It will cost you prior to winning the bid provided you can get an insurance company to cover the property. (in 34 reviews)
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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
Scam Artists. SCAM. SCAM. SCAM.
Tip for consumers: Stay away please.Ask Imran 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.
Stay away!!!!!! The site is designed to get as much money from you as possible in a very unfair way. They are dishonest and shame on any companies working with them. You are bidding to win the rights to make an offer to the seller.
Would never buy a house with them again. It took almost 3 months before we closed and I was given one day notice of the closing date.
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.
They said they are not the seller?? Guess that tells me that I can go "around them" and deal directly with the bank who DOES OWN the property in question. Do the same thing they do to us. :)
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.
it doesnt build a lot of confidence in an online site if you know you are bidding against bots/shill bidders.
Since we are not talking about pennies here, rather tens and sometimes hundreds of thousands of dollars im guessing it will only be a matter of time before:
A. the feds catch on
B. daily paper shows tons of boxes being carried out of their headquarters
C. the two sides announce a (steep) payment from auction.com that doesnt admit to wrong doing but promises to clean up their act
I wish I could give zero stars.
google auction.com reviews
I won a property above reserve(reserve MET) provided funds and within a few days my funds were returned cause they changed their mind. (back door better offer?)
it sold for 2x my bid later and then flipped for 2x again...
tried to bid on local properties. they went higher than my bid but reserve MET... next auction around-they were up for sale again.
customer service a JOKE!!!
chat ended by agent before my questions were answered.
WOW... same experience as with phone support.
I guess if you have monopoly on foreclosure auctions-you can treat customers like trash.
how many of these positive reviews are by employees getting a free lunch for every positive comment or review?
Total scam. The website lists the homes as financable, then changes at auction listing time. I suspect it is a matter of months before another real estate market crash. The bankers are limiting supply to build demand. Of course, the suckers are biting on the bait and buying at unreasonable prices. Amazing how short the memory of some people. Have people really forgotten about the real estate collapse that was less than 7 years ago? I will be renting....
They deserve no stars. They use terms as "available" means "required". They said the Fannie Mae property was Auction.com's asset. They changed the terms for proof of funds 7 times and still will not submit the winning bid to Fannie Mae. Their listed real estate agents has no information. They refused to put in writing what they said verbally. If it is not a scam, than they are poorly operated, lack professionalism and knowledge. n t
I only give this site one star because there is no option to give it zero. They talk about transparency because they tell you up front that they can rip you off by bidding on behalf of the seller to increase the bid price up to the reserve. Just because they tell you doesn't make it right. Somebody with a gun may tell me they are going to rob me but they still should go to jail. These people should go to jail! Beware of their accuracy of listings. I was looking at a house that was extremely damaged by a foreclosed owner. Nothing was mentioned in the description besides that it would be great for any buyer. I notified them of the inaccuracy but nothing showed up and bidding went on. Some state's attorney will have a field day with them one of these days!
I'm in the same situation as bill j.. I have a contract on a house,waiting on the bank approval,they are holding my earnest money and I realize yesterday that my house is on auction.com!! How can this be legal? I'm contacting my attorney first thing Monday. I'm not gonna bid on a house when I have a binding contract. Also isn't shill bidding illegal?? It's not allowed on eBay ,what makes them any different...hmm
I put a fair market offer in on a short sale. This offer was accepted by the seller and I have completed over 2 months of the process with the bank. The bank had already gotten 2 separate BPOs (Broker property value opinion). It appeared that everything was on track and we were just awaiting the bank to accept our offer or counter… dun dun dun… the plot thickens.
Enter the illustrious Auction.com into the equation. The bank which is based out of CA said that they often use online auctions through Auction.com to verify that offers are “fair market”. So in essence my certified offer would be used as the reserve price for an EBAY like auction. This is a total BS scenario for several reasons…
1. The house is not in CA! It is in the rural northeast! The market does not support auction based selling!!! It is done the old fashioned way… you know with a realtor!
2. The owner/seller accepted my offer! As long as that offer is accepted the bank should not be able to entertain any other offers let alone an Effin auction!
