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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 wrote a review on Auction.com regarding a house I bid on & won, but could not close on for 90 days because it had an IRS tax lien of $80,000 on it. I said I would post again if I received my earnest money back. Auction.com was very prompt. I got all $7886 of my earnest money refunded by check last Friday, 1/23/15.
Tip for consumers: I was not sure I would get my earnest money back and it was substantial enough amount for me to want it back so I could keep looking for houses. Although Auction.com wanted the paperwork signed & back to them in 24 hrs, saying I would continue with the deal and wait to close in 90 days, I held up on the documents for 4 days over the weekend. When I heard from them that the seller said "we were out of contract", I had the info I needed to know they also considered the deal breached and could noAsk Karen about Auction.com
I have tried to purchase 4 houses with Auction.com none of them went through. The last one was on the county court house steps with cash buyers. Auction starts at 9am, at 10:30 we were still all standing around. I asked if the home I was interested in was actually going to be auctioned off as their web site indicates and they could not give me an answer. Do not waste your time with them. They will not give you the reserve amount on the property so you waste much time bidding and they never intended to sell it to you in the first place. HUGE WASTE OF TIME.
Tip for consumers: Do not waste your time unless you know what the reserve price actually is. If the reserve is kept hidden walk away from these scammers.Ask Scott about Auction.com
I registered and put up $2500 on a credit card, no problem. I bid on a house and won the auction with the reserve being met. I wired them the earnest money and signed the documents. Two weeks later they told me the deal was off and they would return my earnest money. It is now 2 weeks later and I still do not have my earnest money back although they have relisted the property several times!!! They say the property is occupied but it is not.
Tip for consumers: Beware!Ask Michael about Auction.com
This is not a scam (some homes do get closed) but there are many things that they do that I believe are illegal and in my opinion they need to be sued and humbled. Here are a few of the lawsuits that I think people should look at filing against Auction.com, the seller (bank) and the title companies:
1. Section 8 of RESPA violations - The title company cannot charge for unearned fees. According to an Auction.com employee who I communicated with, the title company that they require you to use charge higher fees as they are recovering the cost for all the pre-foreclosure title work and title report done for the sale. I believe it is illegal to pass this on to the buyer but that is what they do. Purportedly this is spelled out in the agreement between the title company and Auction.com. A good attorney should be able to get this agreement during discovery and find out if Auction.com pays anything for the pre-sale title work.
2. Section 9 of RESPA violations - Under RESPA they can not require you to use a specific title company as a condition of sale but that is exactly what they do.
If you win the suit you get triple the cost of everything paid to the title company (all those high fees x 3) plus attorney fees and court cost.
Finally, everyone who feels that they have a legitimate complaint should file a complaint with HUD, the attorney general and the local real estate licensing board in their state that licenses Auction.com. Google RESPA and filing complaints.
The above is my opinion and my opinion only. I recommend anyone who reads this speak with an attorney of your choosing to ascertain the facts and merits of any case.
auction.com is FRAUD
many have been scammed by this company --- This company is a sham
Tip for consumers: Don't Buy from them they are fruad.. fake companyAsk wally about Auction.com
I'm rating the buying experience, not the company (their agents were always helpful). STAY AWAY! I won a bid 10/4/14 and submitted the deposit and signed papers on time. I am still waiting to close. Nationstar Mortgage is the owner of the foreclosed house and their closer hasn't contacted me once to let me know what is taking so long. The settlement co. just said they are waiting for title co.(Solutionstar) to send the lien certificate but I don't believe that story...I got the lien certificate in 5 business days. They e-mailed me a closing date extension form two times which I signed and I still did not close on the house on the proposed date. My money is tied up and I could of bought other properties by now. In the dark and very frustrated. I hope I get my money back if the bank tries to cancel the sale.
Update #1: I finally did the online settlement two months late. I had to go haggle the state and city sales and recording taxes and fees because they were too high. Got inside the house and there was major water damage, stolen HVAC unit, and stolen pipes throughout. Neighbors said the bank's assigned contractors looked suspicious.
Update #2: Unbelievable! I found out in a difficult way that the house is not in my name yet after two months.. My electrician went to get a permit on the house and was told he couldn't. He was so annoyed for wasting his time and money. I went to the city permit office and found out why. I had to call the closing company back and ask why they hadn't submitted the settlement papers. Apparently the settlement papers were rejected by the recording office because the lien certificate had expired by the time it got there. No one had bothered to let me know and I don't think anyone from their office did anything about it. I had to call the office manager to complain and ask them to get the problem rectified ASAP. Four weeks later and I'm still waiting for the house to be recorded in my name. 3/3/14
Tip for consumers: Check that the house is not owned by Nationstar Mortgage because their title company is not professional (didn't get papers ready for closing on time and didn't contact anyone).
Don't trust the online photographs. They
DO NOT BID! DO NOT USE THESE SCAMMERS! They put a hold on your credit card when you bid, then when you DON'T win, the hold is left on your credit card even though the auction is over. Wish I could give them NO STARS. Use Realtybid or ANY OTHER auction place.
Shady operation. I was looking to bid on a property through them and had been following this home for a while. It's been vacant for months. They state that the house is occupied so you CANT get in to see the interior or get your inspections done. Fine, BUT the online paper work they provide for the property clearly says that they recommend buyer do all inspections. I call to tell them I'm going by their recommendations to do inspections so I need to get in, and they say "sorry the house is occupied.". I tell them it's been vacant for months. They say, " sorry the bank tells us it's occupied." So, this is a sneaky ploy to keep buyer out of the house, To do inspections they recommend! I've also read that they bid up the price on their end to get more for their houses, which you can't get in to see, even though they advise you to do so!
Tip for consumers: Very scam-ish.Ask L about Auction.com
I just bought my 1st house on auction.com. after I bid I saw these bad reviews. I wanted to give my honest review that if you read how it works (as I did) it went flawlessly. Closed in 3 weeks and I got a great 3 bedroom 2 bath house for $13k!! We will buy again! HP Property Management
Tip for consumers: Read how it works and you won't be disappointedAsk Mark about Auction.com
Auction.com is a scam, I created a computer model and watched the auction.com auction's. I fall in their trap sever times. Every auction they keep as reserve price, they keep increasing the bid to make it seems like people are bidding, their agent keep calling all register bidder to ask if they are going to bid. They keep increasing the time and reducing the bid increment. They take it to 90-95%of reserve price hoping someone will bid. Now two scenario comes, if you get in their trap and win by bidding and second is, no one bids.
First scenario, they force you to deposit money in two hours...then start contacting all other interested party outside auction to see if some one pays more, if they found one, they reject your bid and if you increase more than other, they sell you otherwise you are out of luck.
In second case, they will contact you telling the reserve price , which is very close to auction winning bid and telling you that seller is expecting better bid. Hoping you will think, the price is good thinking its market value as there was a lot of bid and you can get the property just by paying little more (2 to 5%). If you are not willing to pay that, they will say deal fall apart, seller is motivated, what will you be willing to pay. It's just scam. Just watch few auction and compare with this, it's scam, stay away. You will burn yourself...they also contact your broker to find out how much you are willing to pay and what your broker suggested the property value to you. I have emailes from Asst. VIce PResident of auction.com to prove it all. I am thinking of filing a complain to attorney general to investigate this scam. If you all have similar experience please respond.
I bid on a home and was the highest bidder and eventually won the bid. I did have to put down a 2000 just to be able to bid. I also was charged a buyer premium of 5% to be added on top of the winning bid.
I signed the documents, wired over the funds within 2 hrs and sat and waited.
All I can say is that every time I called Auction.com to ask a question even if I got a different person, they were still able to access my account and provide me with the information I requested.
Auction.com did everything they said they would do and I would buy another foreclosed home on their site again!
If you are worried about your earnest money? The money gets put into an escrow account that has nothing to do with Auction.com.
Believe me when I tell you that auction.com wants to be paid their 5% too and they don't get paid until the sale and transfer of title is completed.
I found Auction.com's process to be smooth and efficient. Reading previous reviews I was almost too scared to use it. Excellent service that was much more transparent than the traditional apporach to buying real estate. I highly recommend it.
I did not bid, but came very close to falling for this scam. I went to the courthouse and verified the banks ownership and noticed on the website that the property said non-financable and cash only. I got suspicious as to the cash only and called the bank, they said that property was not listed as a foreclosure at the moment and transferred me to another agent who didn't know they owned the property. Since it was so recent it appeared it was probably in their processing. The bank said all their foreclosures were on their website, this property was not listed. I contacted Auction.com and they would not provide me any information verifying the seller or my complaint. I backed off and said this is a scam....... Buyers beware of these people, they have done their research ahead of time in the public records of the courthouse and intend to screw you out of your money. DO NOT TRUST THEM!
