You Must Do 2 Open Houses - Auction.com Bank of America Short Sales
Just e-blasted from Bank of America below re: their partnership with Auction.com - the link is not on their site yet. What is your opinion about the requirement to do two open houses? Your short sale seller apparently may be contacted first, thus approach you with this requirement. If I were to take any listing, I don't do open houses at all. They are not in my marketing plan. Comments?
Here is the content of the email.
"Bank of America has partnered with Auction.com to deliver a pilot program that assists homeowners and agents generate offer activity and successfully complete their short sale transactions. This pilot offers a unique opportunity to amplify the marketing of the property. Participation in this marketing program is optional and will not impact homeowners' eligibility to participate in any short sale program. With Auction.com's enhanced marketing efforts, you will reach more potential buyers and your commission will not be impacted.
How does it work?
- Not all homeowners will be eligible to participate in this pilot program. Homeowners who are eligible will be contacted by Bank of America.
- If the homeowner chooses to participate in the Auction.com pilot program, the property will be featured on the Auction.com site.
- The agent will be required to hold two open houses.
- An auction date will be scheduled. Auction.com will partner with agents to locate a buyer, online or live at a local facility.
- Agents will be notified once an acceptable bid has been received via auction. After the winning bid is received, agents will follow the standard short sale offer submission and closing process.
What are the benefits?
- Maximum Exposure: Auction.com provides tremendous exposure to buyers to help drive offer activity.
- No Cost: There are no costs to the agent or homeowner.
- Full Agent Commission: There is no impact to the listing agent's commission."
Replies to This Discussion
-
Permalink Reply by Wendy Rulnick on
-
Do they tell you WHEN to do the open houses, too? For how many hours? Where to advertise it? Provide proof? Wow. I'll add - I am not worried about the "commission". I know my marketing plan works to sell homes. I don't take direction from others on how to market properties. The whole point of being a good short sale agent is not about the "commission".
-
-
Permalink Reply by Janna Rankin Scharf on
-
I'm in the process of doing one as an "experiment" and don't think I will ever opt in again. The open houses are for potential buyers to have an opportunity to view the property before the bidding begins. I contacted them about the open houses, and not wanting to hold it open, they said no problem, they would mark the open house hours posted online as "by appointment only." That wasn't a problem at all.
-
-
-
Janna - That is good information. Why won't you ever opt in again, though?
-
-
Permalink Reply by 0i7rbkzvb8pju on
-
Since it is optional, our homeowners & agents simply don't sign the agreement. to use Auction.com. I've only had 2 to "offer this service" to the homeowners. We ignored it, did business as usual, and received the pre-approved list price shortly afterward.
-
-
Permalink Reply by Kevin - Greenville, SC on
-
If they provide ''Maximum Exposure" why is an Open House necessary?
-
-
Permalink Reply by Edward Romero on
-
Why would BOA partner up with Auction.com, they are notorious for scams and unethical practices!! Isn't BOA under enough heat? Anyone have any insight into this or why they would partner with this co?
-
-
-
I typically let other agents hold open my listings anyway to give them a shot at getting some new clients. So if required, I'd just sub them out.
-
-
Permalink Reply by Chris McGee on
-
I feel this is a random requirement. Properties in our Phoenix market are selling like crazy; there will be no time to do two open houses! I usually tell my clients that open houses serve 2 purposes: 1) nosy neighbors can come by and see your stuff, and 2) agents can maybe pickup buyer leads (to sell them a different house). I wish they would leave the marketing to us experts and spend their time improving their side of the process. One more thing to go over with our clients before we list.
-
-
-
Thank you for the lively discussion and points!
-
-
Permalink Reply by Keji Ogunleye on
-
Read between the lines..once you agreed to the auction terms you will not have access to the account on equator, the buyer will have to pay auction premium.. personally I don't like it .. Also REDC which is now doing some short sale for BoA is the owner of Auction.com.. Like Wendy stated.. I market my property well and do generate multiple offers.. I will not opt for this at all!!!
-
-
Permalink Reply by Patty Da Silva on
-
From Action.com:
-
-
Permalink Reply by Lisa Payton on
-
Hi All,
I know this is an old thread but I'm new to this part of the game. Please let me know if my understanding is correct. I see on here most of the Realtors are saying they are opting out of the BofA Auction.com program. My understanding from reading the information (agreement) it is not a Realtors option it is the Homeowners option, am I correct?
If this is the case and BofA pay's them a higher relocation incentive why would a homeowner not take that option? Please let me know anything you have on this. I'm trying to get a good understanding of the total program before I do anything.
-
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons