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
-
Youd have to check the original loan/mortgage documents for the specified procedures for default etc
If the seller gives the lender that power originally thats where it is.
Id check because documents like contracts change. Dont assume the document your referencing UNLESS IT IS THE ORIGINAL is accurate
-
-
Good morning Karen. I wanted to offer some information for you. Auction.com is open on Sunday, and you can try to talk to someone with them today if you want. They also have an on-line chat, which is quite helpful.
I do have a point of contact for the short sale department at auction.com, and I will share that with you IF you promise to keep it confidential and try to be cordial with them. They are really some very professional folks (some are at least), and I have found most of them to be quite knowledgeable and helpful. I do not want to post the email addresses for these contacts on this website, as I do not want to have everyone bombard these two individuals with questions.
-
Permalink Reply by Karen Curtis on
-
Thank you Greg, I appreciate the offer, my email is [email protected]. I have been talking to Auction.com and they have been very cordial, she is the one that said I get 3.5% commission and the seller's compensation is still in place, however, I know it remains to be seen. I am moving forward with this system, seeing as how I have not choice, an escalated contact may be needed, thank you again.
-
-
I have not come across this issue yet but I do have a question here.
When a seller sells a home and finds a buyer for that home they enter into a contract. The only difference in a short sale to this action is that, because of market conditions, the seller must go to their note holder and get permission to sell property at a lower price than they owe on the property.
Where in this process does this give the bank the option of doing anything other than answering the seller to whether or not they will allow the seller to sell the property for less than what is owed on it?
I think that we as professionals have been drawn into the banks and Fannie/Freddie's muddying up the waters of transactions simply because they understand that we are trying to close our transactions for our clients.
It seems to me that if NS wants to list a property on auction.com that they should first foreclose on the property and take over the title so that they actually have the right to list anything..
If they want to get involved in the listing and selling of properties, they should, as someone said here, first own title to the property and then, together with a licensed agent if they choose, sell said property.
They are also not allowed to step over any agent that has a legal contract to list and sell a property.
There are so many violations in what I am reading here.
We, as agents and brokers, need to push back on these sort of out and out violations.
They normally use the speech that they want to find the highest and best offers to the property in order to move forward their own agenda's but this must be done in a legal way. We also have the legal responsibility to sell properties at highest and best value.
If I have a buyer for a listed property to which the seller has already signed a legal contract with another buyer, I may go into a back up position with that other buyer but I have no legal right to overturn the existing contract and insist that the seller enter into contract with my buyer even if the new buyer is offering more for the property.
If the seller decides that they like my buyer 's offer more than the contracted one, they must FIRST cancel the existing contract, forfeit any deposit monies and pay for any buyer costs. THEN they are able to enter into another contract with my buyer.
Doing business any other way with any one else is just plain not legal!
Why would a listing agent play this game at all? I would suggest elevating, speaking to an attorney and suing the life against these illegal activities.
Some of our buyers have waited several months up to over a year to get their transactions closed. The agents have the fudiciary responsible to the seller and buyer of a property to stand up for the rights of these people.
-
-
agreed. it's outrageous. i believe as soon as someone takes this up legally it will be ended as them selling the notes may be soon. however, it is not an agent/broker's choice. it is the seller's. all we can do is explain everything to them. most of the time they just want it done whatever it takes and to ensure the deficiency is waived. they don't really care about the legality of what nationstar is doing. i believe it has to be taken up on the professional end.
-
-
Judy - what I read was that the seller (owners) were given an option to either agree to the auction.com or go through the foreclosure, and that they did agree to the auction.com route.
Also, there is a contract with auction.com executed between the buyer and seller after the action has ended. The sellers (owners - well, the tenants, as regardless of the name on the deed, the bank owns the property until the mortgage is paid in full )) can decline the "offer". There is one property here in my county in Florida (REO) that has been auctioned 4 times this year alone. Also, the properties are sold subject to lenders/banks approval of the purchase price - which again is the winning bid amount plus the 5% Buyer's premium = the total purchase price. I have no idea what all the griping is about.
Do you not accept multiple offers on a listing? Once you recieve an offer, and it is accepted by the seller, do you immediately remove the listing, and wait and see (and hope) if the deal closes? If the property is auctioned and they indeed get a higher offer, what pray tell is wrong with that? Does that not also benefit the seller (owners), as they would owe less (assuming they have to agree to a note for the deficiency etc.)? If there is not a higher offer, then wouldn't the bank/lender be more apt to agree to the current offer?
I
-
-
If youre a buyer and you execute a SSA that doesnt say this youre a fool. "Once you recieve an offer, and it is accepted by the seller, do you immediately remove the listing, and wait and see (and hope) if the deal closes?"
"If the property is auctioned and they indeed get a higher offer, what pray tell is wrong with that? Does that not also benefit the seller (owners), as they would owe less (assuming they have to agree to a note for the deficiency"
Whats the purpose of a contract if you do not plan on accepting it in good faith? Wait til some people get hit with commercial bad faith claims.
-
-
The issue is if NS has the legal right to list the property at all. They do not.
Only the seller can make that decision. As you say, they have to get the seller to sign permission over to them in order to list on auction.com. When there is a legal contract for the sale of a property, both parties to the transaction have legal rights.
We give over too much authority to the banks and to Fannie/Freddie in my opinion.
Their duty in the transaction is to give an answer to whether or not they are willing to allow the property to be sold for less than is owed.
If they believe that the seller can get more for the property, they can reject the offer or ask for the seller to pay difference but they have no legal right to sell it themselves.
The seller(or their agent) must then go and prove the value of the property to the bank. no more, no less.
All of this other stuff that they are trying to do is just not legal and needs to be addressed.
We all get hung up in the waiting game and we get beaten down to the point that we are willing to do whatever it takes to get the transaction closed. That is not necessarily in the best interest of our clients and therefore we also become guilty of not fulfilling our fudiciary responsibility.
-
Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
-
IMHO,
This year I believe we can expect many servicers / investors to deny more short sales and Foreclose on many more properties as just another way to control the market. If we think about it, there's a lot of angst and frustration in short sales for everyone involved; Owner, Listing Broker, Buyer, Buyer's Agent, Servicer, Investor, Cities and Towns where properties are not being maintained.
As much as I love Short Sales and have earned a living over the past 8 years doing short sales, I think the end is nearer than we expect. Change is always difficult and a rough road at the beginning, BUT, I think change is here.
-
-
Did you catch the story that of the top 10 lenders about 60% of their mortgages are deep underwater?
-
-
I just sent an emailed to the FTC, CDPE, NAR, and MAR, I think we all should do the same
-
-
just sent it to my state representatives also
by the way here is a copy of the email, feel free to use it
I'm a realtor with RE/MAX PROS in Germantown, MD, 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
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons