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Not Every Nationstar Short Involves an Auction

By Elizabeth Weintraub Sacramento Broker

Real Estate Agent with Elizabeth Anne Weintraub, Broker DRE #00697006

October 28, 2015 03:35 AM

The biggest problem with Nationstar short sales is they don't seem to want to participate in the HAFA short sale program, and probably the reason they don't do it is because they can make a lot more money by doing the auction scenario. I mean, they have to make money from the auction. They own the auction company, and they charge an additional 5% to the buyer, providing the buyer is not the original buyer presently in contract.

I can honestly say I have never really completed a Nationstar short sale auction because nobody outside of the transaction has ever submitted a bid that was accepted during the auction process, and the one time a bid won the auction, it was our original buyer who had submitted the winning bid, and then he canceled anyway so we had to start over.

However, not every Nationstar short sale is allowed to go to the auction process. You can read more about how this works in my personal blog today at this link: How a Nationstar Short Sale With Freddie Mac Closed After 6 Months.

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Mike Rock

Complete Design - Granite Bay, CA

Granite Bay Luxury New Construction...For Less

i am sorry, i dislike auctions. i dont like having them held, i dont like attending, and i dont like anything about the process. i know it can work. it also works to stand at the corner of watt and fair oaks and hold a sign saying realtor will work for food...but i wouldnt do that either... (it wud say i work for oreos)

Oct 28, 2015 03:55 AM

Elizabeth Weintraub Sacramento Broker

There is a difference between going to the courthouse steps to bid on a trustee's auction in Sacramento and buying a home through a Nationstar auction online, and that difference being you'll probably get a good deal and close escrow if you buy at the courthouse.

Oct 29, 2015 12:41 AM

Chris Ann Cleland

Long and Foster Real Estate - Gainesville, VA

Associate Broker, Bristow, VA

I've got two Short Sales with NationStar right now. One is all about the auction. The other is easy, peasy and under review.

Oct 28, 2015 07:33 AM

Thanks for calling me yesterday and reminding me to post the link. :)

Oct 29, 2015 12:42 AM

James Dray

Fathom Realty - Bentonville, AR

Good morning Elizabeth. There is no link to your post today so I could not read it. Only been involved in one auction. I was there just to make sure all the paperwork was filled out correctly.

Oct 28, 2015 08:15 PM

Oh my gosh, Chris Ann called as I was driving back to my home office and mentioned that fact, and when I got back to my computer, I was so busy with other things I forgot. Situation rectified. I'm sorry.

Oct 29, 2015 12:39 AM

Joe Petrowsky

Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT

Your Mortgage Consultant for Life

Good morning Elizabeth. I have purchased a number of properties at auction, but also as short sales. For me, it doesn't matter, as long as I get the property that I want, but many of my clients have been on the short end of a short sale.

Oct 28, 2015 09:01 PM

They probably would not be on the "short end of the short sale" if their agent had qualified the short sale and the seller prior to entering into a contract. Some agents just list underwater homes as short sales without a clue as to how to close to them or whether the seller qualifies.

Oct 29, 2015 12:43 AM

Conrad Allen

Re/Max Professional Associates - Webster, MA

Webster, Ma, Realtor

Hi Elizabeth. I like to purchase homes at auctions. There was no link today.

Oct 28, 2015 09:16 PM

There is now, Conrad, my apologies.

Oct 29, 2015 12:40 AM

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Elizabeth, having no experience with short sales, this is foreign territory for me. We do not see many auctions here.

Oct 28, 2015 10:37 PM

May you never have to know, Joan.

Not Every Nationstar Short Involves an Auction

Comments(6)

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