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.

 

You need to be a member of REO Pro Network to add comments!

Join REO Pro Network

Email me when people reply –

Replies

            • NAR says listings must offer a buyer broker/coop fee.

              Some MLS's don't enforce it.

    • I hear you on the Open Houses; they wanted me to do two 4 hour open houses on Super Bowl Sunday weekend when the home's interior was maybe 10.   I laughed at them.

      • Same here! I said I would do appointment only on the Saturday

      • Make up a form for them to sign agreeing to pay an open house fee.

        They'll try to get the listing re-assigned.

  • I'm handling a couple of auction.com listings for Chase and they are not paying ANY co-op or buyer broker fee...as a result I can't put the home in the MLS per our local rules-  and only a 1% listing commission.  Thus far these homes are selling far under market value- some are absolute steals.  I'm not sure I get the logic unless there is a backlog of inventory in my market and they don't have the resources to handle them.  In addition, some of these are even sold occupied.

    http://auction.com/
    • I have an expensive home in auction.com right now. This is the 5th time now that they keep putting it back through auction.com.

      I believe they are trying to go around the Realtors and pay hardly nothing for our expertise.

      it has been a nightmare.

      I don't like the mode of selling they are using and feel that the buyer's are not getting represented.

      I am curious if anyone has had this experience with them?

      Patti d

      http://auction.com/
      • I refused to do the open houses.

        I have been to the property and shown it by appointment only.
        It is pathetic how they work and that the Bank is trying to get something for nothing.

        Patti D

        • it is also the legality. I understand that we do not have to market these and yes we are independent contractors, however, abuse of brokerages is just wrong. I am pretty confident that there are contract issues as well. It irritates me that agents are perceived as being shaman, when in reality we work very hard and do a lot more for these clients than they really know.

      • Yes, one of my realtors got the run around with them and the seller actually pulled the listing off Auction.com and sold it privately. Auction.com was actually bidding against my agent's buyer at above the listed bid price. Highly unethical.  I think there are enough issues with companies like these that they should be investigated.

        http://Auction.com/
    • I am in the same situation with Chase, it is very frustrating getting a house ready for sale, and then they say... off to Auction.com. Buyers are winning bids, then asked to increase their bid because the seller wont accept their offer. And     durning an auction... a buyer can be bidding against the bank to increase the offer.

      http://Auction.com/
This reply was deleted.