Since the listing agent's agreement with the auction agent has an expiration date tied to the listing agreement expiration date, it seems to me that the shorter the listing agreement the less attractive the property is to Hubzu. Of course this may be unattractive to the listing agent, but I leave it up to my fellow agents to find a practical way to automate the renewal process.
It's up to us to educate our buyers about the pitfalls of auctions.
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You have a point. NAR has to initiate something.
NAR has no interest in this, NAR is interested in raising the agent count so they can get more dues money. They have done very little in the short sale arena
Apparently the only thing we can do is to educate our buyers so they do not participate in the auction process. However, that doesn't stop the "uninformed" public forcing us to get involved by insisting bidding on a pig in a poke with a quitclaim deed. Once again education.
The first document Ocwen sends the listing agent is an agreement to place the property on the HUBZU auction site. The bank hasn't foreclosed so the ownership is still with the seller and OCWEN has to get their consent.
The agreement between the listing agent and OCWEN to put it at auction has a expiration date which is the same date the listing agreement expires. Therefore, the shorter period of time they have to auction the property the less attractive it is to them.