Housing News
Agents fume over Nationstar’s relationship with Auction.com
(AGENT/GENIUS) – As Nationstar’s new acquisitions take effect, many are raising their eyebrows at the widespread implications on the market.

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Sharon Canada
October 23, 2013 at 1:35 pm
I am surprised that there are not more comments on this controversial topic. I just completed a Nationstar short sale that had been transferred from BOA. Had a FAIR cash contract from the beginning. REQUIRED the Auction.com participation in order to proceed with SS. Legal in Fl. informs me that SS and any purchase contract executed is subject to Lender Approval. If standing on my head was required to get approval, I would have to stand on my head. What is most troubling about this whole process and is NOT being discussed is that the 5% premium (fee) is added the the ‘bid’ amount for ‘total purchase’ price. All fine for Auction paperwork, but HUD will show Purchase price of auction fee and bid price. Reports to MLS and numbers used by Realtor, appraisers, banks will reflect an artificially inflated sales price. No where else have I seen ‘fees’ added to a purchase price to result in the SOLD price of a home. Any thoughts on this aspect?
Sharon Canada
October 23, 2013 at 1:53 pm
One other point in the article suggests that homes may languish on the Auction.com site. With respect to Nationstar SS. The property is listed for a short time. A week or two at the most. It is offered as a ‘One Time Event’. If the reserve is not met or exceeded, Nationstar will go back and usually approve the purchase contract already submitted (if it is a fair market one). No buyer premium required. That’s why they also want you to present SS with an executed Purchase contract. Honestly if this is just a ‘valuation’ tool as Nationstar claims, why not just go with it from the beginning? Is this valuation tool going to present itself as a decision maker to deny SS’s and proceed with Foreclosure?
Len Malena
November 6, 2013 at 1:16 pm
Wow, this is disturbing. I have done a fair amount of short sales, though not many lately due to the increase in home prices but I have not yet run into this “scam”. I’m sure Nationstar and Auction.com have spent alot of legal fees already to get to this point that they feel ok with the process (that seems so wrong on so many fronts). I do hope our CAR or NAR legal is investigating as well.
Sidney Kutchuk
November 11, 2013 at 11:37 pm
This model is not working for homes here in Southern Calif. It only caused issues,wasted time,loss original buyers. Back on track with the traditional method of selling the short sale after being sidetracked by this AuctionStar nonsense nusence.
R W
March 3, 2016 at 6:14 am
Theses auction site are being disingenuous. They are not allowing the true condition of the property to be known to the buyers on the auction sites. In a situation with one of my clients the house was listed as good condition with pictures of the interior upon doing a drive-by it was clear to see that the house was a burned-out shell. I had a discussion with the auction platform to notify them about the discrepancy in the description and the actual condition of the house they’re only response was you have to do your own due diligence this seems to be a scam for the auction sites to make a fees while hurting both the homeowner and the potential investor/buyer. The state attorney general should really take a serious look at how these auction platforms are duping the system