Li W.

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.