What's your story? Is your client being forced into Auction.com?
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In Calif our listing agreement with the seller is an Exclusive right to sell contract. Any service cannot circumvent that agreement and force the seller to list on an Auction sight. As far as B of A it is only an option and the seller can opt out of that program as I did last week with their vendor. As far as Nationstar threatening to foreclosure if seller does not use Auction.com, I have already spoken to Attorney General Kamala Harris's office and they would like to see any case or anything in writing where it says that a seller must use Auction.com or they will foreclose. Additionally, who is going to qualify that auction buyer or their offer. This is no different that a buyer making an offer in excess of fair market value with the intent to revise their offer at a lower price later
An outstanding move Tony as a buyer I THANK YOU.
Tony - Great post - as for;
"Additionally, who is going to qualify that auction buyer or their offer. This is no different that a buyer making an offer in excess of fair market value with the intent to revise their offer at a lower price later"
Auction.com used Countrywide (when they were around) at their "Live" Auctions around the country and their website provides;
Auction.com highly recommends you take advantage of our FREE pre-qualification prior to auction day. You are free to use your own lender, but you will be requested to take an application with our on-site lender on auction day should you be a winning bidder. Financing representatives will be available onsite to assist you with any questions you may have. bank of america home loans prequalification
For questions relating to financing your real estate purchase or to get prequalified, you may call |
Having been "inside" REDC / Auction.com - quite frankly ALL BUYERS QUALIFY......
So if the bidder wins the bid on an "Approved Short Sale" and the home does not appraise, are the bidders still obligated to pay the 5% on the "Approved Short Sale" OR is the buyer only obligated to pay this 5% fee upon a successful close of escrow?
I just got and email from the Lead lawyer for Maryland association of realtors, they are also escalating this.
keep pushing guys, we can get them. and sign the petition for the white house, we need 100,000 people, put on facebook, twitter, email everyone, help
sorry it took me a bit. i signed the petition and sent it out to florida AG. lets get this silliness nipped in the bud. :-) thank you for all your valuable insight!
I commend you for your initiative. As I buyer I THANK YOU
Banks/Servicers/Auction companies conducting real estate transactions may NOT REQUIRE pre-approval by them or their lender. This is called steering and is a violation of RESPA. You may have noticed in the MLS that some REO's said pre-approval REQUIRED by ABC Bank and now they say MAY. The OCC audit of REO's determined the REQUIRED was a violation of RESPA.
You guys have all the ammuition you need but just need some help getting it done. Keep pushing and good luck.
I just spoke to someone at Nationstar and I don't know how valid the info is but they said The VP's have been getting slammed with calls and complaints and they may be rewinding this policy and may give the seller an option to opt out as long as they have already received an offer. They still will market to sellers Auction.com's "Free" service for them to advertise their property/listing on their website.
This is great news!
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