Finally closed on this property it has been the worst real estate transaction ever, it dragged out for 7 months. (in 58 reviews)
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These people are incompetent. They want to control the closing but they can't get the correct deed. They have bumped back the closing date twice. In the real world there would be very serious ramifications for not holding a closing date but they don't care.
I won the auction, met the reserve price, paid my deposit and had a signed purchase agreement then sat waiting for the deal to close. After two weeks Auction.com sent me a email asking me to sign to agree to cancel the transaction due to it being conveyed to HUD. I refused to sign for over a week and every day I would get the same email Then all of a sudden I get an email. "Thank you for confirming an unilateral sellers cancellation will be sent to all parties." I sent and email stating that I did not sign anything and this is what I got back."In my email it states unilateral sellers cancellation. This would not require a the buyers to sign the form." As of today I do not have my deposit back and I do not know when I will get it. But from the look of this whole experience, auctions on Auction.com are not final and the seller can pull it back at any time. However the buyer is not able to inspect the inside of the property and you could loose your deposit if the buyer decides to back out. If this is not the case someone can correct me. But this is the way I feel. And yes all of this may very well be in the sellers agreement but I have never been to an auction where the property was sold then pulled back. Seems shady to me.
I've been reading some very bad reviews from people and collectively they are correct. What I have experienced with these guys is poor service. Once you win the auction you are setup with a contact person, designated go-to person. The first email I received from my agent was a demand to send EMD within 24 hours. OK, I understand that part. The next part of the demand is to sign and return a contract within 2 hours. I am an investor and I prefer to take these contracts to my attorney to review and explain to me any pitfalls.
I attempted to contact my agent and it rolled into voicemail. The voicemail says he will return my call in 24 hours. Already this will put me past my deadline. I read it as a delay tactic to force you to abide by any terms in the contract.
I communicated several times through voicemail and email. I received slow to no response. One of the emails I received urged me to contact his higher up. I did on two occasions and received no response. I guess that makes sense, the boss
sets the tone for the employees. While I disliked the service, I now know what to expect on my next endeavor with auction.com. I think it's an easy service, definitely better than attending a live auction where properties can be cancelled and postponed.
Use the service and focus on low prices. Bid on many properties expecting to lose many. All you need is one right?
In hindsight, the service is terrible but not unbearable, as long as you keep the right perspective.
Hope this helps!
H3 First Investments LLC
Tip for consumers: Close the deal you want, not the one they want.Ask Andres about Auction.com
I started with a bid of $2500, the seller countered my bid to $7500. Oh, that's smart. Normally, the increments for other auctions in $1000, nope, for them it's $5000. So now they expect me to bid $12500? Really? for a house worth less?
The old owner left because of the crime in the neighborhood, so they walked away from the house. Highest crime rate out of all the neighborhoods in the city, and the city has hit #2 on a couple occasions as the worst in crime in the US. At best, it's worth $10K, if you're willing to put up with the gunfire.
Not even the seller got out of his truck to take a picture of the house, which by the way, is the wrong house. Auction.com never bothered to check! The seller rolled up, took a picture through the driver side window, stuck the camera outside to take a picture of the street in front and back. Note, they think the house is worth more. LOL!
So I tried to contact the seller who at this point is wearing rose colored glasses to call me after this thing ends and no else bids on it, and I know I'm the only one willing to work out a deal for them. No, they won't let me. Nothing they can do. Uh, auction.com left a bad taste in my mouth.
I'm over a month in to what should have been a two week escrow and I'm experiencing the same bull$#*! as everyone else- no progress being made and the closing specialist (ursala auger) refuses to answer the phone or return emails.
There is no way I would ever deal with auction.com again.
I had register for a bid and they hold $2,500 deposit for over a week after the action ended and the Seller never accept the highest bid(not mine). I had to call them many times to see my money back.
They did not let me see the property (even holding a Real Estate Broker license), so does not make any sense to me, besides that they told me we are responsible for all unpaid taxes and any lien the property has...
I stopped looking their site and I think they are not serious... so be careful, because you can loose a lot of money with this auction.com scam company.
