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

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Permalink Reply by SGJ on May 13, 2013 at 4:41am

We had the mediator on our deal elevate their discussion with NS to a manager.  She pressured him into admitting that the Auction.com program was OPTIONAL.  Our SS is now moving forward with NS.  I will keep you all updated. 

People - this is OPTIONAL.  It even suggests that it is optional on the form Auction.com wants sellers to sign ("your potential eligibility for this program to help you avoid foreclosure.")  Optional.  

It is awful that Nationstar/Auction.com are telling people this is mandatory when it is NOT.  

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Permalink Reply by Chayla Streicher on September 9, 2013 at 5:39am

Nation Star is threatening to close out a short sale I am working on if we do not proceed with the auction. Do you suggest that I hold out and refuse to give in?

Permalink Reply by SGJ on September 9, 2013 at 5:44am

I strongly suggest that you elevate this to upper management at Nationstar.  They have an "auction.com department" there.  This program is entirely optional and you will have to battle and battle to get them to admit it and let the short sale continue.

On a happy note, I just closed on my house after successfully saying "NO" to Auction.com and Nationstar.  They let us proceed with the short sale and we closed last week!  

You have to say NO.  They want to compare your offer to other offers via Auction.com.  My favorite question is: 

If this is not optional and Nationstar/Auction.com have the "right," why does the seller have to sign something?  

Permalink Reply by SMS-Short Sale Expert on November 22, 2013 at 9:33am

I am in this mess right now. I even spoke with Sam Ross who said he was a manager at the Auction.com department. I do not know how to proceed. Do you suggest I keep calling and asking them to remove the property? I uploaded an opt put letter on Equator and want this removed as soon as possible as we have buyers. 

Any advice would be appreciated.

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on September 9, 2013 at 5:46am

And, I'll bet they won't put it in writing to you....  So, you need to confirm what they have requested in writing in Equator and call your contact and record the call.  At the end of the day, you will not win - they will foreclose.

Permalink Reply by Joseph Alfe on November 25, 2013 at 6:29pm

I just went through this with an 800K listing. Nationstar advised that the property had to be listed on Auction.com for three weeks.  I prepared an opt-out letter citing medical hardship, as the seller was in active chemo. I cc'd the IL AG.  Nationstar advised me that while they could not force the seller to use auction.com, they would decline and close the short sale if we refused.  We refused and the file was immediately declined. I re initiated and had the agent describe, in detail, the 5% buyer premium and the fact that the buyer would also have to come up with an additional 20K in cash for the second at the required open house.  Our executed offer was for 800K.  The auction closed with a bid for 809K, but because that buyer refused the 5% premium and did not meet their reserve, they sent it back to review. Three weeks later they countered at 850K.  I had the buyer counter at 810K, so we will see where this goes.

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