Based on the reviews, I was aware that auction.com may internally bid up the auction price, acting as another bidder. (in 72 reviews)
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These are not real auctions and should be sued for fraud. They will bid property up to there asking price with no other bidders. There is no protection for the buyer or title guarantees or property condition guarantees. Bid there asking price if you really like the property but they are all run down properties that no one else can sell. Of course you must have all cash so there is no recourse if you get screwed.
I b id on a bank owned property several times was the highest bidder auction.com even called me property was sold out from underneath me to a lower bidder that happened to be a large Investment Corporation. reeks of impropriety found this out through public information in my local jurisdiction for what properties sell for And who buys them and sell them
Do not buy a business that is under a franchise agreement. Auction.com requires you to close within 30 days, the franchise approval process (in this case the franchise with Wyndham Hotel Group) takes much longer than 30 days. Auction.com needs to put a clause in place that allows enough time to work out an agreement with the franchise.
I looked at the home I am under contract with and placed a offer of cash before I was told it was on the auction block with Auction.com. my first experience was working with a representative named Tim Scott. I'm impressed. Even though my property is small on the vast scale of real estate. Tim handled this sale like I was buying a $50,000,000.00 home. I had read these reviews the night before and it scared me. Tim answered ally questions and I bid with confidence. I also paid the full amount and not just the escrow amount. I didn't feel pressured at all to up my bid. I did up three times. No bidding war. I'm not happy about all the gray areas. But I did do my homework. Technology is changing and this is new to me. I would have rather worked through a agent. But, even when I spoke to listing agents I felt more pressure to bid hire and had I done so I would not have got it at such a good price. Which was substantially lower than my winning bid. My opinion may change before it is all said and done. But so far I feel like if this closes in 20 days. And there are no hidden costs. I will be a happy customer and will highly recommend them.
Recently experienced just how shady a process auction.com is operating. Lets be perfectly clear that in their "auction" they hold all the cards, make all the rules, and clearly engage in the practice of shill bidding to artificially inflate the price up to an undisclosed "reserve" that the seller sets. The minimum bid means absolutely nothing, and the bid ending time also means nothing. Please be fully aware that you may be the only bidder, but auction.com will bid against you (on behalf of the seller) to inflate the price. And even after the auction "ends" they can and will add 2 minute increments onto the remaining time to further drive the cost up if they have gotten you engaged in the bidding.
Also worth noting is that the "Special" deed is NOT a "General" deed, and you will not be eligible for a mortgage until you have gone through the process of getting it changed. And although changing a special deed to a general deed should be easy, it could become your worst nightmare if there are outstanding liens etc. on the property or home.
This site may be the banks go-to for getting rid of their property assets, and upon closer inspection/experience it is obvious why. Furthermore its a mystery how they get away with the numerous legally gray practices they participate in. Shill bidding is very much illegal, and clearly what auction.com does regularly (though they may call it something else), in addition to to them reserving the right to extend the "end" time, leaves the buyer very much at a disadvantage and prone to be taken advantage of.
Please be aware of and take these things into consideration when thinking of bidding for a home from auction.com
I purchase about 10 properties a year at the foreclosure auctions. Purchasing or attempting to purchase from auction.com trustees will be by far mine and your worst experience.
What they continuously do is bait you and your competitors in by offering a property with a ridiculously low opening bid. They do this to get more interest and obviously more potential bidders.
The biggest problem with this is... you could be the only bidder or the high bidder and not get the home because the crooks at auction.com have a hidden bid which they will continue to bid the property up to, or not sell at all. In other words, the auction.com opening bid means nothing at all. You CANNOT get it at a $1 over opening bid if you are the only one there. They will continue to bid against you until the number is reached that they really want.
ALL OTHER TRUSTEES that I have purchased from use the real number. If I am the only bidder I can get a home for a dollar over opening bid. Auction.com will make you do to much work to get nothing.
Yes they will Bait you in with a low number and switch to a higher.
