Nationstar / Auction.com
What's your story? Is your client being forced into Auction.com?
Replies to This Discussion
-
Permalink Reply by Bill Sloss on
-
Everytime it happens Id make a complaint to the Consumer Protection offices of your Attorney General.
-
-
guys sign the petition and spread it please
-
-
I'll send the link out to my friends and associates.
-
Permalink Reply by Karen Curtis on
-
This is good to know. I just went into Equator and told them my seller did not want to participate, we will see what happens. Before this post, they just ignored by questions. Thank you for the information.
-
-
If you go to ripoffreports.com and read through the consumer complaints submitted by consumers and brokers/agents about auction.com, you will see how they are handling some of these issues. It's an eye-opener. The on-line auction process was attempted several years ago in the new home building industry. Las Vegas and Phoenix were selected as two test areas. It was a fiasco in both cities, and the builders discontinued their participation with the program. If you read through the complaints on ripoffreports.com about Auction.com you will see complaints about holding consumer's earnest money deposits for unreasonably extended time periods, title issues, extending the bidding window online long after a buyer has paid his earnest money deposit, a report from a Michigan licensee about misrepresentations on commission percentages and that the broker for Michigan properties was actually an attorney in California, etc. and etc. I think the difference today is that we short sale listing agents and brokers are now being dragged into the auction process and we have a higher level of knowledge than the consumer about the legalities, responsibilites, and liabilities. We need to keep addressing these critical issues with state and federal governing authorities and not let them ignore us.
-
-
Okay, I'll go ahead and paint a Bull's Eye on my forehead here for my fellow agents.
First of all, I can't stand auction.com, their attitude, procedures, ways of doing business and generally muscling in on RE distressed sales. The one time I accidentally shook the hand of an auction.com executive, I quickly counted my fingers.
Their attitude, and apparent ignorance, is displayed in the response by Gregory J Bermes on pg 8 of this thread, 2nd response, wherein he states "The sellers(owners-well, the tennants, as regardless of the name on the deed, the bank owns the property until the mortgage is paid in full) can decline the offer". Say what?
I certainly want these guys far away from any of my transactions.
That being said, a servicer/bank/note holder is Not engaging in any type of tortious intereference, or any other illegality by doing it this, or any other, way. The bank Does have the right to dictate/negotiate the terms and conditions by which it will agree to a short sale. Agents can try to claim some illegal act by the bank because they are "interfering with a listing contract' or "interfering with a purchase contract betweeen a buyer and a seller" but they simply are not. The bank's demands routinely cause us problems, make us and our clients change/adjust the way we do things, and too many times make us lose a deal.......but, it is their legal right to accept, counter or deny any offer we/owners make them when shorting a loan. And also, when you make incorrect claims like this in a letter, plea, petition or any other venue, it takes credibility away from other things you may correctly state.
Let the target practice begin.
-
-
The Bank can foreclose on a home. (PERIOD), that the only right a home owner gives them when they take a mortgage. Then bank could allow or deny a short sale. but there is no were in a mortgage note that gives the bank the power to dictate how and to whom a home will be sold to. By the way Nation Star is a Servicer and not the lender, they have even less right to tell anyone what to do. A nation star short sale is subject to investor approval. So please tell how a company who had no right to short sale the home can tell someone how to sell that home.
-
-
Without a real estate license
-
-
Laws are made by Judges applying facts in cases. You guys are beating yourselves to death when one good case would decide.
"The bank Does have the right to dictate/negotiate the terms and conditions by which it will agree to a short sale."
Only if thats a proven right not an assumed one and Id argue if the terms arent in the SSA they dont have the right unless its spelled out there. Id also argue if I have a signed contract that specifies no back ups there will be a problem more sooner than later. So Id like to hear how you protect both realtors if my SSA specifies no backups and you find a house on Auction. ?
Im just a humble buyer with an opinion.
-
-
If the bank owned the home as you stated here, there would be no need for them to foreclose correct? They could simply file an unlawful detainer and throw them out of "their" property.
The bank or owner of the loan on the property has the right to foreclose on that property if the terms of the loan are not met, such as the mortgage not being paid.
They do not hold title to the property until that happens. The seller does.
They do not, under any other circumstances, have the right to sell the property in any way or to any one.
They do however have the right to decline a short sale and complete foreclosure proceedings and THEN to sell the home.
-
-
I am a CA. Seller, who was given the "option" and an extra $2,500.00 "incentive," if I sign and go with the auction.com website, AND the house is sold from their website.
When I shared my concerns with my Realtor, - as we had a Buyer (an investor with cash), about how the auction works, and what if the cash buyer is out bid by a higher bidder, etc., but still needed to sign the buyer's offer, he sent his comment back to me, as follows:
"According to my instructions, I must fax an accepted offer to BofA and the buyer will still have to submit their offer on auction.com. It's a bit confusing, but at this point an offer should be chosen so we can do the auction."
I signed one of the (2) offers, and it is presently on the auction.com's site and is stamped across the photo:
BANK APPROVED SHORT SALE
I don't know how this will all turn out, but I will try and post the outcome in an appropriate TOPIC or FORUM, when it's completed.
This SS doesn't involve, specifically, "Nationstar," but we're also talking about auction.com, so as a Seller, I can certainly see from your discussion the possible "legal implications," that could very well affect me. This aspect of it did not occur to me for one second, when I signed the document. For an inexperienced Seller, apparently with an inexperienced Realtor, all of this just gives a Seller one more thing to worry about, during the Short Sale process road.
BofAs 3rd party servicer, "DTS," Dignified Transaction Solutions, had sent over the auction "agreement" for me to sign. I think, perhaps, from all I've been reading on the internet that BofA, may have a large stake (legally), and financially, with auction.com. I do not know. I am just throwing it out there and only from what I've read and my own common sense, in seeing from an interested perspective, how the way of real estate has changed so very much over the years, since I first purchased my house about ten years ago!
-
-
If I was the buyer I would argue when they posted the bank approved the SS they satisfied our contract and the property is mine. They can not void a contract they approved. If the house goes to someone else you could have legal troubles. Id make sure I was completely protected.
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons