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#441025 - 11/22/14 11:05 AM NationStar REO (Homesearch.com)
bmn123 Offline
Member

Registered: 12/14/05
Posts: 31
Loc: San Diego
Has anyone sold an REO with nation star thru their homesearch.com online auction? Seems to me that they are just interested in collecting the 5% premium and not interested in netting the best offer for the investors that they service. Commissions to buyers agent are 1%. Nationstar tells their investor that homesearch.com brings in all the buyers but in reality it has been the agents bringing the buyers to the website. Has anyone had experience with this? I have a few properties with them but none have closed yet. Thanks for your feedback
_________________________
bmn

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#441035 - 11/22/14 05:50 PM Re: NationStar REO (Homesearch.com) [Re: bmn123]
allan Offline
Junior Member

Registered: 07/18/08
Posts: 7
Loc: Los Angeles California
Have not sold any REO's, but worked with both Auction.com and homesearch on over 500 shortsales. 80% of the homes received bids of < 105% of original offers. Auction did produce a few offers at 10-50% above original offer, but few of those buyers ever performed. Nationstar loves the 5%, as it increases their servicing fees, to the determent of the investor.
In my experience, the homesearch buyers reduce their bids to compensate for the 5% premium.

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#441039 - 11/22/14 08:41 PM Re: NationStar REO (Homesearch.com) [Re: bmn123]
JohnN Offline
Member

Registered: 11/21/13
Posts: 223
Loc: Minnesota
Just got my first sale thru Homesearch with a closing set for Dec. 15th. The house went thru the auction 10 times. It "sold" twice but financing fell apart.
The house ended up selling for about $50 grand less then the previous sale but I think they just got sick of it and wanted it gone.
PS they verbally offered a 2% commision on the sale. I'm waiting for the HUD to see if I really get 2%.

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#441476 - 12/08/14 04:31 PM Re: NationStar REO (Homesearch.com) [Re: bmn123]
bmn123 Offline
Member

Registered: 12/14/05
Posts: 31
Loc: San Diego
I placed an REO property under contract with Homesearch recently. The buyer wanted to use me as their agent, however, when the buyer submitted their bid online they did not enter my name. The buyer won the bid. Homesearch stated that the buyer could not have an agent since he did not enter it when he submitted the bid. After a long battle, homesearch eventually agreed to allow me to represent the buyer as agent. Even when I presented them the signed agency agreement they still tried to tell me there would be no commission paid on the buyer side. They made me fight for the xtra 1%. I also have realized that the buyers do just reduce their sale price by the 5% to account for the premium. Time will tell if this is an effective method to sell property.
_________________________
bmn

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#441504 - 12/09/14 07:34 AM Re: NationStar REO (Homesearch.com) [Re: bmn123]
NextStep Offline
Member

Registered: 03/13/09
Posts: 125
Loc: MN
I was assigned a pre-listing from Nationstar on 08/11/2014. I told them the property was still in redemption. It was listed for sale on Homesearch.com anyway. I have told them multiple times that it was redeemed, and never actually owned by Nationstar. Nationstar listened, and cancelled the pre-listing. Homesearch.com continues to offer it for sale, with my information attached as the listing agent. I have told Homesearch.com many, many times to remove my contact info, and that they are selling a property that is not for sale. They don't care.

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#441505 - 12/09/14 08:01 AM Re: NationStar REO (Homesearch.com) [Re: NextStep]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7588
Loc: Vermont's North-East Kingdom
Originally Posted By: NextStep
". . . Homesearch.com continues to offer it for sale, with my information attached as the listing agent . . ."

What do you suppose the Minnesota Real Estate Commission thinks about that ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#441633 - 12/15/14 12:50 PM Re: NationStar REO (Homesearch.com) [Re: bmn123]
bmn123 Offline
Member

Registered: 12/14/05
Posts: 31
Loc: San Diego
I know a few state real estate commissions are investigating Homesearch due to their real estate practices. They seem to be crossing alot of lines even for a bank.
_________________________
bmn

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#441686 - 12/17/14 11:50 AM Re: NationStar REO (Homesearch.com) [Re: bmn123]
JohnN Offline
Member

Registered: 11/21/13
Posts: 223
Loc: Minnesota
Update, The Homesearch property closed this morning and the commission was 2%.