Tip for consumers: DO NOT TRUST THEM, THEY WILL SCAM YOU! THE MOMENT YOU TRANSFER YOUR MONEY (DEPOSIT) TO THEM, THEY ARE IN FULL CONTROL!Ask Waylon about Auction.com
These guys are professional con artists...highly trained at what they do. They played this game so long and they know the psychology behind people after they give their earnest money. They called me back and said "you were not the winning bidder (reserve not met) but auction.com has the authority to negotiate because bids were close to the reserve. as the 2nd place, we're giving you the chance to take it". we took it and gave them $xxk but 2 weeks later they came back and said "oops, seller didn't agree, do you have money you can offer or we will cancel the contract". the bid specialist and their boss play the "good cop / bad cop" roles and these guys have gone through much training to maximize profits by playing the game using psychological techniques.
Tip for consumers: have your attorney review the docs. you are giving up everything and they have you by your private parts. They will play professional psychological games on you. They are not trust worthy.Ask pete about Auction.com
I currently am remodeling a house I got on here. Auction people were great, house needed work and I knew it beforehand. I read all the negative reviews before I went ahead anyway and wanted to write a positive one now that I'm done with that part. The auction people are very nice and on top of it, closing people on other hand are a whole different company and slackers, you need to nag them and stay on top of it, I'm still nagging them about getting the final deed in the mail because we only have an emailed copy. After my house is fixed up it will be my dream home and I got it for half of what it's worth. Auction.com is definitely not a scam!
Wish I had seen these reviews before we started the process with auction.com. So far, we have a horrible time getting ANY communication from them but the closing company they are using with us, Professional Escrow Services, has been completely VOID since our first day with them. We got great feedback for one day and then suddenly NOTHING for over two weeks. They are supposed to be putting our title insurance together, but the company says (after we finally called them directly) that our address is no where in their records. Tried to contact our closing agent with Aucition.com and he won't answer his phone or respond to an email. We've given more than adequate time to get answers. We are supposed to close in a week but so far, we don't have title insurance or know where we are in closing. If we have to extend, it's supposed to cost us money EVERY DAY it goes longer, and as it seems, we won't be closing any time soon when we were told it shouldn't be a problem to close early. My attorney is waiting for the word to pounce if necessary. I've already paid my earnest deposit. We've done everything they ask of us in a very timely manor and have called and double checked to make sure we are good but it seems we may still get screwed. I really want this house, however, I'll be satisfied if I get out with my money back- but we'll see. I don't see how a business is run this way and still stays in business. I see that a rep from the company can reply back on here, and I'm begging for one to do so. It would be the first communication they've offered me!
Won a so called auction and now I can't get closed because the house was a foreclosure and the closing documents legal description was listed wrong and they are trying to cancel they sale and confiscate my investment in the property, What a load of crap they serve for buyers. I bought four properties from America's auction network and they are the real pro's not these people, Be careful auction.com is not trustworthy.
i bid on a property and someone from auction. com called to say the lender needed a little higher offer to make the deal work. i agreed to the increased amount and we filled out a contract. i was told i needed to be ready to close quickly. i have been in touch with the attorney office several times since then. it has been two months and now auction.com calls and says that they cannot get the power of attorney letter from the bank so that we can close. it seems like they would have had that document in hand before they held an auction. extremely poor communication and also a poorly run company. you have been warned.
I was scard of it being a scam at first. You do sign away all your rights. When you bid, u are bidding to win. When u sign it is a contract. U can't just back out and get your money back.
The only person bidding against me was a neighbor to the house who I met later and we had a good laugh.
I bid and got a great home for less then half of the retail price. They came thru with every promise they made me.
I would never buy a house any other way.
I recommend them to all my friends and family.
Believe me it is not a scam. At least they did not scam me. They gave me a steal.
Be careful, the houses you cant see the inside of ,Trust me something is being hidden.
If you can look inside.
I won a house it had foundation problems. .
A f****** joke, a big game.
Auction.Com a scam? Possible Non Transparent? Definitely. I have had numerous purchases with them some successful, some a total failure.
