altisource.com auctions

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Submitted by scaredyclassic on February 21, 2010 - 7:12pm

i am very interested in a place listed on altisource.com ... but am suspicious of this auction site. there's no penalty for withdrawing a bid. minimal knowledge of the bidders. it would be impossible to detect a fake bid, and no penalty for just bidding randomly. just seems like it's hard to believe it's honest. do auctions through sites like this ever actually work out? I

Submitted by sdduuuude on February 22, 2010 - 10:04am.

Without knowing too much about it, I'd guess it isn't really a bid. They are just trying to get your name and number so they can call you to sign you up as a client. This way, they only get people who are serious about putting in offers. Just a guess.

Submitted by Hobie on February 22, 2010 - 7:02pm.

".. up to 350 cancellation fee... plus Web transaction fee."

Problem for me is you are dealing with a web co and maybe an agent of the co. with limited authority who may simply unlock and show you the property. If there are any problems with the transaction, escrow, seller, etc. you are still bound by the cancellation fee.

GoHoming Site is only 4 mos old and linked with Altisourcehomes. Fails the gut test.

Sorry Gomer, we here are very skeptical.

Submitted by scaredyclassic on February 22, 2010 - 8:52pm.

no cancellation fee for the UNTIMED auctions, which is the one I was bidding on.

Submitted by scaredyclassic on February 22, 2010 - 8:54pm.

no, i see, this website could be good, it's not really an auction site, it's more of a place to find potential buyers, figure about what they might be willing to pay, then sort throught he offers and negotiate. that's not a bad thing. that's for the no time limit auctions...

Submitted by Effective Demand on April 28, 2010 - 1:57pm.

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.

Submitted by Effective Demand on April 28, 2010 - 4:04pm.

questy wrote:

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!

You have to use the site to submit a bid agent or not but any of the properties I have seen have a broker co-op (i.e. buyers agents get paid) but I'm not in San Diego and YMMV.

Submitted by Effective Demand on April 28, 2010 - 4:24pm.

questy wrote:

It isn't very efficient because the terms and conditions are very confusing and inconsistent, there is the threat of of fees for not consummating a purchase agreement apparently dictated only by the seller, and there seems to be no contingencies for inspection or financing. The terms are written to ward off hallow bids but it also scares off legitimate and well-intentioned bidders. IMHO not too efficient.

There are plenty of REOs that require their purchase contracts to be used and under their terms. The only difference between the altisource REOs and the others is you are submitting to the Asset Manager directly through the website.

Submitted by Effective Demand on April 28, 2010 - 5:33pm.

questy wrote:
Aren't you forgetting that under other REO's on the MLS that the "bidder" makes an offer on their own terms, or terms already known, and there is NO FORFEITURE OF 1% OF THE PURCHASE PRICE IF YOU DON'T AGREE TO TERMS YOU HAVEN'T EVEN SEEN? Standard REO also allow contingencies for inspection and financing without losing $1000's!

If you are part of the company, may I please suggest you get the Terms and Conditions rewritten soon to address all of these concerns? Your bids are likely to rise and close more quickly if you add language to protect bidders instead of just your company.

You should definitely not bid on their homes if you don't like their terms. I didnt bid on several REDC properties because the terms were so one sided and they were also not contingent on inspection or financing. There are also servicers that will only use their contracts not the RPA-CA and the terms contained within are extremely onerous to the buyers. This still works out for the servicers because many people quite simply don't read anything and sign what is in front of them.

You aren't going to change anything, the options are A) play by their rules or B) move on to other homes. There is no option C.

Submitted by sandiegojeff on May 17, 2010 - 12:50pm.

Who in their right mind would buy a home with these conditions? You must do your inspection, obtain your loan, verify value (probably best by doing an appraisal) all before submitting your offer? Oh yea...you have to pay a fee on top of that of up to 5%?
This definitely streamlines the process for the bank...great. But does this help any buyer out there? No...unless you are an investor buying cash I don't see that this is a service that benefits anyone.

Submitted by sandiegojeff on May 17, 2010 - 12:52pm.

Question...I don't see the name "Altisource", "Altisource Homes", "Altisource Homes, Inc." or any other variation of this name listed as a registered company with the California Department of Real Estate.
If they are putting signs in the yard advertising homes for sale don't they have to be licensed with the CA Dept of RE?

Submitted by bearishgurl on May 17, 2010 - 1:21pm.

sandiegojeff wrote:
If they are putting signs in the yard advertising homes for sale don't they have to be licensed with the CA Dept of RE?

sandiegojeff, check the Fictitious Business Names (FBN) Index at the Clerk/Recorder's Office for the name of the proprietor of this business. Then check those names on the DRE website for Broker/Salesperson licenses. Then you will have your answer.

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