What's your story?  Is your client being forced into Auction.com?

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OMG Sheyenne!  I never want to be on your riled up side!  too funny!

 

I found this forum via Google about a week ago and have been checking often for updates.  My husband and I put an offer in on a house where the sellers had already applied for the short sale.  The seller accepted our offer (for whatever that's worth in a short sale), we all signed the contract, and it went to the bank.  I asked the Realtor what bank we'd be dealing with.  She told me Nationstar, and I had never heard of it so I started Googling and ended up here. Our offer was 2 weeks ago tomorrow so I'm not at all impatient to hear anything, but anxious because after reading this thread I'm just bracing myself for all the Nationstar BS.  We did not have to submit any sort of information to potentially finance through Nationstar as part of our offer, so there's that I guess.  If they come back wanting us to, or to use auction.com, I think we'll probably walk away which will be hard as it really is the perfect house for us and we're moving there in June.  

I guess I don't really have anything constructive to add, but reading this post has been helpful in preparing myself for what my come, so thank you all for that.

Here's my latest interaction with Nationstar.....  I uploaded a new offer in Equator along with all supporting docs - completed all of their tasks and called in to chat with the negotiator who is still assigned to this file.  I reached someone in the customer service area, provided loan # etc., they verified me and................ wait for it................. they told me "no one will speak with you".  The property is going to Trustee Sale on Monday 4/22 so I asked if the offer was being declined. He said no they will not decline the offer BUT after the Trustee Sale on Monday, they will cancel the file in Equator.  I checked the Trustee website this morning and they have set an opening bid which they've never done before.  We'll see......

Tom  it is common for the opening bid not to be posted until a few days before the foreclosure sale sometimes the day of the sale.   Where are you with the buyer? is there loan approved?  if not is seller prepared to legally stop the sale?

Cash Buyer - Proof of Funds Provided.  All prior Buyers have been cash as well.  This is the first time an Opening Bid has been posted.  Trustee Sale has been postponed month after month for about 6 months now.

I have contacts but unfortunately 1 day from sale will not work. Possibly the trustee will postpone themselves if all docs are not valid. And I don't know if you are also representing the buyer  if so have them go to the auction

I am not representing the Buyer - I am the 3rd Party Negotiator who's been working on this file for over a year.  Deutsche Bank (investor) always counters with a foolishly high price.  It is not worth what they want.  This is a Resort Community (Desert) property and now the season is finished so there will be no "Market Value" Buyers until November.  So, it's likely someone will pick it up at 50% of the current offer which would be about 20% of the debt.

Thanks for your thoughts !

I thought I would update on my Auction.com experience.  The property went to sale April 11-13,  the only information I could get was the current price being bid on the property, not who was bidding.  The last bid turned out to be $11,500 higher than our current offer, it was posted on Auction.com, Bid Pending Confirmation, so I waited to hear from Auction.com concerning the offer.  On Tuesday Nationstar sent me an email saying the reserve was not met and to proceed with our current offer!  That was that, I have been trying to get my negotiators attention and finally I escalated to someone asking how to proceed.  My negotiator let me know he had confirmation to proceed with our offer and asked for a few documents to be updated.  

The current buyer had actually tried to go in and register on Auction because I had gotten emails from Nationstar he HAD to register in order to be eligible if there was a higher bid.  Auction.com asked for $2500 upfront on his credit card, he was not happy anyway so he did not go through with the registration.  I am not sure what is up with all of this, it APPEARS as if they baited him to bid with a higher amount in the auction.  Who really knows because there is no way to tell what really went on.  I am just glad he did not bid in the auction.  

I am just waiting for the other shoe to drop, but until then I am proceeding to the closing table as fast as we can.  I will let you know when it closes.  

Usually online auctions require a deposit and if you renig you forfeit the deposit. If thats how Auction operates you should proceed immediately to your AGs office and have them look and see if that was the case. Should be easy to prove or not. I suspect they do because of the credit card request. The transactions are easy to trace through Auctions credit card processor if need be. You guys are on to something if you follow it up properly with a little help.

This makes no sense. "saying the reserve was not met and to proceed with our current offer!" if the other was 11.5K higher than yours. If there is no other offer that can be verified you have some interesting options but you have to tie that potential harm to you not the buyer or theyre the ones who must complain.

Are they countering above even the appraisal price?  We are at the point where Nationstar has ordered an appraisal, which my Realtor said should be the last step before we get a response to our offer.  We sent a lot of comps with our offer and if it appraises for more than we offered we'll be surprised, especially if it's much more.

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