Nationstar / Auction.com
What's your story? Is your client being forced into Auction.com?
Replies to This Discussion
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Deb -
You are correct Nationstar can decline "anything" BUT they cannot force the OWNER of the property to do business with an auction company who is not a part of Nationstar and with terms that are not conducive to consumers. I believe you are in CA. If so, I suggest you contact the office of Kamala Harris, the AG for CA.
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Permalink Reply by Steve Reid on
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With the tranasction I currently have going, last month I was told by a caller from Auction.com that they own Nationstar, and that was why he had the right to call me and discuss the "Auction program" terms and conditions. I was forwarded the new Auction/Short Sale paperwork from Auction.com through Equator, on Nationstar letterhead, and was told by Auction.com that the Seller had to use the Auction Program, or the Short Sale would not be approved, and the property may end up at Trustee Sale.(I wish i had taped that conversation)
I demanded to speak with a Supervisor at Nationstar and was told by her that the "auction program" is optional, even though some representatives from Auction.com try to convince us differently. She instructed me to respond through Equator that the seller did not opt for the "auction program" and wished to proceed with the short sale, which I did, and to forget about the calls from Auction.com.
2 days later I was assigned a new negotiator, the pending Trustee Sale was cancelled, and I now have written Nationstar Approval and HAFA approval. We are proceeding to close this escrow as soon as possible.
What I found was that Nationstar says the auction program was optional, but Auction.com will try their hardest to convince the seller and agent to sign their paperwork, and allow them to rip us off. After speaking with the supervisor at Nationstar, the person at Auction.com would no longer return my calls.
Hopefully I'm not the only one who has survived the threats from Auction.com.
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Steve - I do not believe either Auction.com owns Nationstar nor does Nationstar own Auction.com Auction.com is owned by REDC along with several other Real Estate related businesses. You do bring an interesting point to mind however. Both firms would need to provide an AfBA (Affiliated Business Arrangement Disclosure) to the Owner (Seller) and to the Buyer.
From Google search:
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Permalink Reply by Bill Sloss on
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Thom well done. It sounds like you got the picture. I hope you can get some results from the CA AG. For what its worth Id think youre ahead of the game as far as understanding. Dont sell yourself short with the AG youre making a good case for action dont let the bureaucracy hold you back.
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Thom - I agree that they are separate companies ... my point is that the people at Auction.com will threaten, cajole, harass or try to exploit us in an attempt to get their Short Sale Agreement signed by the seller and agent.
I must say that the people at Nationstar will admit ... if pushed ... that the Auction Program is optional, not required.Their first response was that it was a normal part of their preferred process, but as I pushed back they did back down ... Auction.com, however, will respond that it is required!
I have to admit I was surprised that the Short Sale Terms and Conditions were sent to me through Equator and on Nationstar Letterhead ... but the representative from Auction.com had listed his name and contact information at the bottom of the letter as to where to return the signed document. The seller and I just refused to sign it, and responded back through Equator that we were "not opting for the auction program".
Hopefully others agents will push back and not allow Auction.com to damage our sellers!
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Have you looked in your state's Real Estate Licensing website - Is the person from A.com a licensee ? It's very likely.......
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Permalink Reply by Tony Morales on
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I was informed today from an inside source that NAR is meeting this week with Nationstar and Auction.com
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LOL - That will be a "closed door - behind the curtain" meeting and we'll never know what was discussed.
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In case anyone hasn't see the letter that Nationstar/Auction.com wants the seller to sign - I've attached a version I found on the interwebs.
Maybe I found it here....but it is worth repeating. Of particular note is the fine print on page one....all the way at the bottom.
If I'm not mistaken, I believe it is says this program is optional.
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auction.comletter.pdf, 580 KB
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There are several FL SSA. Look at #4 of the letter. Id think you can contractually prohibit their involvement with the right SSA.
In some they have the right to approve the contract and they can refuse the offer but it might push their hand and get some action. Sooner or later one tends to fall off the tightrope and its a long way down.
When its optional and the words must and shall are used thats a false impression and when a false impression is used to enrich oneself the law tends to frown on that. In some places thats called Theft By Deception.
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this is basically the same letter that was sent to me through Equator ....
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Permalink Reply by Kevin - Greenville, SC on
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I heard an Agent has filed a lawsuit vs. Auction.com and Nationstar. I will report back with more details once I have them.
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