Nationstar Uses Auction.com

What is Auction.com?

Auction.com is an online platform to auction homes used by mortgage servicers, but primarily Nationstar Mortgage Servicing. Nationstar states they at times require to utilize Auction.com during its short sale process to ensure the property is marketed properly and that they obtain the highest offer possible.

Does Nationstar Always Use Auction.com?

No, Nationstar uses Auction.com only in certain states and with certain investors. For example government sponsored enterprises such as Fannie Mae and Freddie Mac do not participate in Auction.com to my understanding. If Nationstar is stating you must go through Auction.com and the investor on the note is FHLMC and FNMA you may want to open up a complaint with the investors and escalate at Nationstar. Also, FHA and some other investors do not participate in Auction.com. It is also true Auction.com is more prevalently used in some states than others.

What Happens To Our Buyer During Auction.com?

If there is already an accepted purchase agreement on a short sale and the buyer wants the property they would need to register for the auction. If they win the auction then the 5% premium that they charge would be waived. If another buyer wins and they have an agent, then that agent would now represent the new buyer. If the buyer has no agent, the buyer would have the opportunity to be represented by the listing agent. Auctions process often slows files down due to having to remarket the property and the auction period. If required to go through auction.com it is typically not something that can circumvented and Nationstar likely will not move forward unless the homeowners accept to participate in the program.

For any questions or assistance with Nationstar or the auction.com process, please fill out the form below.

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