, avoiding foreclosure,saving the equity in their
properties, because theseproperties were in pre
foreclosure going intoforeclosure.
So there's two things thatwe're coming across People that
have equity in it, which istotally different than 2005,
2008, when things were crazy, tonow, where people have no
equity.
So there's equity and there'sno equity in this.
Properties that are inpre-foreclosure, heading towards
(06:25):
foreclosure and correct me ifI'm wrong, but back in the day
you guys you did short sales,you were heavily into it,
correct?
Maria Quattrone (06:35):
2009, 10,.
There was many short sales.
Right, it took a while forpeople to accept what was going
on, even though there was a bigcrash.
That was in the news.
You know, bears and startingLehman Brothers, and all it
(06:56):
happened before that, though itstarted happening.
Really the markets shifted atthe end of 06 is when the
inventory started to climb.
Matt Merenoff (07:06):
So there's a scene in the movie the Big Short
.
I don't know if you ever sawthat movie I did.
Maria Quattrone (07:11):
It's a great movie.
Matt Merenoff (07:12):
So there's a scene in the movie and the guy
knocks on the front door and hesays is Rufus here?
And the guy says, no, Rufusisn't here.
With a weird look on his facehe goes why are you looking for
Rufus?
And he says, well, he's themortgage holder of the mortgage.
He goes Rufus, that's theowner's dog.
They actually wrote a mortgagein the dog's name.
(07:35):
So it's funny.
People are like, oh, thesethings can't happen.
A couple of years ago, bigbanks were getting nailed
because they were opening upcredit cards and animals names
you know or accounts.
They're opening up checkingaccounts and animals because
they have to meet quotas.
What's my point?
(07:56):
My point is is that you knowpeople are like oh well, it's
the bag.
You can't go up against the bag.
The bag's always right.
You know the reality is, youknow it's big business.
So when someone this is thefirst thing I say in the
beginning to myself I say I tellpeople, don't panic, I'll let
(08:19):
you know when it's time to panic.
And the other thing is is thatif you don't think that in some
cases banks act like banksters,like a gangster banksters,
you're wrong, because theyreally do.
They don't have to critique andhelp homeowners that are in
(08:39):
trouble.
They have to process, and aslong as they process and they do
their job, then they're doingtheir part.
But I've seen people losehouses or potentially get ready
to lose houses and losemodifications for like 15 cents
a dollar.
All they had to do is move acouple of pennies over and they
(08:59):
would qualify for modification,but that's not their job.
So I like when big banks arelike, I'll be leery of
third-party companies.
Yes, be leery, but at the samepoint, educate yourself.
There are so many people outthere right now trying to
emulate what my team does, whatI personally do, and it cracks
me up because now they'restarting to use my verbiage,
(09:22):
they're starting to use my forms, they're trying to, like you
know, basically be me.
The reality is they just don'tunderstand the right way to
navigate through the short saleprocess and to be able to, you
know, weave, bob and weave whenreally you need to weave and go
(09:43):
into the current.
It's kind of like you're in anocean.
You worry about the undertow.
Don't panic so much about theundertow, which is the
foreclosure process.
Worry more about how you'regoing to get out of it.
Relax your body, Try to figureout which way is up, Get your
bearing and then flow into itand see what you can do.
(10:04):
And that's the problem.
There's so many people in thisindustry.
They're crooks and they're notmaking it easy for people.
Now here's the thing.
Not everybody gets to keeptheir property because people
get a mixed message from them oh, do you save people's houses or
do you help them avoidforeclosure?
I do both.
The reality is that if somebodywants to save their house, it
(10:28):
is their right.
But I will say more times, morethan ever, people don't get to
keep their properties becausethey've already exhausted all
options and they've gottenreally bad advice from people.
If you could pay your mortgage,pay it Not paying your mortgage
and your bank, seeing that youhave the ability, could pay your
mortgage, pay it Not payingyour mortgage and your bank,
seeing that you have the abilityto pay your mortgage, basically
(10:49):
telling your bank I'mcommitting fraud.
Right, you have the revenue,you have the income coming in,
but you're not paying it.
You can't just do that.
It has to be a method to yourmadness, it has to be a means to
the end, and that has a lot todo with your in and outgoing
expenses, your profit and loss,and I know that there's a lot of
(11:09):
things that I'm probablytalking over people's heads
because they don't know.
This is basically what I do dayin and day out.
But I think you were going toask me how does the short sale
process work?
Is that?
Maria Quattrone (11:21):
correct.
Well, first I want to know forour listeners, our agents, when
should they get you involved?
Matt Merenoff (11:31):
So I get a lot of I don't.
I didn't know when to bring youin, I didn't know how to
explain to you the scenario,explain to you the scenario.
So there's a form that I puttogether and that form is for
(11:51):
the homeowner and it's actuallyfor a third party and that's on
my website.
We'll talk about that later.
But if you have any scenariowhere you think something is a
distressful situation, you thinksomething is a distressful
situation.
They might not be distressedwith their real estate.
They might just be, you know,distressed financially, but not
(12:11):
realizing that they did a loanmodification in the past,
meaning like, oh, I did a loanmodification, it's all taken
care of, I don't have to worryabout it.
That might not necessarily true.
Maybe you didn't get thatforgiveness.
I tell, tell people if you comeacross somebody who's in
trouble with a property, they'regoing to go late or they are
(12:32):
late.
Best case scenario bring me in.
Bring me in, if you can, fromthe beginning.
And the reason why I say thatis because we might be able to
stop the process before itstarts and give us even more
time to navigate, to see what wecan do.
One, two.
(12:53):
Maybe we can help salvage theircredit so their credit won't
tank so fast too.
Put them in a better financialsituation, whereas if they know
they're not going to be able toafford the property and they're
moving, we can contact thelender right away and let them
(13:13):
know hey look, there's a deathin the family.
Maybe we can help them get adeferment, maybe we can get them
, you know, a forbearance.
Contact you or another agent orwhoever, whoever's bringing the
lead, get that property listed,because at that point, when you
do stuff like that, that helpsslow down the credit process.
(13:36):
So there's a lot of things Itell people, but nobody wants to
listen.
Everybody wants to say, oh, I'ma youtube educator or, you know
, google expert or whatever itis.
The reality is they don't put alot of that information, the
correct information even outthere.
So if you have somebody or ascenario that you're not sure
maybe they have multipleproperties or somebody or a
(13:59):
scenario that you're not suremaybe they have multiple
properties, or maybe they havesomething in a business name and
that personal name, or ourjoint friend has a hard money
loan and maybe they signed forit personally.
So I say, if you can bring mein from the beginning, or if you
start to smell a scenario thatsounds oddly familiar to you or
not familiar, bring me in.
Maria Quattrone (14:22):
So basically, sooner is better than later.
100% In a short answerImmediately bring them in
because we don't know.
Maybe they didn't have a loanmodification, Maybe you can do a
loan modification.
Maybe they have a lot of equitybut they can't pay their
mortgage right now.
Maybe they have a lot of creditcards and they're paying it
(14:45):
towards a credit card becauseit's cheaper to kind of try to
pay down the credit card with29% than paying the 3% loan.
Who knows?
Matt Merenoff (14:53):
Right Exactly.
Or how to unlock their equityin their property before they
actually go late to help savethem.
I know a credit card that isout of control right now.
Maria Quattrone (15:06):
The most it's ever been.
So when somebody doesn't paytheir mortgage, is it how many
months before something startsto happen?
Matt Merenoff (15:17):
It's usually.
Well, you're going to getwarning shots.
First 30 days they're going tocall you.
They're going to say, hey,what's the payment?
Everything okay.
Second month they're going tocall you again and say look,
you're dangerously approachingforeclosure.
You know foreclosure.
(15:43):
And then in the third month,you know they will get ready to
possibly send out a letterbasically saying hey, you're,
you know, if you go fourpayments behind, at that point
you're going to be inforeclosure.
We're going to send out aletter basically saying that at
this point going forward, if youdon't get back on track, you're
gonna be in trouble.
Once it's once you go past likesix months, you're approaching
the point of no return becauseyou, most of the lenders will
(16:06):
allow you to do a repaymentoption within the first six
months, but after you go pastthat, you're done then they file
official foreclosure.
They're starting the proceedingsokay, it's usually like three
months, four months.
They're going to send out aletter to you saying that we are
starting procedures forforeclosure action.
Maria Quattrone (16:29):
So basically, as soon as they start, they know
that there's a problem.
Don't wait, Act, Don't we Act?
You know, that's one of thethings I see Matt is like.
We talk to a lot of sellers andpeople are embarrassed and they
don't want to tell you all thetime the truth.
Most of the time we get halftruths.
(16:51):
So I always say, look, I can'thelp you if I don't know the
information.
You got to be able to pull itout of them some way somehow.