I tried to Register for an auction @ Auction.com. The registration form kept on asking me for a "valid email address". I entered my email again & again, it never worked. Emailed their help center & called customer service several times. No results. It seems to me that they not only have crappy programmers but also have very lousy services.
If no one can register for auctions, what this site is for? Odd!!!
I can not believe that such practice even survived so long in the United States. I want to warn anybody who are thinking to buy from auction.com. There are several things you need to pay attention to. First, when you bid online, the auction.com will bid against to raise the price. If your bid does not meet the reserve, they will keep up bidding against you. If nobody win the bid, they will post the property one day later. Second, the auction.com has terrible closing services. You need to be careful what you signed for. Usually, you will have to pay the closing cost for the seller. The closing agency they are using is called service link. Both auction.com and service link has terrible services. They only want money. They do not want to do the work. Most important, you need to ask them whether they have the key to the property. Our experience is that we paid everything for the closing and waiting for the key. Auction.com told us that they do not have key to the property. You have to break the door to gain access.
I posted my experience here to let other people know so that you won't get hurt by auction.com.
The bank or whomever will bump the bid to over the value. This site allows shil bidding so the owner is bidding on his own property ( a violation in an ethical auction) or snipe bid at the end of the auction I gave them a seldom used credit card and one month later it was used in another state miles away, watched an auction, house went for over the asking price, months later still for sale, BUYER BEWARE
Action.com lies about people occupying homes because they don't want you to see them. If you saw the true conditions you wouldn't bid on them. The pics they show on site are 10 plus years old. When you do bid they will jack up prices 3x the value of properties. This site is a Scam!!! To say they use false advertising is a huge understatement. Nothing good will come from Action.com.
Recently there was a property that I was interested in bidding on. The bidding was to be from the 17th to the 19th of February. I went to place a bid and the property was not there. I contacted them and they said that it had been sold at pre auction. I did not see anything about a pre auction when I was researching.
This is not fair nor ethical. I did not get a chance to bid. When I asked who had purchased the property they would not tell me. How can they get away with such underhanded dealings? I cannot believe this is legal,
I have tried for several weeks to get someone there to answer the phone during business hours but all you get is voice mail. I also tried live chat TWICE and no one chatted.
I doubt this is a real business. The next thing I am going to do is contact the CA State Real Estate Licensing Board and investigate the person who claims to be the licensed real estate agent on the front page of auction.com Then I am going to contact my State Licensing Boards to see if he is registered to sell in my state.
I bid on a property but I wasn't aware of the fact that it was a cash only listing. I didn't have all the cash and I couldn't go through with the purchase. Since it was my first bidding on Auction.com , they returned my $2500 deposit. I should have done my homework prior bidding I think it was entirely my fault. Also the contract specialist was very helpful and nice to me and my husband, he helped a lot with our situation. Thank you!
They like to hold on to your money after they recieve it for a deposit. No customer service they take a very long time to answer the phone or answer the chat assistant and when you do get ahold of them you just wish you had not, there is no help. Properties Rarly sell they set the reseverse for the properites above market value. They say 3 days to refund money auctions go on for atleast 3 days then another three but nope a week goes bye and no one to get ahold of. I have never seen anyting actually sell, they repete the same auctions over nd over. Unless you watch the auction to the end you dont see that the reserve was. You can rarely inspect the property even when it is empty so you can not see the damages in the inside. The banks they deal with try to hide this and so does aution.com . Unless you have first hand knowledge of the property do not bid! Huge waste of time, horrible to deal with.
I've bid on houses on auction.com and it seems as though all the properties get bid up to about market value. How is this possible without knowing the condition of the property inside and condition of furnace,hot water heater, roof,foundation and ect.. also, I've seen houses reach market value and have 20-30 thousands dollars in liens on it. How does this make any sense?
*Their "Previously appraised at" prices is the highest value the property has EVER been valued at, not the current value. The property I was bidding on had the previously appraised price at 145,000. I stopped bidding at 65,000. The auction went to 75,000 and closed without the reserve being met. The second auction on this property ran up to 95,000 and closed without the reserve being met. The bank finally relisted with a real realtor and sold for 65,000. A far cry from 145,000.
