Based on the reviews, I was aware that auction.com may internally bid up the auction price, acting as another bidder. (in 53 reviews)
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My story falls right inline with these others. I wish I'd have seen the reviews first. I recently "won" an auction on a house. I was informed two days after that the seller back has accepted (chase). I had full cash and was ready to close asap. The next week the story changed that the seller (chase) had to review my bid.... A whole month goes by before they supposedly sign the accepted offer I was told they already accepted. Now (chase) had yet another 30 days to make me wait before closing even though I told them I'd close the next day if they would.. Then another delay and another. It finally crept up on my final supposed signing day and I was not contacted, not kept informed, not told where I'd need to sign, NOTHING. Not kept in the loop at all like a real business would run theirs. I finally just backed out and lost my deposit and cut my losses
How do you get out bid for a property and then a couple of days later the place is back on the site. You're automatically registered for the next event and it seems like its an endless cycle that takes you up to a month or longer to get your money back.
I wouldn't suggest using this as a means to buy a property something just doesn't seem right about this company. No telling how many people this is happening to and how many millions they are hold for as long as they want.
I want my money back Auction.com I don't think I should have to wait a month or more to get it and not getting anything for loaning my money out to you against my will!
When you buy a house at Auction.com it's because it couldn't sell through a realtor at any price, so that should tell you the house has serious issues and might need complete new drywall, roof, foundation repairs, plumbing etc... (and even worse - title or lien issue)
The house I bought required 75K in repairs, but it was really really cheap, so is that a scam or a good way to get your foot in the door and earn some sweat equity. People need to decide for themselves how much stress you want in a purchase of this magnitude. But please don't expect a Ferrari for the price of a pinto. (and it better be cheap or you're a fool for bidding because these homes have issues and those pretty pictures are usually old and don't show all the damage from being vacant)
(and if it's nice and not a junker, then you'll pay a normal price for it. The only good deals you might get if you're lucky are for totally trashed homes that have major defects. The kind of homes the realtor wish you wouldn't be able to inspect and that's why it's a perfect match - these homes don't allow an inspection)
Where do I even begin?
Auction.com is nothing but a complete joke and is in my opinion, scammy Sure, their website looks nice and they advertise like crazy but have you ever actually read through their purchase agreements?
I was interested in a commercial multi-family property and spoke to somebody from auction.com on the phone regarding the proof of funds. Not only were they completely unhelpful, but after speaking with another representative I found out that they were giving me wrong information.
Secondly, the auction process itself is a scam. Everything is tilted towards the seller from fake bidding, to unrealistic purchase agreements, to vague clauses. If you take the time to read the PA's that auction.com provides, you quickly realize that they protect the seller like a fortress and screw over the buyer at every turn. From 10% non-refundable EMD's to not allowing inspections of an entire building to offering complete garbage financing.
A colleague of mine was bidding on a financable asset and had his own financing already lined up. Once auction.com found out that he didn't want to use their garbage financing, they refused to call him back even though he won the auction.
It's a complete scam and it is to the point where many people I know, myself included, see that a property is with auction.com and refuse to pursue it just because we don't want to play their games.
Totally unethical behavior and it is just a matter of time before it really blows up in their face.
they never really give you the right information and after they send out the agreement they change the dates
trying to get a hold of some one is like a dead hole no replies
they tell you you can chose your own title but that is not the case
they take over a week to get the agreement then expect it back in a day
the personal filing out the paper work have zero business sense
would highly recommend avoiding them at all cost
even the sellers agent and the title company they picked say they are very unprofessional
I am remodeling my new Home ,I purchased on auction.com ! I won the auction for 2500+ a $2000 buyers premium , I read some reviews and I was scared for all the bad reviews on this page so I contact my lawyer he said it was a legit company! He said that the only problem with auction.com is that you never know if the house owes any Taxes ,water billsI I paid my lawyer and extra $500 but he make sure my house had clean title and if there were any violations to the property ,once he was done with the investigation he said to proceed that everything was fine I signed a contract ,and send a wire payment then Sellers bank called me a month after too to do the closing it just takes patience but I'm very happy with my new home.
