05 Oct 2016

No Haunted Houses this Halloween with RealAssist™

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Haunted by bankruptcy properties that you’re not sure are assets? With RealAssist™, we notify you of eligible properties, then work with a real estate agent or broker of your choice to market the property, maximizing its exposure to potential buyers. Then the property goes for sale through an online auction which helps to yield the best sales price.

We’ve provided information previously about the RealAssist™ program, but many of you have asked about the role of the realtor.  Thus, we’ve summarized what the realtor’s responsibilities are in the program below.

The commission paid to the real estate agent in the RealAssist™ program is three percent (3%).  The reduced commission rate is due to the limited responsibilities required from the listing agent.  The basic responsibilities of the realtor include:

  • List property on MLS once Application to Employ is approved and keep the listing current with the most up-to-date auction information.
  • Gain access to property (to extent possible) and provide updated marketing photos to Auction.com of interior and exterior, for listing on the Auction.com website
  • Field calls and show property, if required, during marketing period (21-30 day marketing period in most cases)
  • If possible, host open house prior to first auction event
  • Notify Auction.com if the property has adverse conditions (such as hole in roof, windows or appliances missing, etc.)
  • No special advertising or upkeep of property required (as all properties are sold as is, where is)
  • Refer any potential buyers to the Auction.com website to register as a bidder for the auction (no need to field offers to purchase)

In the rare occurrence that a buyer is represented by an agent, the commission would be split between the buying and selling agent.  However, most buyers who frequent the Auction.com market are not represented by agents.

The realtor is paid commission at closing and is paid by the servicer and/or buyer and not from the carve-out received by the estate.

Just as the RealAssist™ program is streamlined for Trustees, it is also streamlined for the realtor.  For instance, we will provide the Limited Listing Agreement and Affidavit of Disinterest for the realtor to execute, and Auction.com will take the lead on marketing the property.  In addition, the realtor has a limited marketing period but has maximum exposure on MLS and the Auction.com website (which is visited by 1.7 million buyers per month).  And, there is no need for the realtor to field multiple offers and forward Contracts and Offers to Purchase to the Trustee; buyers are directed to the Auction.com website to register as a bidder for the online auction. Auction.com will work with the winning bidder to close the sale.

If you have additional questions or would like to enroll in the RealAssist™ program, please visit www.BMSAdvantage.com/RealAssist or email RealAssist@BMSAdvantage.com.