*You are mostly bidding against the auction site. They run the price up during the auction.
*They will wait until the last 60 seconds of the auction to outbid you and add more time to the auction to continue running the price up.
*You will have to fight to get your deposit back from them when you loose on bidding, sometimes up to 4 months.
*No one I know will used these types of servics.
*You are wasting your time with this site.
*The only reason I gave them 1 star is becasue I couldn't find the "0" star button on this site.
*THIS IS A SCAM
Listen all, I have no clue who is doing what in this forum, however I guarantee you it is not me. This has happened on facebook and here now. I gave someone my password I think when they made me re sign back in on facebook because nothing came up after that. I am deleting this account from here so pay no attention. I am a computer forensics and PI but I could care less how people make money. This could be a class mate that is pissed or I am not sure. Forensics is gret but people use it for bad also. This is not good. I will bring it to my Professor and he will be abe to get into it and see who is doing what and I will update every one here. I apologize.
I tried many times to bid homes in my area. I have never received a winning bid and they keep $2,500.00 tied up for a very long time. I even tried bidding close to what they are worth in fair condition. Many of the homes have not even gone through the full foreclosure process and are listed as bank owned. I'm so glad that I finally decided to quit trying this site. Too frustrating. I would hate to think what the closing would look like. Good idea if properly executed. I'm afraid that the foreclosure bargains are gone at this point. I had a lot of luck a few years ago..I only gave an additional star because I feel lucky to have missed on all my bids.
Was outbid, then they called within an hour to offer house at the "Reserve" price. My bid was $2k below that. They did NOT due their due diligence in making any mention to the seller and negotiate..... like every real estate deal is done. Then my credit card # was stolen, ironically by someone in the same city as Auction.Com two hours after bidding ended. I'll take my chance and hope it hits the market with a legitimate company!!
We are now going on our 9th month of escrow with these jokers. They don't have any of the deeds finalized on any of the properties they are listing. They will take you EMD and hold it forever. They don't care when they close because they have you on the hook and they keep dragging it out.
The purchase agreement says bidding a quit claim. Don't know about where you live but think this is basically worthless where I live. You are basically buying the mortgage company's mortgage claim. Since the owner isn't paying that anyways, then you must be ___. They should not be allowed to list on real-estate sites unless they are selling actual real-estate. They are selling encumbrances or such from what I can tell. I am not a lawyer but this is my understanding.
It would be better for them to clearly state what they are doing.
Recently I noticed quite a bit of auction.com homes on realtors.com. as I was searching for an investment or primary home pending on the condition and area of the house. Observing the amount of houses listed by auction.com on realtors.com, I decided to learn more, and give it a try. What I've noticed is that those houses are not seriously on sale or is there any intent to sale at reduced prices. Based on my observation, that would be the last resort and reasonable it would be. if one uses common reasoning, It would be unfavorable for bank owners to sale at reduced value prices as they claim. (That is the main reason why those properties are on sale and then disappear prior to the bid date and time or from listing) What is realy going on is that banks are simply contracting auction.com to punitively terrorize and bring frustrate default mortgaged tenants to the negotiating table. Yet, in the process, auction.com utilizes all their executive legal tools to charge excessive amounts in penalties, and real estate pre and post sales advertisement charges, attorney fees, and restitution fees, etc. Unfortunately, bringing tenant owners to worst economical depravity (once again! economic fear and insecurity. I've seen this take place to the most innocent of all victims in society, widows. Yet, if auction.com sales, most likely, it would sale at 3 fold on their lien only yet bringing the buyer to an overpriced new purchase as well.
I found a property on auction.com. The pre auction started for $370,000. After several bids I offered ( the first 3 bids, I was told too low), finally my bid was taken and I was told that in 48 hours I would be notified if I had won or not. 48 hours passed, yet nothing happened. So I called the Auction.com. To my surprise, I was told that the bid did not go through and yet my fourth bid met the minimum, and did not meet the "reserved price". Since the auction brought in the term " reserved price" , I will have to explain a little bit about this term which I googled on real estate web site. "Reserved Price" is the price that the seller set in case the auction price will not meet the minimum price. In other word, it is lower than the minimum price. So Auction.com use the opposite way. The purpose is obvious to fish for your final price. So if you want to bid for your chance, DO NOT fall into their trap!!! Hold the card close to your chest. Another way of auction .com doing business is they will represent the seller to bid in the process of auction which is illegal and unethical! So if you really want to try your luck be prepared for all the troubles ahead of you.