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#441772 - 12/21/14 11:03 AM Re: NationStar REO (Homesearch.com) [Re: bmn123]
bmn123 Offline
Member

Registered: 12/14/05
Posts: 31
Loc: San Diego
I closed an REO on homesearch.com. It was a low value property. Commission was $400 to buyer agent and $600 to listing broker. Also, they wanted me to hold several open houses on this property that was in high crime area with no heat in winter time. For a few hundred bucks this is hardly worth the time. Nation Star has alot of inventory but they pay in pennies. Beware!
_________________________
bmn

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#449601 - 12/30/15 03:03 PM Re: NationStar REO (Homesearch.com) [Re: bmn123]
NJTom Offline
Junior Member

Registered: 12/30/15
Posts: 1
Loc: Nj
I apologize for digging this up. I am unable to make a new thread as I am new to this forum.

My wife and I recently toured a home for sale, however, we were unaware that the home was going to auction. Long story short, we found out the home is going to be listed on Homesearch.com next week. I've read many of the agreements/T&Cs, etc on their website, as well as reviews posted on the Internet. The reviews I have read have been mixed, mostly negative though. As with this original post, I am very skeptical to bid using their website on the property my wife and I saw, but I would hate to pass up a "good" deal if we were able to acquire the property.

Has anyone else dealt with Homesearch.com that could provide guidance and or their thoughts? Any input is greatly appreciated.

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#449606 - 12/30/15 07:27 PM Re: NationStar REO (Homesearch.com) [Re: bmn123]
JohnN Offline
Member

Registered: 11/21/13
Posts: 223
Loc: Minnesota
If you have a Realtor use them to help you with the process. I've worked with Homesearch before and I had one property go through the auction 10 times.
The high bid, at the auction, becomes an offer. If they don't accept the high bid they usually contact the bidder within 24 hours and they give you a price they will accept.
You can then accept, counter or refuse.
My client never got the offer so I had to contact Homesearch and get the ball rolling.
We ended up getting them a good deal on a nice property.

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#449728 - 01/06/16 11:08 PM Re: NationStar REO (Homesearch.com) [Re: bmn123]
12 step 4 BPOs? Offline
Veteran Member

Registered: 06/28/10
Posts: 1288
Loc: Land of Tree Huggers
Did all of you realize that when the buyer enters their bid they can put basically any name in as their agent? And that the agents never sign the contract? I recently had one where the buyer put in a selling agent name, but the agent lives across the country and is not licensed in this state. It took weeks of trying to explain to title why they better not cut that check and finally somebody at Nationstar understood what I was trying to say. It delayed closing by a couple weeks. Seems like if buyers can put our names on these things we should have to agree to it.

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#449729 - 01/06/16 11:09 PM Re: NationStar REO (Homesearch.com) [Re: bmn123]
12 step 4 BPOs? Offline
Veteran Member

Registered: 06/28/10
Posts: 1288
Loc: Land of Tree Huggers
Also, the old listing contract stated that if the buyer didn't have an agent they listing agent would be entitled to the buyer agent fee. I called them on it, oh no, that just means you are allowed to represent the buyer. That is NOT what "entitled" means. I then suggested they ask a lawyer. A couple weeks later it got changed. Sure would be fascinating if all of us who had that contract counted up how many deals we didn't get paid on and brought it to somebody.

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#449782 - 01/09/16 02:49 PM Re: NationStar REO (Homesearch.com) [Re: 12 step 4 BPOs?]
Artiste Offline
Major Contributor

Registered: 06/12/06
Posts: 2367
Loc: Arizona Bay
Originally Posted By: 12 step 4 BPOs?

A couple weeks later it got changed. Sure would be fascinating if all of us who had that contract counted up how many deals we didn't get paid on and brought it to somebody.


mention it to God who'll tell you that you can't build your happiness based on someone else's pain - and Nationstab is the devil so that's what you get when you blow the devil for $$ like a dirty ho - you get kicked to the curb and your money gets stolen.
_________________________
Let's take back the real estate between our ears and get green like a sonofa$%^&*

NAFTA is over!!
(if you want it)


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#450290 - 02/03/16 09:43 PM Re: NationStar REO (Homesearch.com) [Re: Artiste]
12 step 4 BPOs? Offline
Veteran Member

Registered: 06/28/10
Posts: 1288
Loc: Land of Tree Huggers
Originally Posted By: Artiste
Originally Posted By: 12 step 4 BPOs?

A couple weeks later it got changed. Sure would be fascinating if all of us who had that contract counted up how many deals we didn't get paid on and brought it to somebody.


mention it to God who'll tell you that you can't build your happiness based on someone else's pain - and Nationstab is the devil so that's what you get when you blow the devil for $$ like a dirty ho - you get kicked to the curb and your money gets stolen.


So eloquent. Ever consider writing romantic poetry?

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