3. How is an online auction even to be trusted?
So here is what happened. Auction.com contacted me and told me that I MUST register for the auction but if I bid even $1000 over my current offer that I would have to pay then a 5% commission on the total sale price! Well that eliminated me from the bidding process since 5% would have been a substantial amount. The irony here is that if the bank had negotiated I would have been willing to go up another 10-15k but the 5% commission eliminated that. Auction.com mandated that the seller agent have an open house even though the house was technical “under contract” and not even listed! As expected only a few ppl showed up. The auction started very low and the bid increment was 50k. After the first day it appeared that several bid came in but the bid was nowhere near mine. The next day more bids came in and the bid amount was sitting at 5000 less than my offer. There was only one day left and it looked as if my offer would stand. As the clock ticked down, the bid increment was still at 10k and as the last few seconds ticked, mysteriously a bid of 5k more came in to tie my offer. This reset the clock to 2 min and the bid increment was lowered to 5k and it still said “reserve not met”. As the clock ticked down to 1 second another bid came in for 5k putting it above my offer BUT it still said “reserve not met”??? The bid increment dropped to 2500 and with one second a bid came and the clock reset, “reserve not met”. Bid increment dropped to 1000 and with exactly 1 sec left the clock reset… “reserve not met”. The bid increment dropped all the way to $250 and this continued for almost 2 hrs and then the listing just disappeared??? By this point I was smelling a rat big time! The next day I called and inquired about the house and posed as a bidder rather than the offer holder. I explained the bidding war at the end and how the listing just disappeared. The rep looked it up and said the reserve had not been met and the house had not sold??? So I had the seller agent contact all the people who registered for the open house to see if they bid and guess what… ONLY ONE BID! They bid once and it was a very low ball bid! This means that auction.com was doing the bidding itself in an attempt to get us to bid and pay them a 5% commission! They have total control of the bidding and the “perceived” reserve amount! As a buyer you are not only bidding against other buyers but against the effin site as well! And get this… even if you win the seller can decline your winning offer! The whole thing is, in my opinion ethically and morally WRONG!
Bottom line… auctions like this should be illegal! Proceed with extreme caution! Auction.com is not to be trusted.
I registered and bid on an auction. It kept saying reserve not met, then when I tried to bid more it would not let me confirm a higher bid and then the time ran out. After the "auction" the listing disappeared and even the local listing agent could not tell me what happened. I will not be using auction.com ever again.
It keeps amazing me how deceitful these people are. I bid on a property up to 40k, It got bid higher up to 45k within 2 minutes after the auction ended they called me and asked me to raise my offer 2 k. I told them no and then they said they would get the seller to take my offer anyway. When I asked them what happened to the other bidders they said they did not perform. Really? In 2 minutes they didn't perform. Obviously they are bidding these up on their own. Also don't bid more because the reserve isn't met. Its a trick they will still take the highest bid in most cases, you will literally be paying thousand more than you need to. Stay away!!
this house has been on acution three times. pulled off the first two for Unknown reasons per auction.com, someone sent them a email telling them to do it.
The realtor attached didn't have any information and refused to show the house, then when we complained she showed us and knew all about the inside of it,,,hmmm, how could that be? you said you knew nothing about it.
third auction time, bidding jumped from 50,000 to 110,000 then 160,000 they said it was a mistake and took the website down for "maintenenace"
web site comes back up and it is showing the same, customer service now says it is correct.
while im talking to him it jumps to 210 and then to 285,000 suddenly the "Bid increments" went from 50K to 25K. now they are going down? and is still says reserve not met. really?
this place is crooked....this home is nowhere near 285,000 it only fair markets valued at 148K and that was in the best days of the real estate market.
RIDICULOUS don't waste your time and make sure you call to REMOVE the hold of the deposit on your credit card account.
Auction.com is primarily a source for banks to unload foreclosed properties. The "deals" are not exceptional and any perceived value you feel you may gotten with a winning bid is is illusory with the buyer premium and other undisclosed costs which will add 8%-10% to the cost of purchasing a property.
I have won bids with the reserve met and then their seller never approves the sale therefore it is just a waste of time. Then I have been asking for my $2500 deposit back now for 2 weeks. They are a joke.
This site is "ALMOST" a scam. I say almost b/c you can buy something from it and they are honest about the property (usually, about as accurate as eBay and Amazon) and you know the price. You won't be happy with this website or product, trust me. If you are on this website with high hopes to buy a cheap, good, property then you are fantasizing. Here is how it works:
You buy some bids (very expensive):
Find a great property and place your first bid. (say 1,000)
You get extremely lucky and no one else notices (this is best case scenario)
Bank selling the property notices and the computer automatically starts bidding.
You, thinking this is someone else tries to outbid it. (You can but the computer won't stop until the bank is satisfied with the price that they want to sell, since they are controlling the computer bidding against you).
So in the end if you try to outbid it you will not pay 1,000 dollars for a 150,000 property but from 100,000 (if the bank has failed several times to sell this house before and want to get rid of it) to 180,000 (if it is the first time trying to sell this property).
Better of buying with a real estate since he/she charges 10 times less than the bids