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Comment by ElizabethWeintraub00697006LyonRE on August 24, 2015 at 11:57am

In the last 2 auctions I did with Nationstar, one the buyer registered and bid and the other the buyer did not register. The basic difference is the buyer who registered got approval in one week. The buyer who did not register, well, they started the short sale over after the auction and it took another 6 weeks or so for approval. My suggestion is to register and make the same bid about 5 minutes prior to ending the auction, providing, of course, nobody else has bid higher. But I've never seen anybody outbid the original buyer. That 5% premium kills it.

Comment by Petra Norris on August 24, 2015 at 10:53am

Does anyone have any updates or guidance on conventional loan serviced by Nationstar? Thanks in advance :)

Comment by Richard Worcester on July 7, 2015 at 3:14am

We have fought this process tooth and nail since Nationstar came on the scene, and we have not had good luck. We have, however, figured out a way to insure our buyer's offer get's accepted on the first try. We DON'T Register our buyer (that had submitted the original offer). Their opening online bid is adjusted down to equal the original bid including the 5% premium. Nationstar cares far less about getting the investor the maximum amount of money than they do about the 5% premium. Make sure they get the 5% and you are in. The online auction process is a dismal failure for the noteholders, but NS gets their premium and they will approve the offer.

Comment by Helena Kaucheck on July 6, 2015 at 12:29pm

Unfortunately, NS has not allowed any bypasses.  There is an "auction" department headed up by Mark Layton (I think) at NS that you may want to connect with.  They are not very helpful.  Make sure you read the material that comes in for the Auction.  One quirk is that NS supposedly will only accept your Original buyer as the non premium buyer and if you lose that buyer any subsequent ones are new buyers subject to the 5% premium.  Make sure you discuss what happens if the original buyer refuses to go through auction.  I've had in the past NS not charging them even if they don't want to go to auction but stays the course of the SS.  NS also recently refused to look at a substitute offer without another auction.  I escalated up to the top and no one was able (or wanted to) pull.  Auction can go up to 4 times FYI.  Just make sure you understand how it works to explain the the Seller and any new offers that come in afterward.  I've had quite a lot of short sales with NS and they keep changing the landscape but this newest one is really unbelievable and truly, in my opinion, looking to force a home into foreclosure due to the timing of the auctions--they may take up to 2 weeks of prep time in between each.  FYI. I am really super surprised that there is no legal way to get NS to stop the auction.  Homesearch I think is their REO arm too.  Isn't there any predatory practices being invoked?  Not as much for the use of homesearch but for the practice to get through one of these. 

Comment by Short Sale Superstars LLC on July 6, 2015 at 12:02pm

Gale, you're likely out of luck on bypassing this. Who is the investor on the note? Hopefully the current buyer can win the auction.

[email protected]

310-564-6389

www.ishortsalenow.com

Comment by Gale Maramba on July 6, 2015 at 11:53am

Hello everybody, I am new to this group and I just wanted to know if there is ANY way at all to bypass homesearch.com? Nation Star is asking me to list the property for auction on the said website. The thing is, we are already in contract. Seller only wants to deal with the current Buyer and does not want to participate in any online auction. Thank you in advance!

Comment by Richard Worcester on June 26, 2015 at 1:41pm

I learned this one the hard way this past year. My buyer had initial offer and as such not obligated to pay Homesearch 5%. Went through online auction twice. My client bid as the original buyer and as such no fee to be paid. He was highest bidder however offer ultimately rejected. We finally got smart, had him bid the same price minus 5% but "forgot" to mention he was original buyer - thereby having same net offer price with NS getting their juice. You guessed it - approved! Figure out a way to get them paid and you win. Fight it and you lose. Is it right? Definitely not. The lawyers are all gonna retire rich from this fiasco. But to help your client, you may have to get tricky.

Comment by Helena Kaucheck on June 26, 2015 at 12:39pm

Thanks Brett.  Deeply appreciate.  I have emails going out to Escalation as well as voicemails and emails to the Auction department manager.  I've worked hundreds of Short Sales these last almost decade and this is the first time NS has informed me that ALL new offers must go through auction.  There's nothing in their literature that I can see (I do 3rd party as well as my own) that states the SS will be in constant Auction mode going forward which is what this negotiator is telling me.  It seems like a push from NS to move this asset as quickly as possible to their REO department and/or make 5% back from any buyer we get to help the cost of putting us through a mandated process. 

Comment by Short Sale Superstars LLC on June 26, 2015 at 12:34pm

Tough situation. It's hard to bypass homesearch.com. They may really make you run through it again. If you have an offer in line with their value you may be able to escalate the file and bypass the auction as this is the 2nd time around. Have you reached out to the standard nationstar escalation department?

[email protected]

310-564-6389

www.ishortsalenow.com

Comment by Helena Kaucheck on June 26, 2015 at 12:25pm

I have a Short Sale with NS since 4/15.  60 days after initiation, we were told that it would go auction.  We completed the process, no winning bids.  We lost the buyer.  Advised NS, told by NS no problem, they'll soft decline and have us submit new offer. This was all on Equator email.  Received request for updated info along with new HUD1 and POF. Sent.  Got Submit Short Sale task. Completed.  Then 3 days later, received curt email from new negotiator stating the file has been moved to auction.  I asked why since we went through that and we had told NS that the buyer walked.  They said that ANY new offers will have to go through auction.  This was NEVER disclosed.  We also had our submit offer task rejected after we input because it appears NS "made a mistake".  Now I'm getting Marketing task which makes no sense.  Any any help or advice is appreciated on how to escalate this situation and possibly pull the file out of NS as it was for 2 weeks after loss of first buyer and entry of new buyer offer.  TIA

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