Auction reccommende by Servicer?
No names here, but, have servicer referring me to an auction company, "for better marking ya da ya, etc, ! HOWEVER! Need to advertise (mls, etc) that buyer needs to pay 5% premium. Once signed up for this is a "given" no going back! The particular property wont attract a auction buyer! (net to servicer, second, Hafa approved etc)
Just wanting to know if anyone has had this scenario? My thought, we really dont need this avenue with a good short sale. Cant see it being a good option either, for a property will most likely be an owner occupied buyer. (then still may have to stress with some seller contributons.
Good? Bad? Indifferent?
Thanks!
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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Maybe this thread will help:
http://shortsalesuperstars.com/forum/topics/auction-com-bank-of-ame...
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Permalink Reply by Sheyenne Schultz on
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Hi! I can tell you right now that I'm sure this is a Bank of America property and they partnered with Auction.com to sell the property. B of A is doing this with their co op short sales.....1st... In the co op short sales...these are marketed at prices too high to begin with...and when you can't get a buyer at that price...they will force you to use the auction.com route to sell the property...you will get a lousy 2% commission... and anyone helping a buyer bid on an auction.com property as a buyer's agent gets a measly 1%....commission. However, they have no qualms about making buyer pay a 5% premium on all winning bids...gee where do you think THAT is going? Obviously not in your pocket...
This is a win win for B of A and Auction.com....drive the prices up and up and up....
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Permalink Reply by Kevin - Greenville, SC on
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Yep.
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