One of my sellers is being "offered" Auction.com with Bank of America. Can anyone provide input with their experiences?
Here is their sales video Auction.Com Sales Presentation
You need to be a member of Short Sale Superstars to add comments!
This reply was deleted.
**********************************
like buttons
Replies
Is this through DTS?
I had this happen too. Also was told that buyer would qualify for an incentive of $7000 more if they went with Auction.com
Couldn't find out any information yet as to who is actually paying for this extra incentive.
Thom - I agree with your point! I've added a new Auction.com discussion about this on the Bank of America group.
I see the Bank of America bulletin stating sellers will be contacted to be in this Auction.com program and the agent shall be "required" to hold two open houses. Open houses are of limited use and not an effective use of time to sell a property. Open houses are typically for agents who are looking for buyers who don't yet have an agent. Open houses are not part of my marketing plan, and will not be. I won't take 2 or 3 inefficient hours sitting at an open house.
DTS is participating in Auction.com as well. I don't really endorse it because we don't need it in Sacramento. We have enough of a bidding war frenzy going on, and what buyer wants to pay another 5% for the privilege of buying a home? The service is optional for Bank of America cooperatives. The thing is it's a great deal for those who own Auction.com. Yeah, get paid by B of A to do the short sale processing paperwork PLUS pick up another 5% commission for managing a website. SWEET.
Hi Elizabeth,
We have enough of a bidding war here, too. Three offers, first day, all over asking. I don't need auction.com, which is going to MAKE me wait 21 days. But, when they are letting my seller know that their incentive would be $7,000 higher by doing that, it makes me hard to process the short sale the proper way! Still trying to figure out who pays the extra money to the borrower.
Did they provide anything in writing regarding the additional $7000?
I got this from Chris at Auction.com:
We are unaware of any incentives, since we do not handle them. Incentives are handled by the bank. I do not believe it changes if it is Auction or not. Thank you.
The search for truth continues!!
Auction.com like many auction sites and I will include Williams and Williams here, auction the home, charge the mortgage holder a commission and pay the realtor a small fraction of the commission for bring the buyer. I emphasis small. The sales price and the commission go thru the real estate company side. Then there is a separate auction company side and they charge the buyers premium to the buyers. Therefore it is not part of the sales price and is an expense to the buyer on the HUD. I have only done buyer transactions with W &W. W & W was a total disaster.
To put the the transaction payments in perspective W&W charged a 5.5% commission to the seller and paid out to the buying agent 1%. Charged a 5% buyer premium, max $3,000. Only thing was my buyer was VA and VA would not allow the buyer premium charge. W & W wanted to know how "I" was going to pay it. HA! Told them that was between them and VA. After a month of haggling, W & W waived the fee.
Will never ever use an auction company again!
-
1
-
2
-
3
of 3 Next