Tip for consumers: Just be patient and takes a long time to do the closing, but it's worth it .Ask Alejandra about Auction.com
I was participant of community thread their "transparency" where customers to communicate with other customers feature.
To be fair thead was to discuss desceptive practices users have experienced with site and thread was "locked" by administration so no further commentary could be made on subject by admins.
Company blatantly misleads customers and actively blocks users from providing experiences that are not to their benefit to future users.
My first time with auction.com
Had bid twice from my home computer. Planned to bid in the final minutes up to my maximum price but my bid would not go through. Got auction.com on the phone for the final minutes, totally shooken and frustrated, to be told I could not bid using an iPad .
This should be prominently displayed with the rules. Was told by auction.com employee that I should have KNOWN I couldn't bid using an iPad. SD
Came across their website and saw a property i was interested in. Went to take a look at the outside of the property and it had a for-sale sing in the garden, contacted the agent who informed me the property is under contract and has been for a few weeks. Contacted auction.com about the listing that's supposed to be going to auction. The customer support agent was horrendous. How she got a job is customer service is beyond me...If you want to wast your time then follow this company..
Auction.com does a bad job following up with customers. Your calls and e mails are ignored. They are not very helpful. You are pretty much on your own. You can buy from them, but for the fees they charge you get little service.
Auction.com is a scam. They hurry the process along so you don't have time to go through the proper channels to insure your financial safety, they extend the auction time to keep driving the bid up, and then they want you to sign a contract before you or your attorney has time to review it, otherwise they threaten to put the house back on the auction block. You will end up paying $2500 PLUS 5% or the cost of the house to auction.com which in our case drove the price of the house and bid $10,000 which then made the house purchase unattractive.
They make it look like the $2500 fee is the only fee, then slam you with 5% more. As you can see from all their reviews they are a shady company and we will be filing legal action against them.
I won auction in Dec. and had to sign contract and provide funds within a few hours, we were to close within 3 weeks since this was a cash purchase. After signing contract and expediting funds I was informed someone would contact me with further instructions and closing date. A week went by and still no contact from anyone so I decided to contact them again and was informed to wait until a closing agent contacts me. Another week or two go by no contact. At that point I get impatient and contact a rep at auction.com and complain, I then speak to a supervisor whom informs me of the closing agent assigned to my case. I've purchased several properties before so I'm not new to this however this is my first and most likely my last purchase from auction.com. I've signed 4 extension forms since that time and it is now 4 months since I won the auction and I now have a closing date of April 6th, I will update final outcome.
The Auction.com contracts all state that the seller will not pay for an owner's policy of title insurance. Linear Title slides one on the buyer side of the HUD without EVER asking if the buyer wanted it. On the day of closing, I was told that they would need to get a new deed if we don't want the title insurance and we should have told them when their legal dept. asked for marital status for deed prep. Never asked if we wanted to pay for the insurance. Told me that the seller would not grant a General Warranty Deed without the owner's policy being purchased. The Deed was prepared several weeks before the closing...and at closing we are told they would need a new deed and the seller might not sign one? This is a shady way of adding premium dollars to their pockets. I am a Realtor and have worked in the title industry for years....BEWARE!!!!!!
Tip for consumers: IF YOU DON'T WANT TO PAY FOR AN OWNER'S POLICY OF TITLE INSURANCE MAKE SURE YOU TELL THEM AS THEY WILL NOT ASK IF YOU WANT ONE....JUST CHARGE YOU FOR IT
It is not clear on any of the transaction details, or the Terms and Conditions PDF. It is probably in the contract, but I am too disgusted to look. On a house for $15,000.00, winning bid, the closing costs are $1,776.50 through Linear Title. In my area, $550-600 including title insurance is most common. There is no possible way to get out of this.
Linear Title describes itself as a Fortune 500 Company on their Facebook site.
How COULDN'T they be? They have a contract with auction.com and charge 5 x's more than any title company.
Tip for consumers: Plan on minimum of $1,800.00 for Linear Title who they are obviously in bed with. No way to use your own title company.Ask Brett about Auction.com
Based on the reviews, I was aware that auction.com may internally bid up the auction price, acting as another bidder. I am fine with that as i am sure they are trying to obtain the reserve price set by the bank. As an investor, you bid only to a price you are comfortable with.
In any case, I won the auction, and had to provide them with funds and paperwork within 2 hours! Very unreasonable, even for someone who has a flexible schedule.
We were suppose to close within 20 days, mid Dec. It is now mid Febuary and I have had to sign an extension 4 times. This is a cash purchase, so there is no reason for delays and the home is vacant. Part of the problem is their 3rd party closer who was quite useless but either way charges $1200. I used my own title company and she has been the one doing the job of the seller's title company. Closing was delayed bc the bank rejected outstanding HOA fees in the amount of $400.00. There is no way one can obtain clear title without this lien being paid off. This debate could have delayed closing for months. I offered to pay the $400. Still no closing as of today. Requested another extension letter. In the meantime, the seller has paid in excess of $3000 in taxes and insurance bc of these delays.
I will say that the customer service and the representatives at auction.com have tried to assist. IS it possible that they can only move as fast as the seller?
In any case, if this goes through, I would still purchase again, but they would not be my first outlet. If it doesnt, I have every intention on filing a complaint. I purchase 4-5 homes a year to rehab and resell. This was my first experience with Auction.com.
but also seemed to run in circles so it wasn't just me. I read their reviews on their site and all were very positive but as you can see from this site they must be filtering them and just posting good ones or outright fabricated ones. I have a feeling that they have a very low percentage of successful closings.
There was a home listed for auction in our city. It was marked as occupied on their website. The website stated it was illegal to disturb the occupant. I did a drive by inspection. The house looked abandoned. I stopped at a neighbors house to see what information I could get about the house. The neighbor said the house had been empty for some time. He said the house was used as a meth lab. I went back to the property and noticed a sheet of paper taped to the front door. It was a blank sheet of paper. It had a small tear in it. Underneath was an orange sheriff notice that a meth lab was seized at the property. When I contacted auction.com and asked why they would cover the sheriffs notice they told me they were not aware of any such notice. Give me a break the bank does occupancy inspections of their foreclosed homes. It was a no brainer the house was not occupied. It was obvious that a battering ram had been used on the front door. Someone covered the sheriffs notice. Ok maybe it was the owner of the house. The photo of the home posted on auction.com is taken at just such an angle that the notice and damage to the front door is not shown. The notice was taped to the sliding glass door in the front of the house. Notice the tree conveniently covering the front door damaged by the battering ram. It seems to me that there was an effort to cover up the fact that the house was used as a meth lab. Ok banks may be exempt from disclosure laws but if they knew and covered it up that just seems like pure fraud to me.
Walk away now. Turn around take your money and run. They have dozens of tricks to get more and more of your money. Bidding on a property and count down starts and your high bidder? Oops wait we add another 2 min and they bid and then another 2 and another two, F@€×(&= THEM! You will not get a deal you will bid against yourself and in the end you just wasted 4 days and 10 gigs of your data!!
Update 2/20/2014. To be fair, I recently heard of someone in our area who supposedly did get a good deal on this site, but I don't know the details. So I guess it is possible. But I will re-iterate this point. The bids start artificially low and in every case I've seen you have to bid it up quite a ways to get it. And it depends ultimately if you intend to live it in or not. As an example. I bid on a house that started at 45,000 twice. The estimated value of the home after 20,000 of fix up was 145,000. This was verified by my very experienced Realtor who has sold homes in this area. I gave up bidding on it after two online auctions. I looked recently in the public records to see it ultimately sold for 120,000. I'm not exactly sure what the people where thinking who bought it, but it sure didnt' seem like a very good deal to me. After paying cash and fixing it up, it will be worth pretty much what they have into it. I wouldn't usually pay full price for a house I can't even go inside to check its condition. You might as well buy one off the regular market in that case.
