altisource.com auctions

[Anonymous]

Penalties if don’t like terms

Yes there seem to be no cancel fee on open bids for the “no time limit auctions,” which seems to be ALL of their auctions.

The problem I see is if you are the winning bid you must execute “the Purchase Agreement,” under the terms and timing set by the Seller. What if the seller wants a 14 day close or something you can’t do? I don’t know if this is legal contract to enforce you to agree to something you haven’t seen the terms yet (in the Purchase Agreement).

But if you don’t enter into that Purchase Agreement, then your earnest money/deposit (which I’m not sure has been paid yet) is forfeited and paid to gohoming/altisource. That is 1% of purchase price or 2K on a 200K house. Ouch. OK maybe this is how they make money?

The User Agreement, which is very hard to read because the outline indentations have been flattened and it’s hard to tell which provisions apply to the “no time limit auctions.”

[Anonymous]

[quote=Gomer Homingway] This is a great new web site for those who want to bid online and track their bids. There is clear TRANSPARENCY, VALUE and CREDIBILITY. Whoever, posted the first comment must be a disgruntled agent, buyer or competing auction site.[/quote]

This sounds like the owner or staff of the website.

How do you know it’s a “great new web site”?
Have you done any transactions with them?

[Anonymous]

[quote=Gomer Homingway] This is a great new web site for those who want to bid online and track their bids. There is clear TRANSPARENCY, VALUE and CREDIBILITY. Whoever, posted the first comment must be a disgruntled agent, buyer or competing auction site.[/quote]

This sounds like the owner or staff of the website.

How do you know it’s a “great new web site”?
Have you done any transactions with them?

[Anonymous]

[quote=Gomer Homingway] This is a great new web site for those who want to bid online and track their bids. There is clear TRANSPARENCY, VALUE and CREDIBILITY. Whoever, posted the first comment must be a disgruntled agent, buyer or competing auction site.[/quote]

This sounds like the owner or staff of the website.

How do you know it’s a “great new web site”?
Have you done any transactions with them?

[Anonymous]

[quote=Gomer Homingway] This is a great new web site for those who want to bid online and track their bids. There is clear TRANSPARENCY, VALUE and CREDIBILITY. Whoever, posted the first comment must be a disgruntled agent, buyer or competing auction site.[/quote]

This sounds like the owner or staff of the website.

How do you know it’s a “great new web site”?
Have you done any transactions with them?

[Anonymous]

[quote=Gomer Homingway] This is a great new web site for those who want to bid online and track their bids. There is clear TRANSPARENCY, VALUE and CREDIBILITY. Whoever, posted the first comment must be a disgruntled agent, buyer or competing auction site.[/quote]

This sounds like the owner or staff of the website.

How do you know it’s a “great new web site”?
Have you done any transactions with them?

[Effective Demand]

Altisource is a front end for one of the asset management companies. In my area at least I havent seen a home that was listed on their site that wasnt on the MLS (or soon to be on the MLS). I know many houses that have sold through the MLS that were on that site as well. IMHO it just looks like it is cutting down the steps for bid submission to make the process more effecient. The majority of homes I have seen across the whole state come through one broker (Judd I believe his name was) and all bids are directed to the website.

I dont think its an auction as much as your standard REO listing with a electronic bid submission interface.

[Effective Demand]

Altisource is a front end for one of the asset management companies. In my area at least I havent seen a home that was listed on their site that wasnt on the MLS (or soon to be on the MLS). I know many houses that have sold through the MLS that were on that site as well. IMHO it just looks like it is cutting down the steps for bid submission to make the process more effecient. The majority of homes I have seen across the whole state come through one broker (Judd I believe his name was) and all bids are directed to the website.

I dont think its an auction as much as your standard REO listing with a electronic bid submission interface.

[Effective Demand]

Altisource is a front end for one of the asset management companies. In my area at least I havent seen a home that was listed on their site that wasnt on the MLS (or soon to be on the MLS). I know many houses that have sold through the MLS that were on that site as well. IMHO it just looks like it is cutting down the steps for bid submission to make the process more effecient. The majority of homes I have seen across the whole state come through one broker (Judd I believe his name was) and all bids are directed to the website.

I dont think its an auction as much as your standard REO listing with a electronic bid submission interface.

[Effective Demand]

Altisource is a front end for one of the asset management companies. In my area at least I havent seen a home that was listed on their site that wasnt on the MLS (or soon to be on the MLS). I know many houses that have sold through the MLS that were on that site as well. IMHO it just looks like it is cutting down the steps for bid submission to make the process more effecient. The majority of homes I have seen across the whole state come through one broker (Judd I believe his name was) and all bids are directed to the website.

I dont think its an auction as much as your standard REO listing with a electronic bid submission interface.

[Effective Demand]

Altisource is a front end for one of the asset management companies. In my area at least I havent seen a home that was listed on their site that wasnt on the MLS (or soon to be on the MLS). I know many houses that have sold through the MLS that were on that site as well. IMHO it just looks like it is cutting down the steps for bid submission to make the process more effecient. The majority of homes I have seen across the whole state come through one broker (Judd I believe his name was) and all bids are directed to the website.

I dont think its an auction as much as your standard REO listing with a electronic bid submission interface.

[Anonymous]

[quote] …In my area at least I havent seen a home that was listed on their site that wasnt on the MLS (or soon to be on the MLS). I know many houses that have sold through the MLS that were on that site as well….

I don’t think its an auction as much as your standard REO listing with a electronic bid submission interface.[/quote]

My understanding from an agent (at least on the one property I’m interested in) is you MUST use the online altisource/gohoming site to submit a bid… you can’t initiate a standard offer to purchase on this property through a buyer’s agent. Oh bother!

[Anonymous]

[quote] …In my area at least I havent seen a home that was listed on their site that wasnt on the MLS (or soon to be on the MLS). I know many houses that have sold through the MLS that were on that site as well….

I don’t think its an auction as much as your standard REO listing with a electronic bid submission interface.[/quote]

My understanding from an agent (at least on the one property I’m interested in) is you MUST use the online altisource/gohoming site to submit a bid… you can’t initiate a standard offer to purchase on this property through a buyer’s agent. Oh bother!

[Anonymous]

[quote] …In my area at least I havent seen a home that was listed on their site that wasnt on the MLS (or soon to be on the MLS). I know many houses that have sold through the MLS that were on that site as well….

I don’t think its an auction as much as your standard REO listing with a electronic bid submission interface.[/quote]

My understanding from an agent (at least on the one property I’m interested in) is you MUST use the online altisource/gohoming site to submit a bid… you can’t initiate a standard offer to purchase on this property through a buyer’s agent. Oh bother!

[Anonymous]

[quote] …In my area at least I havent seen a home that was listed on their site that wasnt on the MLS (or soon to be on the MLS). I know many houses that have sold through the MLS that were on that site as well….

I don’t think its an auction as much as your standard REO listing with a electronic bid submission interface.[/quote]

My understanding from an agent (at least on the one property I’m interested in) is you MUST use the online altisource/gohoming site to submit a bid… you can’t initiate a standard offer to purchase on this property through a buyer’s agent. Oh bother!

[Author]

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