I've bought several homes from auction.com - starting a few years ago. The experience has become worse with every house I buy. I am now totally finished. There is no deal THAT good to make it worth the hassle, problems, and attorney fees that these homes incur. The last experience was the final straw. It was obvious that the site was over bidding me in an attempt to bring the price of the house up. Fine . . . I have a max that I'm going to bid any way.
When their computer bidding, went over my max price I was willing to pay, I stopped bidding. The next day, they called me asking me if I wanted the house for the price that it had eventually "sold" for . . . Total sham! I said no thank you. Apparently, I was the highest bidder even though the "actual" price was about $50,000 more than my last bid! What a joke . . . These kind of unethical practices will stop when everyone just refuses to buy from their site. I'm finished with them. If you like home auctions, go directly to the county or some of the other reputable sites. With this amount of money changing hands, it's just not worth the risk!
You just lost a potential customer . You have a bad reputation and therefore i decided not to bid on a home from you. And i am surely not the first person that will run away from you.
You appear to be fraudulent company and your doors will close soon if you continue. Majority of people here have experienced first hand your scams but not me , sorry . i will stay away from you. .
They advertised that an estimated opening bid on a home was $27,500. Several of us were prepared to go to $30,000 or $31,000, but they started the bid at $41,300. That was $13,800 more than advertised. We are going to see if there is anything legally we can do for the false advertisement or possible bank manipulation.
I despise this company and everything they stand for. They've made life miserable for anyone trying to purchase foreclosures. They charge needless fees that you can avoid when you purchase a fannie mae, freddie mac or HUD property. Also, you have to use a credit card to bid on their site. If you make the mistake of using a bank card they place a $2500 hold on your account which takes a while to remove. This is not outlined or disclosed ahead of time and can cause a lot of anguish if you don't keep large amounts of cash in your checking account.
I've bid on several houses and invested in several but I've never had any success with auction.com and hope the banks see the mistake they are making by using them.
They reserve the write to counter bid if the reserve is not met. Basically they got an auto bidder set up that just bids away until its up to the reserve whether or not anyone is bidding on the property. All the properties I watched got relisted the next day, so apparently they don't have a very high sell rate.
I'm a field services person. I am offered jobs from Auction.com through a third party (technically I'm the third party/subcontractor). I have been to 2 properties and will not accept any more Auction.com jobs. Both properties were occupied and it didn't take long to figure out I was a patsy to harassment for either Auction.com, the mortgagee (bank) or both to a homeowner who was possibly on the brink of likely several different issues already. Not to mention the fee they pay is "single digit" and they expect results handed to them on a silver platter. Ridiculous. I have found this company to be untrustworthy and "anything for a buck".
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 won my bid Nov. 5th 2015. I was not so cconfident in the beginning. I read some bad reviews. So here is my opinion.
Don't be afraid to not go after what you want as a buyer. Bid with confidence. Yes..there is a price the seller will need met. With my property the reserve was reasonable. Even with the buyers premium I still got a fabulous deal. My closing cost ended up barely over 200. And it took 32 days to close and I have the keys. A small two day extension that cost me no fees.
Looking at my closing fees. It was the seller who ended up with the shaft. Out of the 13700.00 I paid. He ended up with under 4000.00. He was not happy. And delayed closing by a hour. But I was very happy.
Auction.com did a excellent job throughout this process. Every agent I spoke to or worked with was professional and I never spent a minute hanging. They have this down to a art. And I felt looked after. Even though my property was a small one. I was treated like it was a high end property start to finish. The closing company made sure the title was clear and taxes were paid.
My advice: I paid for the entire property and not just the minimum in the beginning. That made everything move faster. And they saved me a lot of money. It actually made the 2500.00 worth it.
I wouldn't bat a eyelash at doing this again.
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
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