Don't be lured in by their opening bids thinking you will get a great deal, the opening bids they post are false bids to get people excited to bid on their properties.They are not even close to the minimum bids the bank will accept so you waste your time thinking you will get a good deal. Believe me I've bid on several of them.
In fact, in my area there currently at least 4 houses that have been put up for bid over and over and over (maybe at least 6 times) on their web site over two months. The opening bid is ridiculously low ($25000) but even after the price is bid up to $125000 plus, it never sells. Even if they say it does, it shows up again on the web site next week again.
These houses like most of them are in poor shape and need 10's of thousands of repair but they keep holding out for full price as if they are fixed up! It's a waste of time.
Waste of time with a crappy company (unless of course you want to get ripped off!)
I get a feeling that the positive reviews here are done by paid auction.com trolls...just sayin'.
I wrote a review on Auction.com regarding a house I bid on & won, but could not close on for 90 days because it had an IRS tax lien of $80,000 on it. I said I would post again if I received my earnest money back. Auction.com was very prompt. I got all $7886 of my earnest money refunded by check last Friday, 1/23/15.
Tip for consumers: I was not sure I would get my earnest money back and it was substantial enough amount for me to want it back so I could keep looking for houses. Although Auction.com wanted the paperwork signed & back to them in 24 hrs, saying I would continue with the deal and wait to close in 90 days, I held up on the documents for 4 days over the weekend. When I heard from them that the seller said "we were out of contract", I had the info I needed to know they also considered the deal breached and could noAsk Karen about Auction.com
I have tried to purchase 4 houses with Auction.com none of them went through. The last one was on the county court house steps with cash buyers. Auction starts at 9am, at 10:30 we were still all standing around. I asked if the home I was interested in was actually going to be auctioned off as their web site indicates and they could not give me an answer. Do not waste your time with them. They will not give you the reserve amount on the property so you waste much time bidding and they never intended to sell it to you in the first place. HUGE WASTE OF TIME.
Tip for consumers: Do not waste your time unless you know what the reserve price actually is. If the reserve is kept hidden walk away from these scammers.Ask Scott about Auction.com
I registered and put up $2500 on a credit card, no problem. I bid on a house and won the auction with the reserve being met. I wired them the earnest money and signed the documents. Two weeks later they told me the deal was off and they would return my earnest money. It is now 2 weeks later and I still do not have my earnest money back although they have relisted the property several times!!! They say the property is occupied but it is not.
Tip for consumers: Beware!Ask Michael about Auction.com
This is not a scam (some homes do get closed) but there are many things that they do that I believe are illegal and in my opinion they need to be sued and humbled. Here are a few of the lawsuits that I think people should look at filing against Auction.com, the seller (bank) and the title companies:
1. Section 8 of RESPA violations - The title company cannot charge for unearned fees. According to an Auction.com employee who I communicated with, the title company that they require you to use charge higher fees as they are recovering the cost for all the pre-foreclosure title work and title report done for the sale. I believe it is illegal to pass this on to the buyer but that is what they do. Purportedly this is spelled out in the agreement between the title company and Auction.com. A good attorney should be able to get this agreement during discovery and find out if Auction.com pays anything for the pre-sale title work.
2. Section 9 of RESPA violations - Under RESPA they can not require you to use a specific title company as a condition of sale but that is exactly what they do.
If you win the suit you get triple the cost of everything paid to the title company (all those high fees x 3) plus attorney fees and court cost.
Finally, everyone who feels that they have a legitimate complaint should file a complaint with HUD, the attorney general and the local real estate licensing board in their state that licenses Auction.com. Google RESPA and filing complaints.
The above is my opinion and my opinion only. I recommend anyone who reads this speak with an attorney of your choosing to ascertain the facts and merits of any case.
auction.com is FRAUD
many have been scammed by this company --- This company is a sham
Tip for consumers: Don't Buy from them they are fruad.. fake companyAsk wally about Auction.com
I'm rating the buying experience, not the company (their agents were always helpful). STAY AWAY! I won a bid 10/4/14 and submitted the deposit and signed papers on time. I am still waiting to close. Nationstar Mortgage is the owner of the foreclosed house and their closer hasn't contacted me once to let me know what is taking so long. The settlement co. just said they are waiting for title co.(Solutionstar) to send the lien certificate but I don't believe that story...I got the lien certificate in 5 business days. They e-mailed me a closing date extension form two times which I signed and I still did not close on the house on the proposed date. My money is tied up and I could of bought other properties by now. In the dark and very frustrated. I hope I get my money back if the bank tries to cancel the sale.
Update #1: I finally did the online settlement two months late. I had to go haggle the state and city sales and recording taxes and fees because they were too high. Got inside the house and there was major water damage, stolen HVAC unit, and stolen pipes throughout. Neighbors said the bank's assigned contractors looked suspicious.
Update #2: Unbelievable! I found out in a difficult way that the house is not in my name yet after two months.. My electrician went to get a permit on the house and was told he couldn't. He was so annoyed for wasting his time and money. I went to the city permit office and found out why. I had to call the closing company back and ask why they hadn't submitted the settlement papers. Apparently the settlement papers were rejected by the recording office because the lien certificate had expired by the time it got there. No one had bothered to let me know and I don't think anyone from their office did anything about it. I had to call the office manager to complain and ask them to get the problem rectified ASAP. Four weeks later and I'm still waiting for the house to be recorded in my name. 3/3/14
Tip for consumers: Check that the house is not owned by Nationstar Mortgage because their title company is not professional (didn't get papers ready for closing on time and didn't contact anyone).
Don't trust the online photographs. They
DO NOT BID! DO NOT USE THESE SCAMMERS! They put a hold on your credit card when you bid, then when you DON'T win, the hold is left on your credit card even though the auction is over. Wish I could give them NO STARS. Use Realtybid or ANY OTHER auction place.
Shady operation. I was looking to bid on a property through them and had been following this home for a while. It's been vacant for months. They state that the house is occupied so you CANT get in to see the interior or get your inspections done. Fine, BUT the online paper work they provide for the property clearly says that they recommend buyer do all inspections. I call to tell them I'm going by their recommendations to do inspections so I need to get in, and they say "sorry the house is occupied.". I tell them it's been vacant for months. They say, " sorry the bank tells us it's occupied." So, this is a sneaky ploy to keep buyer out of the house, To do inspections they recommend! I've also read that they bid up the price on their end to get more for their houses, which you can't get in to see, even though they advise you to do so!
Tip for consumers: Very scam-ish.Ask L about Auction.com
wright auction house are dishonest, disreputable and sells paintings in poor condition.
I just bought my 1st house on auction.com. after I bid I saw these bad reviews. I wanted to give my honest review that if you read how it works (as I did) it went flawlessly. Closed in 3 weeks and I got a great 3 bedroom 2 bath house for $13k!! We will buy again! HP Property Management
Tip for consumers: Read how it works and you won't be disappointedAsk Mark about Auction.com
Auction.com is a scam, I created a computer model and watched the auction.com auction's. I fall in their trap sever times. Every auction they keep as reserve price, they keep increasing the bid to make it seems like people are bidding, their agent keep calling all register bidder to ask if they are going to bid. They keep increasing the time and reducing the bid increment. They take it to 90-95%of reserve price hoping someone will bid. Now two scenario comes, if you get in their trap and win by bidding and second is, no one bids.
