Replies to This Discussion

Permalink Reply by Chris Sommer on February 24, 2013 at 7:19am

I would recommend to never use that. Monies are already tight on SS's, giving a 3rd party 5% will squeeze buyer and most likely you RE commissions. I've never had a SS where we had a spare 5%. Even if it comes off the investors net, it opens investor to ask you to drop your fees.

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Permalink Reply by Wendy Rulnick on February 25, 2013 at 2:39am

Auction.com is not required with Bank  of  America short sales. I opted out when one of my sellers was offered this company's services.

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Permalink Reply by Sheyenne Schultz on February 25, 2013 at 9:10pm

So sorry but Auction.com AND B of A ARE in BED TOGETHER!!!  I SOOOOOOOOOOOOOOOOOOO want to say what I know about this  but CAN'T!!!!    OPT OUT....

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Permalink Reply by Auction DotCom on February 27, 2013 at 5:48am

Hi Deborah,

There are several key benefits to listing agents to working a short sale through Auction.com:

·         You get paid your full commission:  Your commission remains 100% intact per your listing agreement

·         Our marketing expertise:  Auction.com invests over $30+ million annually to drive exposure and awareness of our listings.  We also have an extensive marketing database of several million opted-in customers to market these homes. 

·         Reserve pricing negotiation:  The “negotiation” does not end with the recommended list price, as we often have a different auction reserve price than the recommended list price based on discussions we have with our partners and the insights we have from market-level data. 

·         Platform to manage the process seamlessly:  Due to our strong relationships with many servicers, we have worked tirelessly to build improved processes, communications and escalation procedures to help make these transactions move more quickly and with more transparency to the seller, the buyer, and the agent.

I’d be happy to speak with you offline to answer any further questions you might have about our process. You can reach me directly at [email protected]. 

Thanks for your interest in Auction.com!

Sheldon Lim

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Permalink Reply by Wayne Brooks on February 27, 2013 at 5:57am

Run Forest (Deborah), Run!

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Permalink Reply by Ellen Crusoe on March 15, 2013 at 9:56am

Typically with Aucion.com the 5% is added to the bidders price.  They should know that if they bid $100,000 it is actually like bidding $105,000.  It's a fee Auction.com adds on all bids that I am aware of.

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Permalink Reply by 2t3gh2wfqd10v on March 18, 2013 at 12:21pm

Hi, all:

  I am a "seller" about to go through a Short Sale and I thought I would chime in with my perspective and involvement. I enjoy reading postings of interest and appreciate the clear, authoratative and well-written replies.

 

  I have an approved Short Sale with BofA, the 1st lienholder (I owe them $96,000). I was given the option to increase my "incentive" from $5,000 to $7,500 by DTS, IF I allow my house to be marketed on www.auction.com. This is a no-documentation Short Sale. I had already given ALL information over the phone in December, 2012, with a counselor from the HAFA program. The counselor suggested getting a Short Sale because she did not feel I would qualify for a Loan Modification. Naturally, there are some "conditions" that apply. No guarantee I will get the incentive money and I am now thinking of just letting the house go into foreclosure.

 

  Green Tree is the 2nd lienholder (I owe them $21,000), and quite a different story (document-wise). I've read SO MANY negative comments over the internet regarding GT, that they are the main reason why I might not go through with it. I have delayed sending in the paperwork for a few days, as I mull it over. I ask myself ... "do I REALLY wish to go through the stress and worry, etc., for $7,500," and my answer is approaching a solid "no." The house is in the Central Valley of CA.

 

  One more thing and I'd sure appreciate realtors in-the-know comments on this question:

 

  Would you ever send a new client a "Statement of Information" (for Green Tree, supposedly), and when its emailed to you, it doesn't even have your house property's address on it, but a different address. And, a File # (indicating that escrow's been opened), but you know the twenty-something realtor has not opened Escrow at all (yet).

 

  I didn't fill out the form and asked the young realtor if he meant the form for someone else and I got it by mistake? He said for me to complete the form, return it to him, and he'll correct it once he's gotten it back. I rather thought that the realtor isn't actually working for me. It is more for the entities, involved, but I could be wrong.

   I do wonder, though, ... Is this how most realtors, in general, conduct their "paper" business? I mean, wouldn't a more professional response to the new client be to say "Oh, I'm sorry. I will open escrow, and email you a SOI that does correctly show your property address?" Thank you, for your various input and responses.

Anita

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Permalink Reply by Karen Mathers on March 19, 2013 at 2:16pm

I do not know why the banks think acutions are a good way to sell a house? I go to a lot of auctions.  Believe me NOBODY is there to pay top dollar for anything at an auction.  They are there to get a screaming deal! 

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Permalink Reply by Crispin on March 19, 2013 at 6:06pm

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