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 Bill Sloss on
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Bryant heres a suggestion. Call your state AG and the local office of the United States Attorney and tell them whats going on and seek their opinion and give them a heads up they might be getting a call from Bloomberg. They dont want to look bad. Might get you some help quick.
Id also tell you to make sure no SSA accepts back up offers. If both agents cooperate how can they defeat your contract once signed. Sure they can reject the offer but that puts them at the disadvantage.
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I have been working on a short sale with Nationstar for over 2 years, and we finally submitted an offer that was very close to their counter offer and the negotiator was ready to submit to investor, when Auction.Com stepped in and started their process. We objected to their stepping in at this time because according to our Attorney this is Interference with a Real Estate contract, the seller could be sued for breach of contract and further there is not timeframe in their agreement with regard to the auction. I called the number for the Auction.com and spoke with a lady and advised her of same and told her our seller does not want to participate in the auction because we know that we have a good offer on the table and further the HOA has first right of refusal and they must approve the buyer prior to accepting. Not sure what I said that got her, but she said she would go into EQuator and advise the negotiator to submit the offer, because the seller declined the auction. Nationstar can do anything they want, but they cannot interfere with a contract already on the table. They need to re-think how they are doing this, otherwise, there may be some lawsuits for coercion and other matters.
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Darlene - Question, Did you have the owner's written authorization to speak with Auction.com ? Just like when we speak with Nationstar (or any other lender) we have to have a written authorization. If not, it's interesting they will speak with any of us without owner's authorization.......
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Permalink Reply by Steve Reid on
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The person that called me from Auction.com said they "own Nationstar" ... therefore, they have access to all documentation through Equator, including the Sellers Authorization.
The Short Sale/Auction.com documents that were sent to me through Equator also referred to both Nationstar and Auction.com as equals. However, when the guy at Auction.com hooked up a conference call between us and a "Manager at Nationstar", the manager said using Auction.com was OPTIONAL and was NOT REQUIRED. The person at Auction.com hung up without comment and now will not return calls. Thre file has been assigned to a new negotiator and is now moving along. So far, so good, but it hasn't had written approval, yet.... we'll see.
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We all have to be very careful..... If we are not specifically authorized in writing by the owner to speak with Auction.com, the owner could take action against us for speaking without authorization......
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Nationstar is very, very clear to make sure the third party authorization says nationstar and NO ONE else.
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Permalink Reply by Karen Curtis on
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Just when I thought I could tell them my Seller did not want to cooperate and told them so in Equator, they just ignored that and moved forward with Auction. We do NOT have a choice, they are holding the Auction next week and they told me my participation is MANDATORY. I have to hold two open houses this weekend Saturday and Sunday from 11 - 4. We also have an offer on the table that more than covers what they need for the investor, are they are using that offer to just start the bidding?
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Interesting - especially since neither Nationstar nor Auction.com / REDC own the property so how can they sell it at an Auction? What state is the property located in?
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Permalink Reply by Tony Morales on
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Karen you are in California, correct? You, and every other agent here, should be flooding the phones to Attorney General's office, Kamala Harris ph # 800-952-5225 Nationstar will continue with this stupid process until they are told they can';t By the way everyone, for those that did not know Nationstar is owned by Fortress Investment Group. Main office is in NY but also have offices in San Francisco. It was their SF office that got involved and had NS postpone foreclosure sale and allowed me to close short sale back in January
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I am in Utah and hopefully will get the information to our AG either today or Monday. Good point Thom, but they also foreclose on these properties without proper title transfer, I guess they all feel they can do whatever they want because they certainly get away with it.
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Interesting - Please continue to post your experiences here - especially as it gets to the UT-AG. There is a "group" watching this thread very closely.
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Thom keep pressing. You have a group of employees from wherever making representations that may or may not be violations of civil or criminal law. The only agency with the authority to make those decisions is your states Attorneys General. They have the power and authority to stop the silliness. The only way they will know is if you guys keep pushing it. Your individual difficulties can be easily remedied if the AGs take action against the process and eliminate the individual actions of employees. You Karen and Tony make great points and the behavior will continue until its stopped by the appropriate authorities.
Id also start using SSA contracts that do not accept back ups. That may give you some more ammunition.
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