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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      • Just got an email from an agent in the office giving a heads up, explaining about her listing on Auction.com, "no buyers agent commission" , can not list on MLS because of that, she said either direct them to Auction,com or her and she would explain it.....I don't have a problem with that and the less I know about it the better....I am not wasting my time with this ....she can tie herself up all she wants...property is less then 16,000...this is pathetic!

        • when will the NAR get involved with this mess?

          • They can't.  You can't have a discussion about commissions or that is collusion or restraint of trade. We are independent contractors who are not covered by any labor or minimum wage law.  We independently choose who we work for barring any fair housing laws.

            The only thing NAR could do, but they don't and won't, is to warn us about certain companies and investigate to see if they are doing anything that could be illegal.

            • The problem is not the commissions themselves, the issue is the fact that many things that this company is doing appearing to be unethical and violates many board policies, such as not paying commissions but trying to force agents to put their properties on the MLS when it clearly states that there must be compensation offered. Also, Auction.com has broken contracts and done things that can be considered to be a breach of contract.  My agents have had several issues with Auction.com that had nothing to do with commissions and I think they should be investigated. There are many things going on that I think the NAR should look into or at least give some guidance.

              http://Auction.com/
              • I am not defending auction.com but I do not see where they are members of NAR or any state association. If they are violating contracts, that is a matter for attorneys and the court system. If they are violating state regulations, it is a matter for the state real estate commission and attorney general. Auction.com cannot force you to violate NAR or MLS rules or state laws.

                Local, state, and NAR are essentially useless except for hearing petty infighting of local agents and defending the mortgage interest deduction for millionaires with multiple homes. I have found them all relatively useless.
                http://auction.com/
                • I agree, CeCe, except I do find value in some of the local educational offerings.

                  • Good points - both, Ed.  Agency vs right to sell.  Never paid much attention.

                    I really never complained about all of this except in my own head.  I just changed how I did business when I didn't like how it was going. And that goes back to before we had all of these forums to search and discuss matters of the day.

                    Our local association does an average job on education.  I get a lot of free courses from by local title companies.  

                    Cece

                • Then it should be the attorney general. Or something....... I understand that they cannot force us, however, many agents are put in the uncomfortable position of having to comply with the REO asset manager's demands and Auction.com or they lose business. maybe they are not forced, however, put under undue duress and that is not fair either. I see this getting worse. I am of the opinion that there are possible contract violations and regardless of not being members of any state association, they are bad news for all involved.

                  http://Auction.com/
                  • Just for clarification, foreclosure listings are usually exclusive agency rather than exclusive right to sell. That allows the seller to do pretty much what they want such as pull the listing and put it on auction status, keeping it "assigned" to us for babysitting. If the auction succeeds we get paid a reduced listing commission. So it's legal The bank is calling the shots. As long as they think it's working for them they will do it. If they eventually lose confidence in the auction route they will (hopefully) find the value of our services. I do what I can to reinforce that. I believe that's our best recourse.

                    I've had asset managers agree. Their hands are tied. 

          • I think that never.

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