Nationstar forced us to use Auction.scum and now accepting a lower offer than ours by $25K
We too were forced to use auction.scum by Nationstar bank. After the 72 hour turnaround time for Nationstar to make a decision and get back with us they did not!! It took another two weeks before I could get a straight answer, Auction.scum said "Nationstar accepted a high bid of $276K +5% despite the fact we already had an offer of $301K with the buyer paying additional fees for any and all disallowables including filling in the gap for the $20K that needs to be paid to the second lien holder. We are now battling it out with both Auction.scum, which we have told them flat our borrower will not sign that contract as there is already a contract on hand and the buyer will not sign a release either!!! Nationstar made up a story how we did not properly upload the new offer; however, this cannot be done until Nationstar gives a "soft decline" thus, than triggering a task to upload a new offer into the OFFER Task bar!!! We had previously uploaded this contract for $301K on February 14, 2013 along with the POF on the message bar and shortly thereafter they requested a HUD and we provided them with such!! Thus, they are either MORONS that do not know how to navigate through Equator or just acting plain STUPID!!! So Nationstar gave us the soft decline late yesterday afternoon and I uploaded the contract we have no hand for $301K...
The Auction.scum, person we are in contact confirmed that NATIONSTAR does receive half of the 5% fee!!!!!! This is so wrong that they can bully us into auction.com and thereafter agree to less money just so they can get their hands on additional funds which still will not provide the NET proceeds NATIONSTAR said it needed from the onset!!!!!! Not to mention we have been trying to negotiate this file with Nationstar since Dec. 4,2012.
Will you keep you all posted as to the result of this ongoing battle with Nationstar and Auction.scum....
P.S. Is there any government agency we can report/complain about this to?
Raquel
Replies to This Discussion
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Permalink Reply by 31cg1fw8yxswn on
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Vincent,
Why would you agree to reduce the total commission for YOUR work to 2.% or so and allow 5% to the auction? Does not sound very reaonable to me. However if you consider working all the hours to set up a short sale and are willing ot take a lot less by letting another system have your client, then go for it.
I wonder if you have found a way to keep auction.scam out of this...just offer to let them have it and have the bank tell you it is by invitation only......
maybe then the bank will stay away from it. You know from what you said it seems to me that it may be the Lender Negotiators that make this decision!!! that would be interesting to find out.
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Troy, I also am working on a current Nationstar short sale through Equator. They have gotten the offer and all the docs and have 'evaluated' this and now told me that we would be hearing from Auction.com within 48 hours. I am of the same opinion as you and want to give them the virtual finger... At what point did you put them on notice? And how long did it take before they relented and give you the approval letter? And did they "threaten" you with denying the short sale and proceeding with the foreclosure? From what I have been reading, it seems the more prevalent process that they take... I hope that they are just acting like the bigger insurance companies and denying and denying and hoping it will all go away before they have to deal with it is the ethical manner and abide by contract law..(IMO)..
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Permalink Reply by Dana A Ward on
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I was told by Massachusetts AG office that lender cannot force you deal with Auction.com. As agent for seller your responsibility is to do what best for seller. If they foreclose due to you you not using Auction.com that could be grounds to throughout the foreclosure.
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Permalink Reply by Loren Hoboy on
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Your best option to report this type of improper conduct is to file a complaint with your State's Attorney Generals office. Have the Seller join you in filing the complaint since they are the injured party. Very carefully lay out the facts in a time line and provide supporting documents labeled by date so the case is crystal clear.
Given the other cases that no doubt exist, this might be a good candidate for a class action lawsuit.
Best Succcess
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all I told them that it was not in my sellers best interest. I called the AG and they told me that lender had no right to advise a seller on who or how sell their property. told auction.com that and they stopped calling. Never give up control of your listing to anyone.
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Permalink Reply by Vincent Donaldson on
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I am in a similar situation with Flagstar, which said they wanted to call my seller and advise them to do a deed-in-lieu instead of a short-sale as that is what Fannie-Mae is wanting these days. They also said there may not be any moving assistance money in the short sale but there was in the deed-in-leiu and I needed to advise my seller of this even though it is not in my interest. The rep also asked for my sellers contact numbers which I gave, being new to the game. Any advise on this one?
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This raises all kinds of red flags for both the Seller and for you. It certainly is out of the ordinary. Has anyone else had this happen?
You don't want to give legal advice and you now have a potential conflict of interest (with your commission at risk). Is your Seller going to get a full release of the debt from the lender? You are at legal risk if this goes wrong unless the Seller has an attorney.
Immediately help your Seller obtain an experienced short sale real estate attorney to give them advice if you have not done so already.
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Permalink Reply by Jackie Thompson on
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Recently I received a $64,900 REO listing with Nationstar. Right away we received a cash offer at list price and one above list price. But then Nationstar said it is going to Auction.com. Brokerage fee was reduced from 6% to 2.75% total. Auction.com said I was to do two five hour open houses on certain dates and I could not represent any buyers. I said No Thank You and cancelled the listing.
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Permalink Reply by Roy Mason on
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Sorry to hear about all this work you did. When ever I get a short sale, i send file to them as they request, then I start calling and calling, I google the corp office, get their MAILING address. I ask they call me but I do not say why, when my phone eventually rings, or I get a message. I get a phone number and a name, and then explain my situation and have 100% success rate, Sorry you did all this work for it to go to auction. If its not sold yet at the auction, it might not be to late
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Vincent, if the seller can get a DIL, relocation money and a Deficiency Waiver, that is certainly in the seller's best interest. unfortunatley, that means no commission for us, but oh well. What if you were then to try the short sale, and fail, or not get a deficiency waiver? Anyone telling you to fight this, with delusions about it being trade interfrence, etc., is just plain full of crap. Resisting this does not have the seller's best interest at heart. And while communications from the bank are supposed to go through an owner's atorney, if they have one, that is not always in the client''s best interest. I have a friend who works for a foreclosure plaintiff's attorney firm. They get many direct phone calls from home owners seeking a loan mod, extension, etc. Many times he has to tell them the bank HAS offered a Modifaication or a DIL, but since the homeowner has an attorney the communications had to go to the attorney. The attorneys didn't tell the home owner because they want to keep collecting their $400-500/mo. for as long as possible.
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I want to thank everyone for their suggestions/replies. After calling the Nationstar/Auction.com department repeatedly (855-761-4143) and battling with them over the fact we had an initial offer of $301K, they finally responded via Equator they are now accepting our offer of $301K, It also helped when we were contacted by the buyer, whom thought he won the bid, we advised him we had a contract on hand originally for $301K and the seller would not be signing his contract. Needless to say he was upset but we finally succeeded and will now be moving forward with Nationstar on this deal....I'll keep you posted as we make progress...
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Permalink Reply by Troy Jenkins on
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Great to hear Raquel. We need to all keep pushing for this kind of outcome and keep pushing these Auction.com guys out of our business.
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