Otherwise they think thatthey're going to get something
over on you by not telling youwhen, If they would have told
you to begin with, you couldhave helped them, and it might
(17:12):
be too late.
Matt Merenoff (17:14):
I'm going to tell you something.
When someone says what's thebest way to figure out A
financial snapshot From somebody, when you go to a doctor's
office and you don't feel good,one of the first things they do
is take an EKG, correct.
Maria Quattrone (17:32):
EKG Blood pressure.
Ekg Take your weight.
Matt Merenoff (17:37):
Normally if you go into a doctor's office you
don't feel good.
Yeah, it'll be the bloodpressure and I'll do an EKG.
To me an EKG is title.
Title is so massively importantbecause you know most people
that go to a doctor's office.
They don't know what's wrongwith them.
Most people that arepotentially in trouble with
(17:58):
their property may not rememberhaving a judgment from a credit
card from five years ago.
At that point it might've justbeen a letter that was sent to
them in the mail.
Nobody opens up their mail.
Those things eventually aregoing to attach to you and or
your property.
So if you have a judgmentagainst you, that's something
(18:20):
that is going to have to beresolved or potentially a lien
that might be attached to yourproperty, something like the IRS
.
So these are types of thingsthat we come across all the time
.
Here's the problem Most peoplethat are in the real estate
realm that we're in, they don'twant to run title.
Maria Quattrone (18:42):
Title companies don't want to run title for you
.
Matt Merenoff (18:44):
Well, if you have an established working
relationship, like we do, we usemultiple title companies
they'll run title for us becausethey know we close.
They know at some pointsomething's going to happen Of
course I'm not saying all.
Maria Quattrone (19:02):
I'm saying.
You have relationships, some ofus have relationships, but most
of the time no, they don't.
Matt Merenoff (19:07):
That's the thing.
That's the point I'm trying tomake.
We have relationships, but mostpeople don't have the
relationship.
Maria Quattrone (19:12):
No, that's what I'm saying.
Most don't.
Matt Merenoff (19:14):
Yeah, saying move soon.
Yeah, they don't know.
You know, like if you're havinga stroke to prevent, they tell
you take a bare ass and put itunderneath your tongue.
Most people don't know.
Really, what you should do isyou should consult with a
professional, like a real estateagent, like an attorney.
Then there's multiple differentattorneys that you can reach
(19:35):
out to, based on the scenario.
But the reality is everybodyburies their head in the sand.
They don't know what to say,they don't know how to say it,
they don't know how to convey it.
They're absolutely like yousaid before they're embarrassed.
So I tell people it doesn'tmatter whether you have a Chevy
Corolla in your driveway or aBugatti in your driveway.
(19:56):
At some point me or maybe notsomebody would have a financial
distress in their life andeverybody's worried about
keeping up with the Joneses.
They shouldn't worry about thatFor me.
I tell people a simple one youcan lie to everybody else, you
can lie to your spouse, you canlie to your side piece, but you
(20:17):
have to tell me the absolutetruth, because if you don't, I
don't know if I can help you andif I find out and this has
happened where people have nottold me the absolute truth from
the beginning.
And I've gotten called out bybanks and they've actually said
to me Matt, are you aware of thefact?
Actually, mr Marinoffoff, youaware of the fact that your
(20:38):
client um sent in like faultybank statements?
Are you aware of the fact thathe's had he has two other
properties, but on theapplication you say he only has
one, only has one property.
I was like, listen, I'm onlygoing off of what they're
telling me.
So if you're telling me on arecorded line that they lied,
(20:58):
they lied to both of us, theydidn't just lie to me.
So I try to make it as clear aspossible from the beginning.
Tell me what's going on,because then that way I can
figure out how to help you outof the situation you're in.
Maria Quattrone (21:09):
So, in regards to the timeline, let's talk
about the time it takes to get ashort sale done, so they engage
you, we to get a short saledone, so they engage you, we're
engaged.
We send them to you, theyengage you, you send us the
paperwork.
It goes up on the market.
Three weeks later we have anoffer.
Now what we?
Matt Merenoff (21:28):
send it to you.
Normally I would say to you ina perfect world you got to be
great.
But that doesn't normallyhappen like that.
Let's just say, if I have aclient and I engage a real
estate agent and I refersomething out, I tell the client
this is what we need from youto move forward on our end.
And then on the other end, fromthe listing side, this is what
(21:50):
they're going to need from you.
About 50% of the time they'llget what they need for the
listing side, but the other partof it they're like slow getting
what we need.
We need authorization my companyto speak with any of the
lenders, anybody that's incontact.
