One of my sellers is being "offered" Auction.com with Bank of America. Can anyone provide input with their experiences?

Here is their sales video Auction.Com Sales Presentation

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Bank of America Social Media Team called me about this post. Auction.com is associated with National Default Servicing, third party vendors for some of Bank of America's coop or HAFA programs.  Participating in the Auction.com marketing agreement is optional. I decided not to participate.  Again, please note your experiences here.

Erik - Interesting.  Do you really think the auction fee should have been listed? I am not sure. Some commissions are more or less, and some buyer closing costs are more. Maybe that's for another discussion.  I opted out of the program because I felt it took control of my listing agreement, when  I know how to market my own listings and dictate my own co-broke fees.

I have just received a quasi-threatening phone call that if I don't sign the Auction.com marketing agreement, they will pull my client out of the coop program. I am reporting this to the head of Bank of America social media.

UPDATE: Auction.com has backed off. Thank you to Bank of America social media team.

Way to go Wendy!

Wendy,I have no eperience with auction.com, related to BoA pre approved's, but these guys seem to be trying to muscle their way in, and take a piece of the short sale business since they know the REO auction train is fading.  From listening to them at REO Expo, they are definitely wired in and looking to take a slice from us.  Just my .02.

Wayne - I totally understand your way of looking at this. I am pleased that my matter has been closed and taken care of by Bank of America.

I'm getting the sales pitch from Auction.com...he's sending me the paperwork but I am very hesitant...I don't think this will generate any quality leads...perhaps more tire kickers?

I'll read through and find the "fine print"

The Co-op program is great though...they have reduced the listing agressively to get an offer...seems to be very motivated and I have not had to submit much information for these price reductions.

Marty - Please understand, this is NOT required. I feel Auction.com is pushing it to make the 5%. I did not sign the agreement because it changed my co-broke fee, and also interfered with my marketing by them interjecting THEIR marketing. I know what I am doing. This might work for some agents, but they need to understand it is VOLUNTARY. Your client cannot be KICKED out of the COOP program if you don't do the Auction.com plan.

Thanks Wendy....I know, I'm not giving up my 4% co broke to make them money...its certainly interesting fodder though...it makes me wonder if the REO industry is reading to move shadow inventory that they've been sitting on? who knows...

Hi there,

My name is Erin Gargan, and I work for Auction.com. If you visit http://www.auction.com/shortsale-auctions.php there is some great transparency on how our short sale auction process works. Hopefully this will help to clarify any outstanding questions any of you might have. If you would like to chat more about your questions and concerns, please contact our Director of Customer Service, Peter Chevalier ([email protected]) and he will walk you through anything you would like to understand more about. Thanks for all of the honest feedback. Sincerely, 

Erin 

[email protected] 

Erin Gargan,

Would you be interested in a conference call to all of our members to explain what Auction.com does?   The internet is full of misinformation and wrong information as you can tell from monitoring these sites.  Perhaps your explanation to the group would help?

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