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Auction.com short sales

Posted by Deborah Smith, Broker Associate on February 24, 2013 at 5:02am in Short Sale Discussions
Seller was given an option to market cooperative short sale using auction.com to market. I received agreement for seller to sign saying 5% of sales price was to be paid to Auction.com. This doesn't seem like a good idea to me. Has anyone completed a short sale using auction.com and did you add the 5% to sales price or put in agent remarks that buyer paid at closing?

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Replies

  • Ellen Crusoe 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.

  • Wayne Brooks February 27, 2013 at 5:57am

    Run Forest (Deborah), Run!

  • Auction DotCom 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 slim@auction.com. 

    Thanks for your interest in Auction.com!

    Sheldon Lim

  • Sheyenne Schultz 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....

  • Wendy Rulnick 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.

  • Chris Sommer 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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