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

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Erin Gargan,

Would you be interested in a conference call to all of our members to explain what Auction.com does?   The internet is full of misinformation and wrong information as you can tell from monitoring these sites.  Perhaps your explanation to the group would help?

Did Erin ever reply?

Hi Jeff,

 

We would definitely be interested in setting up a conference call with any interested members of the Short Sale Superstars community to explain more about our process and what we have to offer, as well as answer any of your questions. You're correct in that there is a lot of bad and misinformation, so we apppreciate your extending the invitiation to us.

 

Please contact our Director of Customer Service, Peter Chevalier to set up an agreeable time for all. You can reach him at [email protected] or by calling 800-793-6107.

 

Sincerely,

Auction.com

xx

Auction.com aka REDC - Many in Florida should know these folks well.  They started by selling swamp land in FL 20+ years ago.

I met with them several years ago about joining their company but after I visited their offices, spoke with many of their people, saw how their systems work, and met their Execs, I decided never to pursue any relationship with them.

I am working with them now but am representing the Buyer. after winning the bidding, we still have to wait for Bank of America to process the short sale like any other file. auction.com has been great to work with, but not sure that it has shortened the process at all.

10% Buyer paid premium for the privilege, right?

The whole thing cracks me up.  They are offering my homeowner 7K additional incentive to the 14K he is getting through the co-op.  Lets not forget that the reason my homeowner is getting such a big incentive is because the bank acted in an unethical manner before.  Now, they want to pay him 7K more just to use auction.com?  It is ludicrous.  I want to know where that 7K is coming from.  DTS says that B of A is paying it.  Why?  I already have two offers over asking price, which is more than the BPO price...

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!

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?

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