I made an offer to the bank who owned a foreclosure when it was still on the MLS. I am very familiar with this home, the past owners, and the condition of the property. The property consists of 1.15 acres and all but 8 ft of the property are in the front of the house. Yes, the property line extends 8 ft from the back of the house. Basically - NO back yard. Not a problem for me as I want to rent it out. The county property records indicate that the house has two buildings. That is not accurate as the owner removed the metal building leaving a large foundation big enough for a basketball court. The property records will not reflect the change until next year. Additionally, some states, like Alabama, have a right of redemption. In Alabama it's one year. The owners of this house have until May of 2016 to "reclaim it" if they have the money. My last counter offer was not accepted by the bank (cash, no inspection, quick closing). Now this home is on Auction.com. The home as listed on auction.com says it has 23.4 acres, and the pictures of the surroundings in the back yard are actually not in the back yard. It's the neighbors acreage. I have sent their supposed "customer service" information about their "errors" of this listing but obviously, nothing has been done. So - this listing is pretty much full of deception. I happen to have done my due diligence and also contacted the county regarding the property lines and the fact that there were NOT two buildings on the property. The records have not yet been updated indicating only one building (the house). My point:
Better check out the property IN PERSON and please check out the information that auction.com has on the listing. Additionally - you better check out the "redemption" period for your state. Of course, no mention of THAT on their listing either. Most people do not want to deal with the uncertainties of the redemption period. So some schlep will be bidding on a property that looks good in the pics, property records say it has two buildings, and just look at that back yard - it has 23.4 acres! oh - and the house does not have clear title because the owner can reclaim it until May 2016!
I bid on a property, was the winning bidder, and obtained a signed contract. Days before closing, I received an email from auction.com stating that the seller was removing the property and I needed to sign a release. No explanation, no reason, no nothing. It has now been 13 days of me trying to speak with a supervisor, leaving multiple messages, and they are also not returning my calls.
Today, just for giggles, I logged on to the HUD website and low and behold, there is the house that I have a signed contract on.
This company is apparently listing properties for sale that they do not have authorization to sell. I would suggest to you that you run the other way!!
This company is a scam!!
Auction.com has my home still out for auction. I was out of foreclosure on September 1, 2015, today, October 16, 2015, it still says it will be auctioned on October 19, 2015. People are coming to my door with their phones to Zillow, and other websites. I am being harassed They first told me they will fix it within the hour, now it's 24, and now I am on hold to speak to a 'manager' who I 'on the phone'.
They are causing stress and I now have to call the police because of 'bidders' that are trying to see everything they can in and around my home.
Tip for consumers: They do not keep up on their standards.Ask C about Auction.com
I bid on the same property during three different "auctions". The first time, the reserve wasn't met. So they listed it again. I bid the second time and was out bid; however the reserve still wasn't met. Auction.com contacted me and said since I was the highest bidder (because they are the ones that out bid me) that "one the bid" and the seller was willing to accept my bid. After spending HOURS working with Auction.com and my mortgage company, I received an email notifying me that "the seller declined my contract" because they thought the house was worth more. It's not. They subsequently listed the property again. I bid again and was going to out bid myself so that I could get the next bid which is what I thought the property was worth. Before I could click the bid button again, the system notified me that I had be out bid...this happened in less than a second. Then the next day Auction.com called to get my feedback. I let them know that I didn't appreciate the fact that their system out bid me before I could out bid myself. They told me that it wasn't their system but another potential buyer. I called BS because there is NO WAY that someone could receive a notification and bid that quickly. Auction.com is a scam.
I list list the problems encountered below:
Yes they shill but I can chose not to bid any further.
1. Customer service is beyond bad. Mostly foreign people answering phones.
2. Closing company is unreasonably slow.
3. Closing co. Reps are just plain under educated and they will lie.
4. Unnecessary costs will be passed on to you. If you buy from them use a local closing company.
5. You will not get keys.
6. They will not check on past due water, sewer, HOA, or any other costs that must be paid.
7. They will send you a contract and then say you have 2 hours to sign while at the same time telling you to have your attorney check it over. My attorney can not be seen with 2 hours notice.
8. Refunds take a very long time to receive. 3 months for me.
Trust me my experience is normal with this company.
I won a bid on a property for $104K that was listed 3 bed room 2 bath but the property was 2 bed rooms and 1 bath. after notifying them of this they still would not take my winning bid. then i offer them $110K and was told by auction.com the bank counter offered for $110.5K but then and hour later i received another call for auction.com stating the bank excepted my offer. after i recieved the contract for the property for $110K for auction .com they then call and told me that the contract they sent me was a mistake and the new price was $110.5K. Well that was enough for me they are a scam and also have people bidding for them so be aware also any question you have in reference to the property they will not answer and will give you the run a round do not buy from them and make sure you inspect the property first because they list false info about their property
...to read the comments see that someone actually bought a house from auction.com. If you read the fine print, they have the right to outbid you.
Here's how the scam works: you place a bid and the site outbids you. If no one places a bid by the listed date, they push the auction date out another week. Fun, huh? Don't waste your time.
Was considering placing a bid this coming Wed. until I read the reviews concerning Auction.com. There are very seldom 100% 5 star reviews on a five star company but I also know there are never a majority of 2 and 1 star ratings on a 5 star company. People tend to review on feelings not facts, but after reading the reviews, I believe most of these reviews concerning Auction.com are rated on facts not feelings.