It's not a power of attorney,it's not a limited power of
attorney.
It's just a simpleauthorization form that allows
(22:12):
us to speak with anybody that'sinvolved in the financial aspect
of it.
There's also a packet ofinformation that we need filled
out.
People sometimes are so lazyabout that.
I'm telling you this because itslows down the timeline of the
process.
I could lose 30 to 60 days justfor not getting what we need
(22:34):
from the homeowner correctly.
So you can.
Maria Quattrone (22:38):
What's up?
We know all about it.
It takes sometimes blood, sweatand tears to get a seller's
disclosure back.
Matt Merenoff (22:46):
Right.
Maria Quattrone (22:52):
And you know I hold the listing hostage,
meaning it doesn't go active.
It'll sit in coming soon statusuntil we have a seller's
disclosure Right.
So we're aware of the way thatconsumers behave and how slow
some are to act.
When I look at it, just likehuman behavior.
So how you do one thing is howyou do everything.
Matt Merenoff (23:07):
The reality is and nobody's ever corrected me
on this when you're in asituation of financial disaster
and a potential disaster andyou're used to having amazing
credit, and little by littleit's like a crack in the dam and
now the dam is exploded andit's wide open and now, like
(23:30):
everything has just gone to shit, now your credit is just
tanking.
It's almost like they get to acertain point and they're
floating in the water and go ohmy God, this isn't so bad.
I had amazing credit.
It was such a stress to pay mybills.
Every single month I paid mymortgage payment.
Woo, this is fun.
(23:52):
They get complacent.
So reeling them back in andsaying guys, you haven't paid a
mortgage anywhere from threemonths to 10 years.
I'm gonna bring you back downto reality now.
So the start of it is get mariathe paperwork she needs.
Get me the paperwork I need sowe can move forward.
(24:12):
You will get a lot of peoplethat are my credits already shut
.
Anyway, let me you something Ifyou have a property and that
property goes to foreclosureinstant death for your credit
You'll have a foreclosure for along time in your career report.
Some people file bankruptcy toprolong the process of losing
(24:33):
the property, but nobody thinksabout the repercussions of all
of that.
Now you got to go rent.
Who the hell is going to rentto you?
Nobody's going to want to rentto you.
They're going to want anywherebetween three to 12 months of
the first year's rent payment upfront, and legally they can ask
that you are a financialnightmare and you can say, oh,
(24:56):
don't worry, I'll take care ofit, I'll pay for it, I'll make
sure everything's.
But if you look at your credittrack record, they don't want
you.
So I tell people from thebeginning we're going to get you
back on track, but you got towant to get back on track.
You're saying you want to do ashort sale on your house, but
let me tell you what's entailedin doing the short sale on the
house.
So make sure you get us what weneed, because what's going to
(25:18):
happen is we're only going toask two or three times and if
you don't get us what we need,we will close the file out.
And I don't care who thatupsets, but who wants to go
after somebody chasing?
If I only had 10, 15 files,it'd be a different story, but
we're working with a massivedatabase of properties of people
(25:39):
that are in trouble, that wanthelp.
I want to work with the peoplethat want help.
Nobody wants to chase somebodyfor, ultimately, for them to for
the property to go toforeclosure.
And now you wasted all thattime for no reason.
Maria Quattrone (25:52):
No doubt it's the same thing, just in general,
in any business.
You know, chasing people, Ialways say the more you have to
chase just as they agree.
Here's the thing when they'veagreed, then you need to chase
them to actually sign thepaperwork that they need, In our
case, a listing contract.
Matt Merenoff (26:11):
Yeah.
Maria Quattrone (26:12):
It's like great , this is how the whole thing's
going to be.
Yeah.
No thank you, this is how thewhole thing's going to be.
Yeah, no, thank you.
I actually, after a couple ofweeks it's not signed.
I told the office to cancel outthe docu sign.
I said just withdraw it, cancelit out, because this is how
it's going to be the rest of theway and time's money and we
(26:34):
don't have time for this.
We want to help the people thatwant to be helped.
Matt Merenoff (26:39):
Yeah, I agree.
Maria Quattrone (26:40):
Period, this game of cat and mouse go play
with somebody else.
That's the honest truth.
You know, our job is to be thesolution.
We can't be the solution ifyou're not going to do your part
, regardless.
If it's the short sale,whatever you know working to get
the taxes fixed, the taxabatement.
(27:01):
I love when I refer somebody tosomebody and then they don't
get back to them.
