Replies to This Discussion

Permalink Reply by Christy Brock on October 2, 2012 at 12:48pm

That makes no sense.  BofA is NOT the owner of the property.  They can not tell you how to market the property.  Auction.com charges the buyer a huge premium and discourages regular buyers from purchasing the property. 

Permalink Reply by Keji Ogunleye on October 2, 2012 at 12:58pm

Exactly.. but of course you know Auction.com executives have  dinner with BoA executives  and now want to push it down agents throat.

Permalink Reply by Cami Pinsak on October 19, 2012 at 9:46am

Yes - at this point, I want to know what stake B of A has in Auction.com.  Because they are basicaly bribing the homeowner.

Permalink Reply by Thomas Zdanowicz on October 2, 2012 at 2:03pm

I had DTS ask me to put it on Auction.com after our 2nd price reduction but not at the beginning.  I got an offer right about that time so I didn't put in on Auction.com but I wasn't opposed to it.  

Permalink Reply by TOP END Properties on October 9, 2012 at 4:03pm

I'm wondering if this only applies in states where the Borrower does not 'own' the property until the mortgage is paid off?

Permalink Reply by Anna Parker on October 10, 2012 at 12:54pm

I haven't been approached by our DTS reps to put property on Auction.com -- we're located in OR.  What I have run in to a TON as of late, are "pre-approved" short sales that end up having 2nd liens on the property!  One in particular had a 2nd w/ BofA (seemingly not a problem) but in the process of the initial valuation & marketing it was service released to GreenTree and now we're scrambling to get review/approval completed....oh, and BofA has already issued their approval.  Phew...changes all over the place....

Permalink Reply by Cami Pinsak on October 17, 2012 at 6:53am

Any resolution to this?  I just got the same phone call.  I'm making my argument with DTS.  This is not gonna happen. Tough enough to do a short sale when they throw something extra on there.

Permalink Reply by Cami Pinsak on October 18, 2012 at 3:39am

OK - So spoke with DTS and they say that under the Co-op program, borrower is eligible for $14,000.  If they go through Auction.com, he will be eligible for $21,000.   HUH? If the incentive is $21,000, then it should be that way regardless, right, since it is coming from DOJ mandates. 

Or...maybe they are "rebating" some of the Buyer's Premium of 5%, which, in our case, is almost $18,000....Sounds fishy to me.

Plus - they will only take the highest bidder.  This house has significant termite damage and will not qualify for certaiin types of loans.  And, then seller and listing agent have no control over the offer.  I believe NOT doing auction is best, but it may cost the borrower 7K!

 

Permalink Reply by Thomas Zdanowicz on October 18, 2012 at 6:36am

Keri, make sure they are not trying to omit your commission. When they mentioned auction.com to me they said something about "transferring the listing" which sounded like they were trying to nullify my listing agreement. I had an offer though so didn't dig much more but now I'm curious. Look forward to your reply

Permalink Reply by Sheyenne Schultz on October 19, 2012 at 7:09pm

I have tons of information on Bank of America, REDC Group, and Auction.com....I can't say here in this forum.

They are starting to cross list...which means approach the owners of the homes  while these homes are already listed.

The "incestuous" activity between these 3 companies and everything they are doing...is NOT going to fly....

If people that I know... get involved with this further...THIS won't be going on much longer...

That's all I can say...but what they are doing is only for the benefit of B of A and Auction.com and REDC Group, who is tied in with Auction.com....

Permalink Reply by Cami Pinsak on October 20, 2012 at 7:36am

Hi Sheyenne, I would love to know more about this.  You can e-mail me @ [email protected]  

This is horrible and wrong.

Permalink Reply by James ferebee jr on October 20, 2012 at 7:20am

When you sign up for co-op short sale you give them the right to tell you how to market the property.

Also if you do not get an offer in a certain amount of time they will place it on auction.com.

If you refuse they can kick out the short sale.

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