here's a new one. we have offer for $650,000.00 with net proceeds through HAFA short sale approximately $577,000.00 The payoff of the loan is $588,000.00. NS went through auction process twice with no bids and now they countering the buyer at $700,000, (which they claim is their value) and if buyer doesn't agree they will put on auction again. I questioned that since their value would pay off the loan in full then why are they still have opened as short sale They said they do not take the payoff into consideration until they have an approved offer. And of course they are threatening to cancel the short sale if the seller does not agree to another auction. It seems they are only concerned with getting their 5% premium. Any comments?
I would contact HAFA oversight or the CFPB. [email protected] or http://www.consumerfinance.gov/complaint/#mortgage
Since I don't see NS getting offers higher than our original offers, I agree with your concern that their goal is to get their 5% premium. I'm hoping it is just a matter of time until a government agency catches wind of their antics and puts a stop to it.
Unfortunately you have to contact the gov't each time. I have done this before but it doesn't change the lender's behavior.
Do they at least pull the one file you call on from the auction fiasco?
that is my goal to have it pulled. there appears to be a "power struggle" between the management of the auction team in Texas and my contact who is an Assist VP in Arizona
I haven't had one pulled from Auction yet. In fact, even though the auction is over, and I bring them a new offer, they re-start the auction process. The sellers are happy, they're living in their homes for free. It's a waste of time and money for everyone else involved!
We have been able to circumvent the RIDICULOUS Auction.com process on a handful of occasions, but it is a pain in the rear!
Glad to get my team involved if you email me - [email protected]
Guessing the obvious, no one will pay anything near the $700k?
Were you able to get a copy of the bank's valuation to see the comps. they use and pick it apart?
What's your secret to circumventing the auction process?
well one is not a secret if file is in bankruptcy status it cannot go through auction. the other is if an offer is all cash and exceeds their value and can close quickly
I am not sure of the actual "rules", but, I DO know generally if you make a big enough fuss about it, to the right people, you can get around it.
It is generally NOT an Investor requirement/directive, but something "strongly suggested" by Nationstar.
The underlings, lower level negotiators, are all told to tell you that it is an ABSOLUTE requirement.
Remember, when negotiating short sales, you want to deal with the people that WRITE the scripts, not the people who READ FROM the scripts and have no authority!
Xome.com/Homesearch.com are affiliates of Nationstar and owned by the same investor. The investor wants to generate revenue through the auction process, 5% premium, so they will always steer short sales to this platform I just spoke to another manager who stated they have had many discussions with the CFPB and nothing is likely to change
If NS is going to put all properties through the auction process, we should not be listing them on MLS. To include a property on the MLS, it must be available for sale. If NS won't allow sellers to accept offers, the property is not truly for sale. Perhaps we should be talking to Consumer Protection and not the CFPB?