Nationstar / Auction.com
What's your story? Is your client being forced into Auction.com?
Replies to This Discussion
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Permalink Reply by Judi Fiolle on
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so, in the same way, a seller should have the authorization to determine the buyers lender and to negotiate the terms of that loan correct?
That does not seem reasonable to me either. There are responsibilities of the seller and responsibilities of the buyer. At the closing table, they bring those items together and consummate the deal.
The negotiation of the details are the individual parties to the transaction individual responsibilities.
Seller can not dictate buyers lender choices not can the buyer dictate sellers responsibility to their lender.
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Using your own comment about "poor" agents. Allow the BA to completely fulfill their ethical requirements to represent their clients best interests when appropriate and we both know when thats appropriate. If the BA can not discuss comps because you will not grant authorization sooner or later that will bite someone. The SA does not represent me and has no interest or duty to represent my best interest. The BA does and is so called on. What would a BA say when called upon? They wouldnt let me? Ill go with that until theres a problem and if it cost me a house and then the question will be did you deny the BA his duty to represent the buyers best interest? And whomever can explain that under oath. And when you deny "The negotiation of the details are the individual parties to the transaction individual responsibilities" thats the BAs legal duty thats what will happen eventually. You want to deny the BA the right to negotiate. Because you can not explain how he can negotiate through a 3rd party without verification. Dealing with the SA alone simply doesnt make it. "Seller can not dictate buyers lender choices not can the buyer dictate sellers responsibility to their lender" If youre addressing that to me its irrelevant to anything I said.
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Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on
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It's a problem in our State if you do so.
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Permalink Reply by Eileen W. Smith on
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I'm working a NationStar first and second.
The first sent me an approval, but the 2nd wanted to run the SS through Auction.com. I explained that it was against license law here in GA to market a property as being available when we had an accepted offer. They wanted me to accept back-up offers for their review and "they" would reject the primary offer if one of the back-up offers was better.
I finally got them to agree NOT to do it, but now they won't send my an approval so we can close.
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Time to consider this.
Reply by Ronald Golansky 9 minutes ago
we have 30 days to get 100,000 people to sign
Dear friends,
I wanted to let you know about a new petition I created on We the People, a new feature on WhiteHouse.gov, and ask for your support. Will you add your name to mine? If this petition gets 100,000 signatures by April 23, 2013, the White House will review it and respond!
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You can view and sign the petition here:
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Here's some more information about this petition:
Keep banks out of short sales.
it has come to my attention that some banks, at this point I know of two, Bank of American and Nationstar, are now forcing home owners who are trying to short sale a home into an auction with auction.com. In doing so they are interfering with a legal listing agreement and sale contract as well as with a realtors fiduciary relationship. The process also takes away the rights of the property owner by placing restrictions on who can purchase the home. This is a clear case where the banks are entering into real estate brokerage and management business and are prohibited from doing so by law
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Here's a link - http://www.auction.com/company-information/leaderships.php
If you read the Executive "Profiles", you will begin to understand where the business is coming from.
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dear God! :-0
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Oh my! A back door board room.
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Permalink Reply by Karen Curtis on
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I just had Nationstar pull a perfectly good CASH offer off the table and put it with Auction.com. I emailed my escalation person, who has always been responsive, and no reply to calls or emails. Also questions in Equator. No explanations, nothing, I have to talk to Auction.com Auction.com said I am to get 3.5% but I have not seen that in writing and that the seller's compensation of $3,000 is still good. When we signed the paperwork, I added the $3,000, let's see what they do with that. All I can say is, if Nationstar starts talking Auction to you, beware, it is likely they have already signed this property off to them. From what the paperwork says, I have to show the property to any prospective buyer and have to hold at least one open house for the bidders to see and if there is an offer I get no buyer's commission. It remains to be seen how all of this will work out, Auction.com told me this is a new program as of March 5th. Yikes, another curve ball. I will keep you posted as to the outcome, it is not up on Auction.com yet, should be this week.
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Karen, I don't get it. Nationstar does not OWN the property and cannot engage Auction.com to do anything UNLESS the owner authorizes it. So, it seems the Owner must have signed paperwork engaging Auction.com when they could have refused.
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Thom, Thanks for the suggestion, however, since I had a buyer standing by and Nationstar would not even engage, time was of the essence. I have not had a great deal of success bucking the system that seems so unfair. They have us against a rock and a hard spot, if we don't cooperate, they just move to foreclose and everything is in jeopardy. Please let me know if this works for you and I will try it next time.
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Karen, it seems it would be time to escalate. I would ask my seller if they signed and ask Auction.com to present a signed copy as you have an existing listing agreement. I always tell me seller to bring me ALL correspondence they receive regarding their property.
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