Auction.com False Advertising Internet

Dear Michigan Broker  

My name is Peter Chevalier and I oversee Customer Service at Auction.com.  I am sorry to hear that you havent had an excellent experience with us! 

I would like to try to address your concerns in this post. Please do reach out to me (contact info at the bottom) for additional discussion on this matter if this response doesnt answer your questions.

1. Cooperative Broker fees for properties sold on Auction.com:  The cooperative broker fees paid can indeed vary by seller and asset type.  For instance, our REO sellers pay cooperative brokerage fees which vary seller to seller.  Likewise,
if it is a short sale auction asset, the agreement made between the seller and the sellers broker is what dictates the amount of the cooperative brokerage commission paid.  It is unclear in your case but it sounds like you were
the selling broker in regard to the asset sold on Auction.com.  As stated in our advertising and throughout our website, the cooperative brokerage commission offered is clearly stated on the asset detail pages of our websites for all asset types so you know, before working with a client on an asset placed in auction, what the cooperative brokerage commission amount offered is (which is based on the winning bid amount).   The terms and conditions of the auction also address broker cooperative fees, how they are calculated and how they are disclosed.    For commercial assets,
the Company is merely the auction firm.  The arrangement regarding listing broker commissions and cooperating broker commissions is a matter between the seller and the listing broker.  Auction.com does not participate in the
discussion regarding commissions and merely follows the written directions that they are provided.  Commissions paid on commercial assets are paid by the seller and not the auction firm.

2. Auction.coms broker of record:  The Company and its affiliates comply with the licensing laws in all of the states in which business is conducted and maintains brokerage licenses. 

Dear Michigan Broker
 
My name is Peter Chevalier and I oversee Customer Service at Auction.com.  I am sorry to hear that you havent had an excellent experience with us. 

I would like to try to address your concerns in this post.  Please do reach out to me directly at 800-793-6107 for additional discussion on this matter if this response doesnt answer your questions.

1. Cooperative Broker fees for properties sold on Auction.com:  The cooperative broker fees paid can indeed vary by seller and asset type.  For instance, our REO sellers pay cooperative brokerage fees which vary seller to seller.  Likewise, if it is a short sale auction asset, the agreement made between the seller and the sellers broker is what dictates the amount of the cooperative brokerage commission paid.  It is unclear in your case but it sounds like you were the selling broker in regard to the asset sold on Auction.com.  

As stated in our advertising and throughout our website, the cooperative brokerage commission offered is clearly stated on the asset detail pages of our websites for all asset types so you know, before working with a client on an asset placed in auction, what the cooperative brokerage commission amount offered is (which is based on the winning bid amount).   The terms and conditions of the auction also address broker cooperative fees, how they are calculated and how they are disclosed.  

For commercial assets, the Company is merely the auction firm.  The arrangement regarding listing broker commissions and cooperating broker commissions is a matter between the seller and the listing broker.  Auction.com does not participate in the discussion regarding commissions and merely follows the written directions that they are provided.  Commissions paid on commercial assets are paid by the seller and not the auction firm.

2.Auction.coms broker of record:  The Company and its affiliates comply with the licensing laws in all of the states in which business is conducted and maintains brokerage licenses.  

Thanks again for your feedback, and again, I'm happy to discuss this further at 800-793-6107.

Sincerely,
Peter

Peter Chevalier
Director of Customer Service
 Auction.com