I have been a BAD AGENT. I am getting a call from Nationstar and Auction.com tomorrow for not wanting to cooperate with there short sale COLLUSION. This call is to take place around 11:00am PST. Anyone want to give me some darts to throw their way. I will be taping the call with their permission. If they do not allow me to tape it I will have my TC taking copious notes. I believe they will be giving me lots to blog about. Game on!
I would be curious if the short sale had progressed almost to completion before they sprung auction.com on you OR if you had just sent in the 3rd party authorization and made them aware a short sale was initiating? My beef with Ocwen and Hubzu is they allowed me to work it AND agreed with the value, requested an addendum with a "future settlement date" before they snatched it away.
Bryant - Not having fun.
Diane - I have marketed this home twice now. First with BOA now with Nationstar. Both times the seller has accepted an offer and opened a valid escrow. Now I get tasked via Equator to sign a document allowing Auction.com to market it and look for a better offer plus charge the buyer a 5% premium. WHY?
The agent from Auction.com calls me and he has access to my Equator account seeing the offer that is in and he wants me to sign a document stating I agree to allow them to market the home. He calls it a Validation Program.
Brian - Good to hear your getting along with their program.
my suggestion is to contact Attorney General of State and find out. I believe it is not right and violate RESPA law. What is 5% premium fee for? It is not even disclose...
Thank you to everyone for sharing their thoughts about auction.com
I would like to know if anyone knows who we may report them too that will look into their practices? Also would like to know why Nationstar is pushing them so much even though their is already an agent, marketing and most often an accepted contract. Does anyone know if Nationstar gets any money or some other incentive when people go through auction.com
Auction.com get 5% of the sales price.
There has to be a tight relationship between the two Nationstar & Auction.com
The Auction.com rep is using Nationstar's letter head in his letters to me & also has
a Nationstar email address & has access to my sellers information via Equator using Nationstars
Equator account. Smells like a Duck.........
Auction.com is owned by REDC
Very interesting to know that Nationstar and REDC are both located in Irvine California
Jay Bray, CEO of Nationstar worked for Bank of America for 6 years
Harold Lewis COO of Nationstar also worked for Bank of America and Fannie Mae
Stone Point Capital owns 50% of auction.com
Interesting data Jeff. It is a Duck!