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Permalink Reply by Wendy Rulnick on November 1, 2012 at 2:33am

Tammy - Auction.com is not a requirement for you or your seller. Your seller, if he is in the coop program, can still remain there. I don't know if you can get out of the agreement at any time.  If your seller wants out after discussing with him, then notify the company. Let us know how it goes.

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Permalink Reply by Auction DotCom on November 5, 2012 at 9:28am

Hi Tammy and Wendy,

 

My name is Peter Chevalier, and I am the Director of Customer Service for Auction.com. Thanks for your feedback above. We strive for an efficient and quick short sale process by working closely with several major lenders and mortgage servicers. Our goal is to expedite your approvals to ensure your listing sells. Here is what I would say are our top 5 short sale strengths: 

1) Marketing - Leverage our marketing muscle. Our large media spend generates a million site visits per month and millions of active leads in their databases. We aggregate large quantities of homes and run integrated marketing campaigns driving investors and home buyers to our live and online auctions.

2) Timing - We are reinventing the Short Sale process. We are turning the traditional 6-12 month process into an efficient and transparent auction that closes within minutes after auction ends. 

3) Negotiation - We negotiate with the lender in advance of the auction to ensure realistic expectations.

4) Commission - Brokers are a very important part of our process and brokers keep their listing fees, plus we have a buyer's premium incorporated into the sale price. This make for a great partnership as we both get paid when escrow closes.

5) Closing - We manage the closing from beginning to end.

 

Hope this information is helpful and please let me know if I can help you with any other questions regarding short sales at Auction.com. You can reach me at 800-793-6107. 

 

Thanks!

 

Peter 

Director of Customer Service at Auction.com

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Permalink Reply by Kevin - Greenville, SC on November 5, 2012 at 3:09pm

Peter,

Thanks for the information.  

There are still many concerns that Agents have about this program (including myself).

1.  Buyer's Premium - It's tough enough to get an market value offer when the Appraisal and or BPO done for BOA come in.

2.  Marketing - It would seem like in today's world of Listing Syndication and IDX any potential marketing by Auction.com would produce no meaningful results.

A couple of questions -

1. Any idea on how many of the Short Sale Listings placed on Auction.com have actually closed and how many have gone to Foreclosure?

2.  As far as I am aware of most of the 'negotiation' has already been done prior to Auction.com marketing phase of the listing (i.e., recommended list price for the Cooperative SS Program) so what additional benefit is there?

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Permalink Reply by Auction DotCom on November 6, 2012 at 11:16am

Hi Kevin,

See below for answers to your questions.

1.      Any idea on how many of the Short Sale Listings placed on Auction.com have actually closed and how many have gone to Foreclosure?

A:  Although we cannot share specific figures, Auction.com has auctioned well over 1,000 short sale properties this year and have successfully sold a significant percentage of those.  If an asset does not sell, it reverts to the bank and we do not / cannot track whether assets go into foreclosure post-auction.  

2.      As far as I am aware of most of the 'negotiation' has already been done prior to Auction.com marketing phase of the listing (i.e., recommended list price for the Cooperative SS Program) so what additional benefit is there?

A:  There are several key benefits to listing agents to working a short sale through Auction.com. 

·         You get paid your full commission:  Your commission remains 100% intact per your listing agreement

·         Our marketing expertise:  Auction.com invests over $30+ million annually to drive exposure and awareness of our listings.  We also have an extensive marketing database of several million opted-in customers to market these homes. 

·         Reserve pricing negotiation:  The “negotiation” does not end with the recommended list price, as we often have a different auction reserve price than the recommended list price based on discussions we have with our partners and the insights we have from market-level data. 

·         Platform to manage the process seamlessly:  Due to our strong relationships with many servicers, we have worked tirelessly to build improved processes, communications and escalation procedures to help make these transactions move more quickly and with more transparency to the seller, the buyer, and the agent.

If you have any additional feedback or questions I am happy to speak with you offline, you can reach me directly at [email protected]. 

 

Thanks for your interest in Auction.com!

Peter 

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