Based on the reviews, I was aware that auction.com may internally bid up the auction price, acting as another bidder. (in 84 reviews)
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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
...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.
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