We too were forced to use auction.scum by Nationstar bank. After the 72 hour turnaround time for Nationstar to make a decision and get back with us they did not!! It took another two weeks before I could get a straight answer, Auction.scum said "Nationstar accepted a high bid of $276K +5% despite the fact we already had an offer of $301K with the buyer paying additional fees for any and all disallowables including filling in the gap for the $20K that needs to be paid to the second lien holder. We are now battling it out with both Auction.scum, which we have told them flat our borrower will not sign that contract as there is already a contract on hand and the buyer will not sign a release either!!! Nationstar made up a story how we did not properly upload the new offer; however, this cannot be done until Nationstar gives a "soft decline" thus, than triggering a task to upload a new offer into the OFFER Task bar!!! We had previously uploaded this contract for $301K on February 14, 2013 along with the POF on the message bar and shortly thereafter they requested a HUD and we provided them with such!! Thus, they are either MORONS that do not know how to navigate through Equator or just acting plain STUPID!!! So Nationstar gave us the soft decline late yesterday afternoon and I uploaded the contract we have no hand for $301K...
The Auction.scum, person we are in contact confirmed that NATIONSTAR does receive half of the 5% fee!!!!!! This is so wrong that they can bully us into auction.com and thereafter agree to less money just so they can get their hands on additional funds which still will not provide the NET proceeds NATIONSTAR said it needed from the onset!!!!!! Not to mention we have been trying to negotiate this file with Nationstar since Dec. 4,2012.
Will you keep you all posted as to the result of this ongoing battle with Nationstar and Auction.scum....
P.S. Is there any government agency we can report/complain about this to?
Raquel
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I just went through this with an 800K listing. Nationstar advised that the property had to be listed on Auction.com for three weeks. I prepared an opt-out letter citing medical hardship, as the seller was in active chemo. I cc'd the IL AG. Nationstar advised me that while they could not force the seller to use auction.com, they would decline and close the short sale if we refused. We refused and the file was immediately declined. I re initiated and had the agent describe, in detail, the 5% buyer premium and the fact that the buyer would also have to come up with an additional 20K in cash for the second at the required open house. Our executed offer was for 800K. The auction closed with a bid for 809K, but because that buyer refused the 5% premium and did not meet their reserve, they sent it back to review. Three weeks later they countered at 850K. I had the buyer counter at 810K, so we will see where this goes.
Nation Star is threatening to close out a short sale I am working on if we do not proceed with the auction. Do you suggest that I hold out and refuse to give in?
And, I'll bet they won't put it in writing to you.... So, you need to confirm what they have requested in writing in Equator and call your contact and record the call. At the end of the day, you will not win - they will foreclose.
I strongly suggest that you elevate this to upper management at Nationstar. They have an "auction.com department" there. This program is entirely optional and you will have to battle and battle to get them to admit it and let the short sale continue.
On a happy note, I just closed on my house after successfully saying "NO" to Auction.com and Nationstar. They let us proceed with the short sale and we closed last week!
You have to say NO. They want to compare your offer to other offers via Auction.com. My favorite question is:
If this is not optional and Nationstar/Auction.com have the "right," why does the seller have to sign something?
I am in this mess right now. I even spoke with Sam Ross who said he was a manager at the Auction.com department. I do not know how to proceed. Do you suggest I keep calling and asking them to remove the property? I uploaded an opt put letter on Equator and want this removed as soon as possible as we have buyers.
Any advice would be appreciated.
We had the mediator on our deal elevate their discussion with NS to a manager. She pressured him into admitting that the Auction.com program was OPTIONAL. Our SS is now moving forward with NS. I will keep you all updated.
People - this is OPTIONAL. It even suggests that it is optional on the form Auction.com wants sellers to sign ("your potential eligibility for this program to help you avoid foreclosure.") Optional.
It is awful that Nationstar/Auction.com are telling people this is mandatory when it is NOT.
auction.comletter.pdf
Vincent, if the seller can get a DIL, relocation money and a Deficiency Waiver, that is certainly in the seller's best interest. unfortunatley, that means no commission for us, but oh well. What if you were then to try the short sale, and fail, or not get a deficiency waiver? Anyone telling you to fight this, with delusions about it being trade interfrence, etc., is just plain full of crap. Resisting this does not have the seller's best interest at heart. And while communications from the bank are supposed to go through an owner's atorney, if they have one, that is not always in the client''s best interest. I have a friend who works for a foreclosure plaintiff's attorney firm. They get many direct phone calls from home owners seeking a loan mod, extension, etc. Many times he has to tell them the bank HAS offered a Modifaication or a DIL, but since the homeowner has an attorney the communications had to go to the attorney. The attorneys didn't tell the home owner because they want to keep collecting their $400-500/mo. for as long as possible.
I want to thank everyone for their suggestions/replies. After calling the Nationstar/Auction.com department repeatedly (855-761-4143) and battling with them over the fact we had an initial offer of $301K, they finally responded via Equator they are now accepting our offer of $301K, It also helped when we were contacted by the buyer, whom thought he won the bid, we advised him we had a contract on hand originally for $301K and the seller would not be signing his contract. Needless to say he was upset but we finally succeeded and will now be moving forward with Nationstar on this deal....I'll keep you posted as we make progress...
Great to hear Raquel. We need to all keep pushing for this kind of outcome and keep pushing these Auction.com guys out of our business.
Sorry to hear about all this work you did. When ever I get a short sale, i send file to them as they request, then I start calling and calling, I google the corp office, get their MAILING address. I ask they call me but I do not say why, when my phone eventually rings, or I get a message. I get a phone number and a name, and then explain my situation and have 100% success rate, Sorry you did all this work for it to go to auction. If its not sold yet at the auction, it might not be to late
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