"Jeff It is my opinion that Nationstar may be violating multiple laws and their own contracts and agreements forcing the use of auction.com.
I've composed a draft letter from your homeowner clients to Nationstar that asserts that…"
"Interesting Joseph. My point was that Auction.com is a licensed real estate broker and they are interfering with contracts. What would happen if I stepped into the role of "listing agent or auctioneer" without a valid listing…"
"That looks like a typical response form the guys at gangster.com. Of course, the majority of their business is ( or has been anyway)REO disposition, so he just pulled up "stock answer number 3". They have obviously seen the decline in…"
"here is an excerpt from the Market Validation Program that in my mind is pretty clear that they are interfering...
Q: Will listing agents be left out in the cold with no commission?
A: No. The cooperation and participation of agents assists in the…"
I am copying a post from another discussion. Question is... Since Auction.com is a real estate broker, are they breaking the law by soliciting our clients (sellers) and are they breaking the law by interfering with a purchase contract?From an earlier post:Dear Short Sale Superstars community, Thank you all for reaching out with your concerns regarding Nationstar and Auction.com. In all cases, the seller is not Auction.com, but the actual financial institution that holds the loan. We simply…See More
"The part that I find very interesting and WRONG is that Peter claims that Auction.com is not the seller, that the seller is the financial institution. WRONG AGAIN, this is NOT an REO, it is a short sale and the financial institution is NOT the…"
"Fannie Mae is forecasting values. They are predicting future values and countering based on their own hypothetical math. Remember that Fannie Mae can foreclose and sell the home for more than market value with HomePath financing, no…"
I have a buyer that wants to rent the property from the seller while we are waiting for the short sale to be approved. Lender hasn't asked for an ALT affidavit to be signed yet but in the event they do, would this be considered a violation of that affidavit since there is a separate agreement between buyer and seller outside of the contract for sale and purchase? Thoughts?
I have a transaction that was supposed to close today. It's a HAFA transactiion. It's in the Equator system for closing today, but I cannot reach (for 5 days alreaaady) anybody. The buyer's down payment assistance and closing cost assistance expired yesterday, but we could close today. Her mortgage has been approved since last Thursday. She is s single mom with 3 kids and will be homeless. I have no phone number for the closing department at BofA, only email. What can I do to light a fire under them, who could I call?
Jeff, in regards to your EMC Short sale with MGIC as the MI company. You reported that the seller had to sign prom note for $14,500, $100 per month as per MGIC. My file is a 5/3 with freddie as the investor and MGIC for the PMI company. Got an offer of $102,000. Current balance of loan is $140,000 5/3 BPO came back at $86,000 which I knew was low. 5/3 said we need an offer of $86,000 to make this work because the negotiator thought we would not be able to get the home appraised. Also since the homeowner was making payments she would be required to make some sort of contribution. To minimize the deficiency we got the buyer to get their appraisal done now and it came back at $104,000 :). I told 5/3 to send the file in the $102,000 and that we would be able to close. I also asked her to put ion a good word for us since we were able to get them $16,000 more then their BPO allowed. Well they came back after 30 days with MGIC asking for $5000 cash from the seller and a $25000 prom note for 180 months.
Question? Did you counter MGIC and what did they counter back at? Sorry about the long post. BTW my clients hardship is that her home in Michigan and she move to Caroline with her soon to be husband. 5/3 called that a elective move, Guess Love is not what is used to be!! Thanks Mike
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