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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.
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?
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.
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.
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.
I have had three Auction.com listings. Buyers agents need to read the fine print. It will tell you if there is no buyers agent commission and what you need to do if there is a commission. Two went thru over twelve rounds of Auction.com before selling at auction at about 50% of list price.. The seller pulled the third one after several rounds. We sold it for list price in one week.
If you take the listing you get a blazing 1% commission, will be required to do a weekly inspection ( no fee to you), a BPO and a two day Open House ( Saturday and Sunday from 12 to 4). I just turned one down and told them 2% with a $1,500 minimum, no open house, no free BPO and a fee for each inspection. They will probably give it to some other lucky Realtor but I will not work for peanuts.
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.
Make up a form for them to sign agreeing to pay an open house fee.
They'll try to get the listing re-assigned.
Same here! I said I would do appointment only on the Saturday
I wish the NAR would step in, we are really getting ripped off. With Hudson and Marshall, my chase assets were being auctioned there and I actually would not get paid any commission, but the seller would still require me to list it and also be responsible for the assets. I think that is just very wrong.
Unfortunately banks (Chase for sure) are listing their home with us, letting us do the hard work, then
placing it in an online auction such as Auction.com (Google owns part or all) or Hudson & Marshall.
They reduce the listing fee drastically and pay no buyer agent fee. The buyer premium of 5% (minimum $2500) is added to the bid price. Often the terms are cash only, no trespassing on property, etc. Buyers hate it and bid less, or sit back and wait for it to become a normal listing. Banks take less than they would get with a normal MLS listing. Many MLS's don't accept listings that don't offer a buyer agent fee because that's what MLS's are for. No agent in their right mind will help sell the listing for free. The banks may run it thru auction several times and maybe different auction companies. This can waste several months of valuable marketing time. There is a new blog on here promoting use of online auctions. Comments not allowed. I wonder why.
I have decided that in the future unless I get paid a commission, even nominal, I will not list an auction on my MLS.
You may not be able to without a bb or co-op fee. Our MLS prohibits it specifically.