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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 am going through a similar situation with Hudson Marshall Auction Company. I am the listing agent on a property and I wrote an offer for a client on the property it was accepted by Chase then the offer was rejected because the buyers took too long to sign the documents.
The home went to Auction and I wrote an offer for the same client and it was accepted. I included a 3% commission and Hudson Marshall accepted the offer then they cancelled the offer.
The property went to Auction but before it went there was another offer accepted so I did not go to the auction because I was told by Hudson Marshall that it had an offer just waiting for the sellers signature. I even called Hudson Marshall the weekend before the auction and was told they were waiting for client signature. So I did not go to the Auction. In the meantime that offer fell apart and my client went to the Auction and got the property.
When I finally got the offer back from Hudson Marshall I noticed it was my client. I contacted Hudson Marshall and after one month I was told my commission would be 1%, they even told me that normally they do not pay a commission when the buyer states there is no buyer agent. I explained that I had written three offers on this home for the same buyer and one offer was accepted by Hudson Marshall with a 3% commission they would pay. Hudson Marshall is stating that they are not going to pay it. SO I have to find out more about this. I wish you the best.
Brenda, my issue is the legality of what they are doing. I think it is crooked.
I agree. I know there was some organizations for Realtors that were discussing this with them.
They are an accident waiting to happen
It is not the percentage I am concerned about it is the legality of the situation where in some cases agents are not getting paid at all in spite of written agreement of Auction.com. I don't agree with you that agents don't deserve the 1%. we are still representing the buyers and there are still potential legal issues. I think these auction companies are bad news and give auctioneers a bad name. Most auctioneers in our state will pay at least a 1 to 2% coop to agents. I can handle the 1%, that is not what I am upset about, it is signing an agreement with Auction.com only to have them totally exclude me from the hud after I signed a written agreement with them. This is more about contract law.
I received a REO listing assignment last year around Thanksgiving from NRT....went through the Occupancy, BPO, weekly inspections, etc. It was occupied by the previous owner and never got to far with her and just after Christmas the asset got sent to Auction.com to sell as occupied. Same thing: NO SA commission offered, so no MLS exposure and 1% to me, plus the 5% to a buyer. Someone else here indicated that these homes are priced way under market....not in this case. It was priced probably $100k over market value. Needless to say while I am still doing weekly inspections and still reporting to NRT's portal it did not sell at the 1st or 2nd auction. Now just last week it has reverted back to NRT to process as a REO and we are back to trying to contact the same occupant for CFK, continuing weekly inspections, BPOs, etc.....Haven't these folks heard about "evictions". I will be retired before this home sells. LOL
Go to Auction.com and you can read the instructions where is states "NO COMMISSIONS TO AGENTS" at least for some listings. This is a lesson for all agents to remember to always request direct statements from Auction.com or instruct the escrow company before opening to get the information how the commission fee's are distributed. This company used to work with agents but have since started to get GREEDY. If you call and say your an agent wanting information on a property they tend to ignore your calls or emails. They are acting like regular R.E. brokers and have their own inside agents and want to double end commissions. No different then they way most Realtors are now acting. I guess the term "KARMA" come to mind when or if an agent want has acted unethical. Not saying you did Colleen, but many agents did and still are.