Posted on Nov 22, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, this is Mark Peek at Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. Today I want to comment on an announcement I saw recently. Bank of America is recommending some sellers use a company called Auction.com, if you’ve ever heard of them. Auction.com is a company that used to sell lots of foreclosure properties. They used to take over a huge place and would attract a large number of investors and it would be one day at a certain time. Typically what would happen in these is there would be a highest bidder that would commit and they would have to sign over a deposit. Unfortunately what we have noticed with these transactions in the past is that the buyer ends up being a lot lower offer than what we would get on the normal market.

One of the things about short sales is the bank still has to agree to the price. They are still looking for a fair market value. So in this case, Auction.com is basically catering to mostly investors and they deem a lot of properties as cash only. The other thing that’s bad with them is they dictate what title company you can use. They will dictate a title company that is completely out of area with exurbanite fees and then at the end of the day, only half of their buyers actually stick and close the transaction. So one of the things I’m telling you is, if you get this notice in the mail, they are offering to have you sell the property through Auction.com, it is not a win-win situation for you as the homeowner.

So if you have any specific questions and you got one of those notices and maybe they are suggesting a short sale for you, I do not recommend that. If you would like to talk to me more about it in detail, I would be happy to. Again, this is Mark Peek with Keller Williams, your Roseville and Sacramento short sale specialist and I’m here to help answer any questions you may have. Thanks and have a great day.

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