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Permalink Reply by 31cg1fw8yxswn on March 17, 2013 at 2:03pm

Always, within 5 days of acceptance verbally (transaction date)...the day of acceptance it best:

SEND an email to the negotiator acknowledging their acceptance of the offer and requesting the closing and approval letters so that you can continue with the transaction and close the sale of the property. Be nice and say thank you.

I think you can look into why I say this. THere are MANY reasons. If you have done that and want to know more then you may write me and we can exchange calls. If not then always send a thank you for accpeting the offer letter the day it was accepted. If you didnt then the failure is on you.

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Permalink Reply by Lisa Clanin on March 17, 2013 at 3:53pm

I watched a webinar recently that one of the large lenders would give up to $35,000 incentive to the seller if they agreed to list the property on Auction.com.  Otherwise the incentive would be much less.  Interesting...

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Permalink Reply by 31cg1fw8yxswn on March 18, 2013 at 1:41am

Very interesting, actually there could be conflict of interest and monopoly laws being violated if that is true.  If they are using the same company that the specify is "preferred" by them to do anything regarding the contract it could be that there is additional conflict of interest AND possibly interference in trade.

Remember that the FED took away the rights of people and banks to choose thier OWN appraisers in a contract?  Valuations are rotating basis on approved appraisers instead? It seems to me that this is very close to using an "insider" to make appraisal or valuate property???

who knows? this looks ugly either way.

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Permalink Reply by Karen Abbey on March 18, 2013 at 6:35am

Thank you for your input. I appreciate your comments. KA

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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on March 18, 2013 at 6:50am

I'm a 3rd party negotiator on a Nationstar / Deutsche Bank file.  We've been working on this one for almost a year.  We've had 2 offers - all cash - and at the asking price of Nationstar.  Both Buyers walked away because N/S too too long to "approve" the short sale.  Recently, N/S is requiring the use of Auction.com to solicit offers.  Auction.com (which is also known as REDC and Red Crown Realty)  has contacted us BUT, we are not authorized by the Seller / Borrower to speak with them. 

Today N/S called me to discuss using Auction.com . I explained the Listing Agent (who has a valid Listing Agreement) has no desire to use Auction.com to sell a property she could sell on her own if N/S was just more realistic in their pricing.  Another point is, Why should a Buyer have to pay a 5% premium to Auction.com?  I expect this property will now likely sell at $80K less than our prior offers and since Auction.com will be involved, the buyer will have to pay an additional 5%.

 

So here's the rub....  There is $16K in past due HOA dues and N/S & Auction.com "don't know how that will be handled".  Also, I asked if this will be considered an approved short sale fro deficiency purposes and the N/S person told me they would require a Promissory Note from the Borrower for the deficiency - INTERESTING, since that's Illegal in CA.  I told the N/S person she was asking for a Promissory Note in a State where that is Illegal and her answer was - "I don't work on CA files very often so I am unfamiliar"

 

Nationstar needs to ensure their people are up to speed with the law.

 

Repost comments in group AUCTION.COM

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Permalink Reply by Sheyenne Schultz on March 19, 2013 at 4:46pm

They're not using it as a "validation" tool or "valuation" tool   Nationstar is using Auction.com AS THE TOOL to sell this property at the highest possible price they can NET...and want agents to stand by and do nothing as listings get "HIJACKED" away from them....it's disgusting...

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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on March 19, 2013 at 4:53pm

I have one with Nationstar and today in Equator I posted the following in e-mail to all listed names;

PLEASE READ ENTIRELY; 

1) Nationstar is not the owner of this property. You merely service the "note" for the Investor and therefore YOU CANNOT SELL NOR MARKET this REAL PROPERTY WITHOUT THE OWNERS PERMISSION.

2) The OWNER is working ONLY WITH the current LISTING BROKER

3) There is a CURRENT, ACTIVE, VALID, LISTING AGREEMENT between the Owner and the Broker. DO NOT INTERFERE WITH THE CONTRACTUAL RELATIONSHIP THAT EXISTS.  ANY STEPS YOU TAKE WILL BE CONSIDERED INTERFERENCE AND WILL BE ADDRESSED AS SUCH.

 

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Permalink Reply by Rikki on March 19, 2013 at 4:57pm

The Listing Agent talked to a supervisor at NS today and they said "if your sellers do not sign the paperwork sent by Auction.com, then we (NS) will no longer work on their short sale and let it go to foreclosure" So of course, the Sellers signed this paperwork, as they were told they had NO OTHER choice.

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