Decided we would try to bid on one of their short sales two weeks ago. After being the winning bid, customer services called me to start the contract. That is when I was informed that there would be a $125 non refundable administration fee for the escrow company that would hold my 5% deposit while the offer was submitted to the bank. Once I received the contract it was also stated that if the deposit was returned there would be a $25 wire or overnight fee. Now you are stuck with accepting their contract or forfeiting your $2500 deposit.
Well the bank did not accept the winning bid, so we are out of pocket $125 admin fee, $30 wire fee from my bank (your choice is to overnight a cashier check or send your deposit by wire), $25 wire fee for my returned deposit and $15 wire fee from my bank for receiving the wire, total $195.
People keep complaining about them, send letters to your local realtors association, and the department of real estate and even the district attorney. With enough complaints someone will eventually listen. There was a bill brought to the California Senate by the California Association of Realtors requiring that their contract be changed that they need to assume liability of the sale, not only the seller. They fought it and lost. As a CA Realtor what they are doing is skirting the laws and if there are enough complaints the laws will change.
Just became a winning bidder on auction.com. The comments on this site and others really make me nervous. I already had a bad feeling after being pressured to sign the contract within 2 hours of winning. I'm also really concerned that they will not let me inspect the property, even though it is vacant. I'm beginning to think there is something wrong with this picture....
We tht it was a scam
I had 2 wait 2 Months before closing,the seller kept pushing the date back,i started.to get worried, call e mail daliy the title company KEEP saying they waitin on seller
We got the house we wanted
End up.payin all kind of fee'S. The house i won it for 51,150 at the end i paid 55,230
Any fee you will pay not the seller.
Then yu pay auction.com 2500 just for using their website.
I did the closing on tuesday this week
Get in the house
HOUSE HAVE TERMITES! !!!
Not that bad ,but i had 2 Tear down a bed ROOM to get rid of bad wood.
How they process works It seem LIKE a scam then you have to wire money ( i dnt like that part). You see nobody face to face its all Emails.
Then when i went 2 the bank they Told me Dnt Do it.
Then the day when i had 2 send 42.000
I WAS SOOOO NERVOUS.
BUT AUCTION . COM IS NOT A SCAM
BUT ALL THE HOUSES IS ON THERE FOR A REASON. !!!!
Some Need lot of work Some need little.
I tht i had my dream home but the dam Termites TURNed me off
But im still Blessed!!!!
Scam, if you want to bid on real state and have the money go somewhere else. They run the prices up on you. Be prepared to sign away all your rights as a buyer. The seller can do almost anything if you sign your rights away to the seller. The terms of the deal change before closing. You get no paperwork or notification of what is going on. They breached our contract by changing from free and clear to a non warranty special deed, closing date came and went no paperwork, no location on where to close. Now they want me waiver and release cancellation as no fault default, I get $0 of the $3700 escrow I sent and they keep it as cancellation fees and damages.damages. Unbelievable, please avoid don't have the problems I'm encounting
Almost every money scam is based on the victim's greed. I have not been riped off by Auction.com, but I have bid on a few homes they have listed, and I'm not happy about the way it works. It does appear to be a slippery hustle. Basically, the owner of the property (usually a lender) lists the property with Auction.com, and the owner sets a reserve price. The reserve price is not the same as the "opening bid." The reserve price is a BIG SECRET. As you bid, Auction.com also bids against you to drive-up the price to meet the "Secret Reserve Price". Auction.com will tell you this going in, and it is also explained in detail on the Better Business Bureau complaint site. Futhermore, Auction.com does not allow you to inspect the property in anyway. Perhaps they legally can't allow inspections, but they could do this right by conducting a "forced eviction" prior to listing the property for sale. You (the new buyer) can't get a loan on most of the homes listed on auction.com the banks will not loan money on them. The banks are smart enough to not give you a loan on a house you cannot inspect. Much like a casino, it appears the cards ar stacked against you, and the house will almost always take you.
This is definitely a scam cause I called their number for a home listing in Frisco,TX asking if I could attend the auction to watch the process without actually bidding on the home, and he said I had to pay a $5000 registration fee just to enter??? and that it was refundable after I leave? yeah right it's refundabl.. I even told him it sounds like a scam to me, before I came on google to check reviews for auction.com only to see that many others have also come to the same conclusion... it's too bad sites like Zillow list auction.com home foreclosures which allow it to look trustworthy to actual buyers.. not to mention they hold these auctions inside a county court office room which they probably rent out?? so that makes it look even more legitimate, talk about no protection for regular citizens! Also their sample Deed form doesn't even say Property Deed at the top of the form, people who don't know what they're doing are gonna get screwed working with them.
Organized crime. The banks and this website are just out to scam you and put all the liability on the buyer, they take no responsibility and do not allow inspections as most properties are occupied! In addition they assign you a closing firm somewhere in the USA with outrageous closing fees and not only do you pay all the auctions fees, he escrow fee, non are refundable!! finally you end up paying all the seller's (Banks) closing costs and if you have an agent they will not even offer a commission in most cases because they do not want you protected! Dirt bags. My Realtor found me a better deal outside this organized crime auction!!!!
IF you have really been scammed file a Deceptive Trade Practices Act -suit . In many states you can get huge damages.
I didn't go that far with them- it seems they set a super-high reserve and it may be several times the opening bid. Not a good way to get a bargain.
I want to share my experience as I am currently trying to do a closing. So far I am out 14K (5%) signed the contract on 3/28/14, every time I called to check the status they told me to wait the 15 business days in the contract, that I did my part everything was good. today 4/12 they send an email asking to re-sign as the electronic signature I made with the software they provide, my initials overlapped the text of addendum. That something I had no control of... I asked them to confirm by email that the 15 business days to return the money incase of no response from the seller stays the same as with everything I read here is highly suspicious. I have to add that the contract you sign is removing all your rights on anything in case something goes wrong (ie. the house burn before the closing, the title of the property has an issue, the property is trashed...) If I had knew before I probably would not have moved forward as the risk - reward is not that good. It's like everything as you move toward something is hard to stop but that's not something I would go trough again. There is other way to get properties from a real sale. As everybody said you are bidding against bots and that was my feeling as well during the process. On top of that it is NOT an auction but the right to submit an offer to the owner of the property and he can refuses or accept. I hope I will not have to hire an attorney to get my money back once the deadline expire. will keep in touch to let you know what happen. One thing certain, I will invest a lot of time and money in reviews on internet in case I loose my deposit to be sure people can Google it.
STAY AWAY PEOPLE! Whatever you do DO NOT deal with theses people. Absolutely the worst experience I ever went through. All selling costs are the responsibility of the buyer even their attorney fees. They don't tell you this before bidding on any of their properties. You will solely be responsible for any back taxes or claims on the title that you cannot view. They will say they are going to send you the hud so you can view the closing costs but wont give it to you until the day of closing when your there. They give you 24 hours to sign the contract and send it back or you face losing your earnest money which is a whopping 10 percent. Anything you do not exactly as they say will cost you money but they do nothing that they say and that's ok. Anything that normally gets split between the buyer and seller gets put back on the buyer. It was a horrible experience dealing with them. You all see the one star ratings they have and its for a good reason.
A Complete Sham.
You are bidding against a bot in place by the bank. Case in point; a recent property just 2 doors down from where I live went up for bid. I put in one bid with room for me to clean up the house and still make a profit. Only to watch the biding continue well past profitability for TWO HOURS at $250 increments. Is any real purchaser willing to waste two hours of their time placing $250 bids? Another tell is that they can reduce the bid increment and place a bid in the same instant. In the bid I mentioned, I watched the clock and the bid increment, the site shows a $5,000 increment at 3 seconds left, then the bid jumps by $2,500 and the increment drops to $2,500 resetting the clock. You never see the increment drop without a matching bid increase. Bottom line don't be fooled into thinking this site has any legitimacy!
I watched a property I was interested in get bid up over $325,000 on three separate occasions. Each time the sale ended without the property being sold as the reserve was not met. Imagine my surprise when I saw the sale in the paper for $275,000. The response I received from auction.com was to contact the Better Business Bureau of Irvine, CA. They also claim that they do not keep records of the non-winning bids. I guess if you can wade through the BS you might be able to get a deal but it doesn't seem to happen too often.
I bought a house at auction.com but was fortunate enough to have seen it prior to the auction listing when a local realtor had it. Title insurance is not offered on most of the current auction properties possibly due to my experience! Make sure you have it! I DID! Thank goodness. It will cost you prior to winning the bid provided you can get an insurance company to cover the property. The title search costs & you don't get it back!