This site has caused quite a few gray hairs for me! I agreed to buy a foreclosure house through a realtor. 2 weeks later it's on auction. I called auction.com and they assure me my SIGNED CONTRACT is NOT VALID and wanted me to BID ON MY OWN HOUSE. This is beyond lunacy. I'm guessing they get the listings from zillow.com because realtor no longer has the house listed.
No questions; just comment from experience using Auction.com and Hubzu.com to purchase property. i had NO problems with Hubzu through out my experience. 2 homes were purchased with no difficulty. AUCTION.COM SUCKS. They do NOT let the winning bidder obtain the property because they want to re-post the property for sale. Same property posted over and over and winning bidder (even though reserve is met) does not end up getting property. Why is that? Let me tell you, it is because they ask for more and more paperwork to be completed, do not call to confirm information so paperwork has to be re-submitted and and then after everything has been sent 3 times tell you that they cancel the deal.
I've been trying to bid on a house on this site - it had a starting bid of $20,000. the auction came up on a Friday to end on a Monday. No chance of calling a lawyer/tax advisor/ or anybody for information. Auction.com does not work on Sundays, they don't answer phones, although you can leave a message and your call will be returned "the next business day" - which means Tuesday after the auction ends, the "chat with us now" is only an e-mail that gets sent, no chatting, and no response to e-mail. The whole time I kept looking at the bidding history, there were no bids, at the end of the auction? highest bid $92,000. so no bid show up, no bidding history, and at the end there were bidders?
I really don't see the "transparency" they say they try to have, when a company is offering something so important as a home, no matter the price, they should answer calls, and e-mails in a timely manner, especially when the auction is over a weekend, and no government agency, is open, so all those warnings to check with your tax advisor/lawyer/etc. is worthless when there is no time to do so. Unless of course the purpose is to have the buyer get all excited and then default when they check with their lawyer.
I watched an auction take place where the final two minutes was replayed FOUR times. Each time it got down to the last few seconds and a new bid came in. I don't know if this was some poor suckers who got drawn into the lure of the countdown and hoping to actually be the final bidder or perhaps some system programming to lure a high bid in the last half hour or what. But the starting bid was $15,000 and the final bid was in the $50,000 range and STILL didn't meet the reserve. Auction.com is not a legitimate website, they withhold information and use various psychological tactics to excite people and draw them in. I would NOT recommend this venue for anyone with any sense.
1. They are acting and biding arfificialy against you to push the price higher. It is even mentioned on their site: we act ad a counter bider !!!
2.After you win or actually mislead by them there is no service.
3. Manipulation of buyers on Behalf of Banks::.
Still have trouble get my deposit back after seller breaches contract without signing statement that no one broke agreement and it's mutually agreed to cancel the sale. If I broke the contract I would loose my deposit if the sellerror breaks contract NOTHING! Therefore don't use them
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.
Wow! Finally closed on this property it has been the worst real estate transaction ever, it dragged out for 7 months. I finally hired my own title company to get thingsoving faster but I had to agree to pay the final water bill since the bank couldn't seem to get a final water reading for closing, I went to closing on July 24th 2015 and literally 1mins prior to closing the attorney office working for auction.com faxed over revisions for hud 1 which required I pay their $1200.00 fee which is outrageous I didn't hire them auction.com did. Then they said I agreed to pay these fees in the original contract I signed with auction.com. Well, the entire 7months I continued to check on the property since it was vacant however Bank of America had hired a company by name of safeguard to maintain the property also. The front door had a lockbox similar to the ones the realtors use with code nd keys inside. After closing no one gave me the code to the box so I call safeguard whom informed me to break the box off the door. To my surprise I go to the property bad a the door is open people are actually living in my house I confront them bs they inform me someone claiming to be the owner rented them the house. To make a long story short the person at my house had been scammed by someone whom broke into the property nd claimed to be the owner. This is one reason why I didn't want the closing to drag out so long during that 7 month period someone else broke in nd stole the copper pipes and the water meter. I finally got the people out of the property and now awaiting the deed hopefully this won't take another 7months. I do not recommend using auction.com to purchase real estate, the only good thing I could say came from this was that I got a great property at a great price. But the agrevation was not worth it I could go to the bank and ask for thier REO listings and still get great deals.
Tip for consumers: I do not recommend!!!Ask cheryl about Auction.com
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
17 Questions & Answers
Since, so far, I've seen no response from you, I can only conclude that these reviews are factual. I was going to bid on a house near me, but not now. Thank you.
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