First scenario, they force you to deposit money in two hours...then start contacting all other interested party outside auction to see if some one pays more, if they found one, they reject your bid and if you increase more than other, they sell you otherwise you are out of luck.
In second case, they will contact you telling the reserve price , which is very close to auction winning bid and telling you that seller is expecting better bid. Hoping you will think, the price is good thinking its market value as there was a lot of bid and you can get the property just by paying little more (2 to 5%). If you are not willing to pay that, they will say deal fall apart, seller is motivated, what will you be willing to pay. It's just scam. Just watch few auction and compare with this, it's scam, stay away. You will burn yourself...they also contact your broker to find out how much you are willing to pay and what your broker suggested the property value to you. I have emailes from Asst. VIce PResident of auction.com to prove it all. I am thinking of filing a complain to attorney general to investigate this scam. If you all have similar experience please respond.
I bid on a home and was the highest bidder and eventually won the bid. I did have to put down a 2000 just to be able to bid. I also was charged a buyer premium of 5% to be added on top of the winning bid.
I signed the documents, wired over the funds within 2 hrs and sat and waited.
All I can say is that every time I called Auction.com to ask a question even if I got a different person, they were still able to access my account and provide me with the information I requested.
Auction.com did everything they said they would do and I would buy another foreclosed home on their site again!
If you are worried about your earnest money? The money gets put into an escrow account that has nothing to do with Auction.com.
Believe me when I tell you that auction.com wants to be paid their 5% too and they don't get paid until the sale and transfer of title is completed.
I found Auction.com's process to be smooth and efficient. Reading previous reviews I was almost too scared to use it. Excellent service that was much more transparent than the traditional apporach to buying real estate. I highly recommend it.
I did not bid, but came very close to falling for this scam. I went to the courthouse and verified the banks ownership and noticed on the website that the property said non-financable and cash only. I got suspicious as to the cash only and called the bank, they said that property was not listed as a foreclosure at the moment and transferred me to another agent who didn't know they owned the property. Since it was so recent it appeared it was probably in their processing. The bank said all their foreclosures were on their website, this property was not listed. I contacted Auction.com and they would not provide me any information verifying the seller or my complaint. I backed off and said this is a scam....... Buyers beware of these people, they have done their research ahead of time in the public records of the courthouse and intend to screw you out of your money. DO NOT TRUST THEM!
Tip for consumers: DO NOT TRUST THEM, THEY WILL SCAM YOU! THE MOMENT YOU TRANSFER YOUR MONEY (DEPOSIT) TO THEM, THEY ARE IN FULL CONTROL!Ask Waylon about Auction.com
These guys are professional con artists...highly trained at what they do. They played this game so long and they know the psychology behind people after they give their earnest money. They called me back and said "you were not the winning bidder (reserve not met) but auction.com has the authority to negotiate because bids were close to the reserve. as the 2nd place, we're giving you the chance to take it". we took it and gave them $xxk but 2 weeks later they came back and said "oops, seller didn't agree, do you have money you can offer or we will cancel the contract". the bid specialist and their boss play the "good cop / bad cop" roles and these guys have gone through much training to maximize profits by playing the game using psychological techniques.
Tip for consumers: have your attorney review the docs. you are giving up everything and they have you by your private parts. They will play professional psychological games on you. They are not trust worthy.Ask pete about Auction.com
I currently am remodeling a house I got on here. Auction people were great, house needed work and I knew it beforehand. I read all the negative reviews before I went ahead anyway and wanted to write a positive one now that I'm done with that part. The auction people are very nice and on top of it, closing people on other hand are a whole different company and slackers, you need to nag them and stay on top of it, I'm still nagging them about getting the final deed in the mail because we only have an emailed copy. After my house is fixed up it will be my dream home and I got it for half of what it's worth. Auction.com is definitely not a scam!
Wish I had seen these reviews before we started the process with auction.com. So far, we have a horrible time getting ANY communication from them but the closing company they are using with us, Professional Escrow Services, has been completely VOID since our first day with them. We got great feedback for one day and then suddenly NOTHING for over two weeks. They are supposed to be putting our title insurance together, but the company says (after we finally called them directly) that our address is no where in their records. Tried to contact our closing agent with Aucition.com and he won't answer his phone or respond to an email. We've given more than adequate time to get answers. We are supposed to close in a week but so far, we don't have title insurance or know where we are in closing. If we have to extend, it's supposed to cost us money EVERY DAY it goes longer, and as it seems, we won't be closing any time soon when we were told it shouldn't be a problem to close early. My attorney is waiting for the word to pounce if necessary. I've already paid my earnest deposit. We've done everything they ask of us in a very timely manor and have called and double checked to make sure we are good but it seems we may still get screwed. I really want this house, however, I'll be satisfied if I get out with my money back- but we'll see. I don't see how a business is run this way and still stays in business. I see that a rep from the company can reply back on here, and I'm begging for one to do so. It would be the first communication they've offered me!
Won a so called auction and now I can't get closed because the house was a foreclosure and the closing documents legal description was listed wrong and they are trying to cancel they sale and confiscate my investment in the property, What a load of crap they serve for buyers. I bought four properties from America's auction network and they are the real pro's not these people, Be careful auction.com is not trustworthy.
i bid on a property and someone from auction. com called to say the lender needed a little higher offer to make the deal work. i agreed to the increased amount and we filled out a contract. i was told i needed to be ready to close quickly. i have been in touch with the attorney office several times since then. it has been two months and now auction.com calls and says that they cannot get the power of attorney letter from the bank so that we can close. it seems like they would have had that document in hand before they held an auction. extremely poor communication and also a poorly run company. you have been warned.
I was scard of it being a scam at first. You do sign away all your rights. When you bid, u are bidding to win. When u sign it is a contract. U can't just back out and get your money back.
The only person bidding against me was a neighbor to the house who I met later and we had a good laugh.
I bid and got a great home for less then half of the retail price. They came thru with every promise they made me.
I would never buy a house any other way.
I recommend them to all my friends and family.
Believe me it is not a scam. At least they did not scam me. They gave me a steal.
Be careful, the houses you cant see the inside of ,Trust me something is being hidden.
If you can look inside.
I won a house it had foundation problems. .
A f****** joke, a big game.
Auction.Com a scam? Possible Non Transparent? Definitely. I have had numerous purchases with them some successful, some a total failure.
Decided we would try to bid on one of their short sales two weeks ago. After being the winning bid, customer services called me to start the contract. That is when I was informed that there would be a $125 non refundable administration fee for the escrow company that would hold my 5% deposit while the offer was submitted to the bank. Once I received the contract it was also stated that if the deposit was returned there would be a $25 wire or overnight fee. Now you are stuck with accepting their contract or forfeiting your $2500 deposit.
Well the bank did not accept the winning bid, so we are out of pocket $125 admin fee, $30 wire fee from my bank (your choice is to overnight a cashier check or send your deposit by wire), $25 wire fee for my returned deposit and $15 wire fee from my bank for receiving the wire, total $195.
People keep complaining about them, send letters to your local realtors association, and the department of real estate and even the district attorney. With enough complaints someone will eventually listen. There was a bill brought to the California Senate by the California Association of Realtors requiring that their contract be changed that they need to assume liability of the sale, not only the seller. They fought it and lost. As a CA Realtor what they are doing is skirting the laws and if there are enough complaints the laws will change.
Just became a winning bidder on auction.com. The comments on this site and others really make me nervous. I already had a bad feeling after being pressured to sign the contract within 2 hours of winning. I'm also really concerned that they will not let me inspect the property, even though it is vacant. I'm beginning to think there is something wrong with this picture....
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