Because I had title insurance it cost THEM over $79000 to get me a clear title (almost as much as I paid for the house) and had I not noticed the foreclosure notice in the local paper thru a local bank attorney, my property would have been auctioned on the courthouse steps to some unsuspecting person. It took me over 9 months to get it straight. I had moved in and sunk over $150,000 into the house over the cost (auction). Mine turned out OK but not before suffering thru months of living in limbo due to stopping improvements to the house, many sleepless nights, legal expenses, anxiety attacks....
No one has ever told me if I would be able to recoup the additional money I spent on improvements from the Title Insurance Company had this backfired. I suspect not!
This site works in conjunction with the banks to dump properties that are not salable in the open real estate market where disclosures are legally required. For example, if a property has black mold or doesn't have a clean title, it states in their 'terms and conditions' they don't have to disclose this and in order to bid, you waive them from all liability. Almost all of their deeds are 'general or special warranty deeds' which means the titles are NOT required to be clean. In other words, there could be liens attached to the title and you are taking on that liability. If the property owes $200k in back taxes or condo assessments, even if the property is only worth $100k and you win it for $90k, if you 'buy it' and a lien is attached, YOU NOW OWE THAT $200K LIEN!! Or let's say the bank foreclosed on a condo and assessments are attached for a new roof of $50k, you are now stuck with that bill. Or in some cases, like in Miami, county codes may require the property be brought up to code (because it isn't to code) and you could get stuck with that bill for tens of thousands - maybe you have to pay to raise it if it's in a flood zone, etc. In almost all cases, there are problems that keep these properties from selling at market value so banks are so slimy - instead of selling at a deep discount, they try to stick it to a buyer and trick people into thinking they are getting a bargain and afterwards, maybe even YEARS LATER, they discover the problem or problems. Banks are so crooked, sometimes they even instruct the lienholders to 'wait' 3 - 5 years to come out of the closet so the statutes pass and they can't get sued. I would not recommend anyone buy a house from this site because you have zero protection and you saw how the mortgage meltdown stole people's homes that were defrauded, it was the largest transfer of wealth in American history but the public doesn't know the half of it. Trust me, the banks own the courts, the politicians, etc. That's why these guys haven't been shut down yet. And they won't be. Unless you hire an attorney to do complete due diligence, get title insurance (I don't even think they allow it) and know how to scour the dockets, courthouses, etc. for liens, find title problems, etc. DON'T BUY FROM THIS SITE.
As realtor for a property put on Auction.com by lender, I shared Disclosures of environmental contamination, mold reports, and over $70k in liens. Auction.com refused to put certified reports om their site.
They also put the home's "highest past value' at over $2M when all short sale offers were under $200k, and no homes nearby have sold over $500k in the best of shape.
Auction.com is fraudulent, Great deals, but Buyer beware on everything. They misrepresent everything.
I was the winning bidder on a property. This was suppose to be an Auction, after winning the auction, I was rushed and pushed to enter a conventional sale and put down $4900.00 ernest money deposit. Now I cannot contact anyone at Auction.com and have not heard anything after giving them my deposit. I'm out 5 grand and have no house. Please stay away from these people.
These people are snakes. I was looking to bid on a house, had black mold testing done on the house, which proved to be positive, sent auction.com the results and they did not post it on the house's auction site. How irresponsible. Not transparent. Slick carpet baggers.
I read the reviews here and figured I was wasting my time but took a chance because it was my dream home. Customer service got ahold of me right away, Closing was expedited by Auction.com. I kept waiting for my realtor to call my and say sorry......but it never happened. There was a lot of entities I never heard of involved in this transaction but they all seemed to work well together. I paid 510000 for my house and with all the other fees it was 547000. The house is worth around 600k-629k but I have no intention on selling it. Do your homework and keep your eyes open and maybe it will work for you too.
Should be Zero - what is the FEDERAL GOVERNMENT DOING ABOUT THIS SCAM SITE???? Are they asleep at the wheel? site has zero transparency, does not provide a log of bids and does not show winning high bid - 99% of listings have reserves much higher then the start price - waist of time and money. Fed should shut it down.
This site should get negative zero stars, I won a bid, paid my earnest money, and was assigned a closing attorney. After waiting 15 days, I was told the seller(bank of america) had not signed the contract, after waiting 20 days, I got a rejection notifcation letter, I was told by the closing attorney to contact aution.com, I was told by auction.com, maybe I should submit a counter offer, this site is a real.... joke, do not waste your time.