I have read a lot of posts regarding this over the last few days since I found out that they are going to "require" my client go through the auction.com process. First of all Auction.com is a licensed Real Estate firm out of California licensed to do business in the Commonwealth of Virginia where I am located. Which means that they are in violation of no less than Article 16, Standard of Practice 16-3 and 16-4. We have a valid Ratified contract in place along with a signed listing agreement through January 31, 2014 so they are in violation by interfering in that transaction and contacting my client. To top it off, they called me last night on my home phone. How in the world did they get my home phone number? Nationstar is not the owner of the property and as such has not right to auction off the property. They have two BPO's and they can get an appraisal if they want. The offer we have on the table is an excellent offer which falls in line with both BPO's they have received. Their excuse of using Auction.com to make sure they are getting the best offer is totally wrong.
I want to recommend to everyone who is going through this to do exactly what I have done over the last few days. I have contacted the following: Senator Mark Warner of Virginia, The Attorney General of the Commonwealth of Virginia, DPOR - our Licensing board, NAR's Government Affairs office in Washington DC, the Virginia Association of Realtors, and will be calling HUD today. My client has filed a complaint with the Consumer Financial Protection Bureau and if you go on their website you will see thousands of complaints against Nationstar. My client has also contacted an attorney. I will be filing a complaint with our licensing board as soon as my client physically receives their letter.
We need to put a stop to this!
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Please help
I need an attorney to fight this.
I am a buyer on a shortsale property that was transfered from BOA to NationStar/Auction.com.
I was told by Auction.com that since I wrote an offer on this property I should wait until Auction is finalized.
Once they know the final bid they will offer it to me and if I was not interested they will sell it to the bidder.
Yeasteday the property gone through online auction with auction.com and I watched it and the final bid was 200K
My offer was 180K
I contacted Auction.com to let them know that I will buy the property with 200K price and the customer service told me that I lost my chance of purchasing this property since I did not bid on it. I was tols to wait and now I am told I should have bid on it.
The shortsale department is closed today.
First and Foremost, Auction.com is a licensed Real Estate Firm and therefore by interfering in our contract, they are violating Article 16 Standards of Practice 16-3 and 16-4. I have spoken with our licensing board and they are completely in violation. If anyone wishes to allow them to interfere in a ratified contract in VA go ahead, I however will not. I have also spoken with HUD's Inspector General Investigations Department for VA and he wants to know of any deal in Virginia with FHA financing that this is happening to. He said it is completely illegal and he would be on it immediately. So you ask how it is hurting my seller, we have a ratified contract with a fully qualified buyer that has been sitting here patiently waiting and now may decide to walk, That is hurting my seller. Brian Avery, the mere fact that Nationstar is threatening Foreclosure if they do not agree to work with Auction.com is also hurting my clients. Go to the Consumer Financial Protection Bureau's website and see how many complaints they have against them. It's astounding.