BofA, REDC and Auction.com

Opened up a new short sale in Equator.  REDC became involved.  REDC then sent me a letter congratulating me on the the approval to move forward with the short sale in conjunction with a marketing agreement from Auction.com.  I have had and REO listing to go Auction.com, but never a short sale.  There is no auction date or notice of default issued on the subject property.  This is one of those things where the buyer gets to pay the 5% on top of what the offer for the house, but at least this time they are not cutting the buyer agent fee to 1%.  Anyone ever had this happen before?

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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on August 20, 2012 at 5:48am

If you didn't know already, REDC and Auction.com are the same company. They have been around for years (originally had an affiliation for Countrywide to finance buyers at the auctions) and converted to being a vendor for BofA to handle some short sales.  They also own their own Real Estate Company.  Think about it, If the property is a short sale, REDC handles it. If it doesn't sell, Auction.com gets it as an REO.  So this is a new twist of Auction.com handling a short sale. What's the incentive for REDC or Auction.com to have YOU sell this property rather than them selling it at their mega-Auctions?

Good luck !

Permalink Reply by Wendy Rulnick on August 20, 2012 at 12:58pm

Is the end goal for them to "take"  the listing should it not sell in "x" amount of time?

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on August 21, 2012 at 2:52am

I don't know what their end-game is, but the relationship between BofA & REDC / Auction.com is "cozy" and has been that way for years (starting with Countrywide).  I've been inside REDC/Auction.com and have seen how they operate their businesses.

Permalink Reply by Tara Nagelhout on August 26, 2012 at 2:59am

Hi Thom.

I did NOT know they were the same company. So far their communication sucks.  They send emails to me through Equator reminding me to submit an offer if I have one.  What?  Don't you think I would have done that?  Yep...got an offer, sitting on it, thought mental telepathy would take care of it all.  Luckily we have a BofA event  couple hours north of here in a few weeks.  I was able to book a 10 minute spot with a real live BofA person!!  So hopefully somebody will help me.

Permalink Reply by Smitty on August 20, 2012 at 6:48am

Is this a coop sale?

Good points Tom.

Permalink Reply by Wendy Rulnick on August 20, 2012 at 12:27pm

I just got an REDC coop...  Fannie Mae.

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