Bank of America Short Sale department testing new Auction marketing
Auction.com and Bank of America are strategically partnering a try a new type of marketing to get short sales completed faster. The purpose would be to get a lot more activity in a short amount of time to complete more Bank of America short sales.
Since this is just a “test” program, anyone starting or doing a Bank of America short sale doesn’t have to use this. But, it also gives those who desire to try the program an opportunity to perhaps get more traffic for their listing.
It is noteworthy to say that A) if the marketing program doesn’t work for the Sellers, they can still try other available short sale options with Bank of America. B) The program does not require reduced commissions.
Here’s a few notes on how it works:
• Eligible homeowners will be contacted directly by Bank of America.
• If the homeowner decides to participate, the property will be listed on Auction.com
• The Realtor involved will be required to hold two open houses.
• Auction.com sets up an “Auction Date” will work with the local real estate agents to get a buyer. The buyer can bid online or live at a local facility.
• The Short Sale Realtor will be notified once an acceptable bid has been reached using the auction. Afterwards, that bid is taken and submitted to follow the normal closing process.
Whats the upside?
• Auction.com is a huge site, so they can offer an unmatchable exposure online to ready, willing, and able buyers Auction.com provides tremendous exposure to buyers.
• It’s FREE to the Short Sale Realtor and the homeowner.
• FULL Commissions Paid. Bank of America is just using this as a tool to get a buyer, faster, and don’t want to penalize the agents involved.
This this is a brilliant idea? Leave your comments below!
This content was originally posted by Tracy “Royce of Real Estate” on www.RoyceOfRealEstate.com/blog
Tracy is an Arizona Short Sale Realtor, Investor, and Foreclosure Expert. She is also an avid blogger, vlogger, and consultant on all things Arizona Foreclosures.