• Report: #1043411

Complaint Review: Nationstar & Auction.com

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  • Submitted: Mon, April 15, 2013
  • Updated: Mon, April 15, 2013

  • Reported By: sam — culver city California
Nationstar & Auction.com
Internet United States of America

Nationstar & Auction.com Nationstar & Auction.com scam Internet

*UPDATE Employee: Auction.com and Nationstar

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I was on the process of buying a short sale property. I signed a contract with the seller to purchase the property after a long negotiation with Nationstar to accept the second bank. I offered to increase my offer to come up with the term of the second bank. Nationstar accepted it.end of the deal right? No...

Once the second bank is agreed with the payment Nationstar ,then said the property have to be auctioned at auction.com to check if they get a higher price. I was told that I can register at auction.com and bid so I can bid higher If the price gets higher than my offer.

I was so upset , I know short sale will take too long and will be in the mercy of the bank at the end but I  never imagined they will advertise and sale at the auction while I am under contract (This I believe is a breach of contract).

At the auction.com the property auctioned and the bid closed at about $12,000 more than my offer. I asked to counter offer for $2,500 more . Which by the way is denied because they "don't accept offers after the auction".
 
The scam is to get 5% buyers premium which goes to the auction.com and nationstar. In my case it is about $21,000.   this money may not  go to the investors who own the mortgage. I wish some body do some thing to this manipulators. I am now back to zero where I started. I will get my earnest money back today. I missed a chance to buy other properties because of this scam they always make you think that you are closer to get the propertie. Why wait this long if their intention is to go to auction.com. They wasted every bodies time, real state agents, brokers, Banks etc. Very very sad.

This report was posted on Ripoff Report on 04/15/2013 11:39 AM and is a permanent record located here: http://www.ripoffreport.com/r/Nationstar-Auctioncom/internet/Nationstar-Auctioncom-Nationstar-Auctioncom-scam-Internet-1043411. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 UPDATE Employee

Auction.com and Nationstar

AUTHOR: Auction.com - ()

Dear Sam,

 

Thank you for reaching out with your concerns regarding this Nationstar asset. In all cases, the seller is not Auction.com, but the actual financial institution that holds the loan. We simply provide the online platform for all sellers, institutional and private, to list their assets for auction. You can view the FAQ page for our Market Validation program here:

http://www.auction.com/marketvalidation.php. With that said, please contact Nationstar to address your concerns at 877-343-6386. If there is anything further I may do to be of assistance, please free to reach out to me or my Customer Service Supervisors Yamir Gonzalez or Vicky Hernandez at 800-793-6107.

 

Sincerely,

Peter Chevalier

Director of Customer Service

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