Auction.com

Anyone have any dealings as a buyer's agent for Auction.com?

 

I was asked to represent an out of state buyer on a contract for Auction.com. I do work for this client on a routine basis.  I was to be paid 1% and I signed the contract as the brokerage for the selling side.  I was sent several emails by the title company giving me the impression that we were on track to close and that I was certainly representing the buyer. I received the hud statement and noticed that my brokerage was not on the hud. I addressed this with the title company three times by email why my brokerage was not showing on the hud as the selling brokerage, all it stated was that the selling brokerage was out of state and it was not the amount that I was supposed to get.

 

Finally I received an email from the title company stating that the closing instructions did not state that I was receive a commission and it was my job to contact Auction.com. HUH?  The hud had supposedly already been approved? REALLY?

 

I sent the person at the title company an email back stating that per contract agreement I was supposed to be paid a commission and regardless of closing instructions the Hud was not correct.

I called the buyer's representative who said she would get a hold of someone at Auction.com and I also called the person from Auction.com who originally contacted me for the contract. He said he would get a hold of the closing department at Auction.com to try to get this straightened out.

One of my agents told me that Auction.com is notorious for stiffing agents and not paying them a commission.

 

I have worked with them as a listing agent. but the title companies were on top of it and I did get paid.

I have had problems with this particular title company, it is one of those out of state title companies that seems to be impossible to get anything done correctly.

 

I am totally flabbergasted that this has happened and I am not sure what to think.

 

I am going to wait until tomorrow to see if this can be resolved, but if it is not, I may need to seek further action.

 

Can someone let me know if I am out of touch to think I am going to be stiffed and what would my options be other than legal counsel? I do not want to get out of favor with my client, but on the other hand this is just flat out wrong. I feel like I have been had.

 

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Replies

    • Our office now has an Auction.com listing that the people are still living there......this is pathetic....the winning bidder has to evict.....I really feel sorry for the owners..... I know, they have a choice of moving or staying, but sometimes it can't be helped and they hold on as long as they can... after this winters heating bills I can fully understand....has anyone else had this with A,com? How do you handle it?

      http://Auction.com/
  • May want to think and look at a upfront buyers fee to represent  buyers on any of the auction web sites.

    Plus let the buyer know that there are additional fees, Buyers Premiums and Technology or web fees.

    Several of the so called listed properties on the auction web sites, did not even have the minimal bid amount or what the property was going to the auction at the court house steps. 

    Just stating opening bid of $100.  Well that $100 was over and above the reserve amount. 

    Good Luck

  • Wow.I'm flabbergasted also. I will definitely avoid these.
    • My REO listings are all right to sell. I may have just shot my self in the foot but XYZ mortgage just changed one of my listings to AUCTION.COM and I told them to withdraw the listing from me or agree to the original  terms.

      http://AUCTION.COM/
      • Richard-Did you check the copious fine print (aka lawyer job security)?

      • maybe not. I actually signed an agreement with Auction.com to get a 1% commission and the hud statement did not have my brokerage on it at all. This is the real issue. They are violating contracts. I would call Auction.com and also your asset manager to try to get the specifics and in writing as to whether or not you will get paid a commission.  I think a 1% commission is a joke.

        • I spoke to auction.com about this and they said you have to get it from the seller.  I can't figure out how to get paid from the seller when the buyer does his bidding online.  I think in the auction process somewhere your buyer has to say he's being represented by you.  I'm going to be helping a buyer bid a property and I will see how it works next week.  I'll let you know if I find a way to put in my agent info directly into the bidding process.  That wouldn't be so bad if you were the buyers agent and the listing agent then at least you'll get 2% of the deal.  Better than NOTHING!  Especially if this is going to be the way the banks release their properties.  The problem is they REALLY need us to maintain their properties.  If we stop accepting their REO work they will find other agents who will work for the 1%...

          http://auction.com/
          • Auction.com is lying, they actually sent me an agreement stating that they would pay 1%, regardless, they are bad news. Also, one of my agents had a buyer who bid on a  property with them and the bid was a certain price and auction.com was actually bidding against the buyer, who bid full price!  The seller of the property found out, pulled it off of auction.com and handled the transaction privately. It was a commercial deal and my agent closed on it yesterday.  This company really makes me nervous.

            http://Auction.com/
  • Auction.com stinks!  Everyone should boycott them and show your buyers other properties.  Try to discourage the buyers from buying these properties and convince them to wait for the property to come back to retail marketing.   It's a faze the banks are trying it won't last long they make way too many mistakes and somewhere along the line these sales will come back to haunt them.

    http://Auction.com/
    • Yes it does! Very frustrating and is not in the best interest of the buyer or seller.

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