Replies to This Discussion

Permalink Reply by Trong Dang on March 27, 2013 at 5:40am

Thanks for putting this up and taking point!

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Permalink Reply by Chrissi Jasso on March 27, 2013 at 5:01pm

We got thru and are moving forward WITHOUT Auction.com! 

My seller and I pushed back. Seller didn't agree to going with Auction.com and I advised that if he would have, I would seek legal counsel on any potential legal risk it would put on myself under the current terms we already had. We already have an accepted offer with a buyer, as many other agents may be in the same situation, when this came up with Auction.com. Seller didn't want to be in a legal situation with the buyer, so he told them no to Auction.com

A message was received through equator stating the property was removed form auction.com and we could now move forward.
 
Believe it or not, they proceeded right away with what I need for the HUD to get this approved! 

I don't have anything in writing, but when we got the original letter and called to find out the details, were told over the phone if the seller did not sign and agree, NationStar would stop the short sale and foreclose. I knew immediate something wasn't right! 

 

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Permalink Reply by Bryant Tutas on March 28, 2013 at 1:07am

Awesome Chrissi!!

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Permalink Reply by Uilani De Motta on May 24, 2013 at 6:35am

Hi-

This is the message I got in EQ yesterday after I was surprised that we had to go through Auctions.com. All we wanted was a soft decline after having the approval and a new buyer with the same terms to get the approval.

	E. Nulsen	Read.Only		Auction Market Validation Program - Next step in the short sale process Just spoke with Uilani from Cal Home Research and confirmed that the Auction Market Validation Program is the next step in the short sale process. Advised there is no option to opt out as this is part of this specific invesotor's short sale process. Beth - Nationstar Short Sale Auction Coordinator	1443 Excelsior Ave	Nationstar Short Sales	May 23
We already have an accepted offer from a buyer.  There is a 2nd on this short sale that needs a $24k contribution that with the first approval from Nationstar would allow the contribution.  Being forced to go through Auctions.com they may get a higher offer on the property but more than likely will not get the cash contribution which would cancel the contract out anyways.  Also, Nationstar is getting a 96% payoff with the current contract.  Any higher offer would force this short sale in to a traditional sale on the 1st and a short sale on the 2nd. Current comps do not support the price to go that high.  Very frustrated by all of this. Something that could have closed in 3 weeks is now being pushed out for 60 days and we have had this short sale since June of 2012.

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Permalink Reply by Kevin - Greenville, SC on June 20, 2013 at 10:32am

Possible Class Action

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Permalink Reply by Tiffany Lachnidt on September 23, 2013 at 6:22am

We had a file that was serviced released to Nationstar just before approval from Bank of America.  They tried to force us into Auction.com and I managed to get them to waive the requirement because we had the value approved previously by Bank of America (By the manager).  This morning I received this message from our negotiator!

		J. Yakoub	Negotiator				Nationstar Short Sales	8:45 AM
IT IS IN THE SELLER'S BEST INTEREST TO COOPERATE WITH AUCTION.COM ON THIS FILE. IF WE OBTAIN A WINNING BID FROM AUCTION, WE WILL NOT PURSUE DEFICIENCY, ALSO YOUR COMMISSION WILL BE 5.5% INSTEAD OF THE TRADITIONAL 5% IF YOU HOLD AN OPEN HOUSE . IF THIS FILE DOES NOT PROCEED WITH AUCTION, WE WILL PURSUE DEFICIENCY AS THIS FILE DOES NOT QUALIFY FOR HAFA & WE CAN PURSUE DEFICIENCY IN COLORADO. PLEASE DISCUSS THIS WITH THE SELLER AND CALL ME AT 832-619-8984. LEAVE ME A VOICEMAIL IF I DON'T ANSWER. THANKS.

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Permalink Reply by Sharon Canada on September 23, 2013 at 6:46am

WoW!  Tiffany, that is a really harsh message.  My situation was almost exactly the same. BOA, ready to be presented to the Investor, then transferred to Nationstar.  WITH assurances, that file in it's entirety would be presented and we could close in maybe 20 days.  That was the SONG.  The DANCE came about 30 days later with the Auction.com.  Very little communication with Nationstar negotiator, and suddenly Auction.com people are acting on behalf of Nationstar.  

To the question of whether or not Nationstar would foreclose.  I do have a very brief but to the point message on EQ from Nationstar negotiator.

" We cannot proceed with Short Sale unless you co-operate with Auction process."

I did just close on this deal. Barely, Foreclosure sale was on the calendar.  I am concerned however that the "Valuation Tool" that Auction.com is supposed to be to servicers, will become a deciding factor in to foreclose or not, especially as we see banks beginning to jump back into the Courthouse Auctions once again.

A bigger issue to consider that is quietly NOT being dsicussed is the ever so slight manipulation of market price by ADDING the 5 % FEE that Auction.com collects from the Winning Bidder (buyer) to the bid price.  HUD reflects BID price plus the FEE.  Apparaisers , Realtors , public are seeing prices artificially boosted by 5%.  This is going to be a part of our future, and it is not pretty.

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Permalink Reply by Maile Ontiveros on September 23, 2013 at 9:16am

Has anyone had any luck opting out when NationStar is the 2nd?  I have just been informed that because we are in CA that this file will be using the Auction.com process.

Also, I had Auction.com do an end run around me on another file and contact my seller saying that if she did not drive to Bellflower to sign a contract on September 20, 2013 with them that they would foreclose on her and she will be thrown out of her home and any given time.  My seller did call me immediately, but I have not been informed of them utilizing Auction.com yet so I thought it was a scam or she just misunderstood until I started reading. 

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