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I suspect that the reason Home Search uses "seller" to describe Nationstar is because some of those auction properties are indeed bank-owned and Nationstar is the seller.
I do see a reason for buyers to participate in Home Search if for no other reason than if they don't, and there are no bids, like a situation that just happened to me, they start over. If the buyer had submitted a bid, even $1,000, we would have received approval with a bid within a week. With no bids, Nationstar is starting the short sale from scratch. We've waited 2 months already for the auction, and now that the funny business is over, we're still back to square one.
BTW, telling buyers not to bid online is like telling little old ladies not to pick up pennies in the street; they can't help themselves.
I rarely represent Buyers but when I do, if a property is going to be involved in one of the on-line auctions, I continue to present properties that fit their criteria and are not subject to this nonsense. By servicing our buyers with properties that do not steal their money, our clients are better off.
After 5 months of negotiating and jumping through hoops with Nationstar, they have 'soft declined' our offer and are now making our buyer going through this Homesearch BS. I have all parties ready to participate (as if we really have an option) but I am curious how long will this take now?
So we get it all set up by next week and the 'auction/bid' begins. Once the buyer submits the offer, and it gets 'accepted' (I doubt we will have another buyer, especially one higher than the one we have in hand have been working with for over 5 months), then what? Will it be approved and set to close that quick?
Or am I just going to face another hellish short sale (my last one for sure! - 6 years of this stuff is not worth it anymore)
How is this going for you? Any update?
In Texas homesearch is not big at all, it seems like they jumped ship from auction.com because of the lawsuits ect. I looked online at the website and they have only a handful of properties in the entire state of texas, which tells me that this is all new and they are trying to see what they can get away with, just like auction.com.
I have a file right now that the BPO came back 5k lower than our offer and it was disclosed to us the price. Then we got a message in equator saying our offer was to low. When i called the negotiator asking what happened they said that the BPOS can be influenced so when they come back they "enhance" the value and then that is their new value. Yes he really said that , a BPO that THEY ordered not me.
So now they are forcing my client through the homesearch program!! Complete fraud. Even when my offer is a lot higher than THEIR Value they still are trying to make up something so it goes through this program..
Has anyone been successful in getting the homeowners out of this new program?
How is this going for you? Any update?
We have a short sale with a buyer who was getting ready to do their appraisal when Nationstar told us the offer was at value. They then told us we had to run it through the auction. They wont start the auction until Feb 6th and it has to run 21 days. This is complete BS. The seller and buyer want to move forward, but we are being held hostage by the auction. The logic police need to raid these lenders and slap them upside the head. We had a similar experience with Ocwen last year where they stalled the sale for 8 months. If anyone knows a way to bypass this auction I would love to know how so we can sell this home. The second mortgage company approved it and their approval is going to expire while we wait for these geniuses. Sorry for the crazy upset rant but sometimes these banks need a reality check.
How is this going for you? Any update?
I suggest filing a CFPB complaint for every Nationstar short sale that mucks with the actual value of the property and creates a danger of foreclosure for the seller. Been there, done that, closed it - no auction.
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