They're like oh, they never gotback to me, they begged me for
the referral.
Like beg me please, I need help.
Can you find this person?
I have this person.
I have the referral.
Like beg me please, I need help.
Can you find this person orhave this person?
I have the referral.
And then I asked my referralpartner hey, did they call you?
No, never heard from them.
I'm like, anyway, so we giveyou the paperwork, we have an
(27:26):
offer.
How long is it going to take toget this thing done?
Matt Merenoff (27:29):
if everybody gives us what we need in a time,
assuming you have all.
If we have everything, a shortsale really shouldn't take more
than three months to getcompleted.
It really shouldn't.
If everything is aligned, youhave the paperwork, you have the
evaluation, you have to do adispute on the property if an
(27:50):
evaluation has run out on theproperty because, remember,
sometimes these properties havealready been reviewed by someone
else, so they might have to doanother value on the property
and they won't.
Maria Quattrone (28:03):
Assuming none of that happened, brand new one.
Matt Merenoff (28:07):
Should take three , four, three, four months.
Maria Quattrone (28:10):
From the time of agreement is set up.
Matt Merenoff (28:12):
From getting everything in place, going
through the paperwork, gettingit listed, getting an offer,
moving forward.
If it's a very vanillasituation, it should take three
months, four months.
Maria Quattrone (28:27):
In totality, then yeah.
Yeah, well, we're working withthe Shirt Sale.
Expert.
Matt, you've got an eventcoming up.
Matt Merenoff (28:37):
It's not necessarily an event.
It's an online training portal.
This is something that you know, for me, I've been working on,
or something that I've beencreating or tossing around
forever.
You go to these live events.
You spend tremendous money, youdo airfare, you do hotel, you
(28:59):
do food, you do cartransportation, whatever it is.
I'm making it.
So the portal will be 100% pureeducational on-demand.
Learn at your own pace, go back, it's yours for life and
there's going to be multiplemodules in there.
(29:20):
My cheat sheets that I wrotedown on little pieces of paper
for years ultimately put intothe portal itself, and I'm
excited about it because thisway, people maybe they don't
want to do the short sale, butthey want to understand how the
short sale process works, andfor me, this is something that
(29:41):
it's a necessity.
It's a need because I'm comingacross older agents that are
seasoned and new agents and theythink that a short sale is an
Ro.
You know as well as I do reo isreal estate owned, so it's
everything in one place to helppeople be able to figure out how
(30:01):
to navigate and understand thetrue process and how a short
sale works.
Maria Quattrone (30:05):
So what's the uh website name?
Matt Merenoff (30:09):
The website is your Short Sale Success
YourShortSaleSuccesscom.
Yourshortsalesuccesscom.
Maria Quattrone (30:19):
Awesome.
When will it be launching?
Matt Merenoff (30:23):
It's live now.
We've been doing a lot oftesting with it beta testing.
It works.
We're getting testimonialvideos for people right now that
have gone through the classitself.
I wanted to make sureeverything was 100% beautiful
before we did an actual seriouslaunch.
You're going to start seeing itpop up all over the place,
(30:47):
hopefully on the internet verysoon.
Awesome, Hopefully.
People.
Maria Q (30:51):
Yourshortsalesuccesscom .
You go there to get all thecoaching you need for short
sales, how to navigate them foragents and for consumers right.
Matt Merenoff (31:04):
If a homeowner wants to understand how the
short sale process works, itwould be an amazing tool for
them.
If really any type of realestate professional wants to
understand how the process works, it would be an amazing tool
for them.
If really any type of realestate professional wants to
understand how the process works, then, yes, it would be an
amazing tool for them.
Can you be able to do a shortsale after going through the
portal?
(31:24):
Yes, will you be as experiencedand well-versed as myself?
No, but it will give you theleg up that I didn't have when I
started in the industry 20years ago.
It will catapult you into years, many, many years past, where I
was with the experience andunderstand the information and
(31:47):
the knowledge that's needed toWow.
Maria Quattrone (31:51):
That's awesome.
Well, congratulations ongetting that up there and
getting that done.
I know what a huge feat that isto get online coaching and
training done, so we're in theprocess of that now.
So that's awesome.
Congratulations on that, matt.
Thank you for being on our showtoday.
Be the solution podcast.
You are the short sale solution, so look forward to getting
(32:15):
these deals we have with youthrough the system and to the
table.
Matt Merenoff (32:21):
Absolutely.
Thanks so much for having me on.
I appreciate you.
Maria Quattrone (32:23):
Always, you too .
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