As the listing agent , what can i do ,or better yet what pitfalls to look out for ?

CURRENTLY UNDER CONTRACT W/ ABOVE MARKET VALUE offer, now Frddie Mac  forces my listing to use AUCTION .COM for 17 days, to a create a highest and best offer. So unfair to current buyer of 3 months waiting.

Below is the message from Nationstar negotiator about Auction .com procedures:

  "please have the buyer submit their best & highest offer.  We need to pick one offer for now.  Once this file goes to auction.com, this is when other buyers will have an opportunity to outbid the current offer.  The current buyer will still have an opportunity to bid if they get outbided until the auction is over."

Thank you for your attention- Bob

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Replies to This Discussion

Has the seller agreed to participate with Auction.com?  The Seller is still the owner.  Did the owner authorize you in writing via 3rd Party Authorization to speak with Auction.com?  If the Seller doesn't want to participate and doesn't authorize you to speak with them - then you cannot.  Also, any Buyer will have to pay a 5% Premium above the sale price (in cash - not financed) to Auction.com

I do not believe Freddie Mac or Fannie Mae allow the servicer to use Auction.com   When I recently challenged NS about a Fannie Mae short sale they backed down and it did not go to Auction.com  Ofcourse I also mentioned that the California Attorney General is investigating this practice due to the number of complaints.

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