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Review of Auction.com

Auction.com reviews

233 reviews
One Mauchly
Irvine, CA 92618, US
Tel: (800)793-6107
customerservice@auction.com
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233 Reviews From Our Community

Service
23
Value
22
Shipping
9
Returns
10
Quality
19

All Reviews

benp149
1 review
7 helpful votes
12/28/18

Won't let you use your deposit on various properties. Claim it is different event. Deposits should be released immediately.
They extend expiry time for hours even if no one else is bidding. They bid against you to inflate price.
Properties cannot be inspected. They and their sellers try to shaft buyers.

karene282
1 review
14 helpful votes
11/14/18

I really wished that i would had read reviews before bidding. I had won an auction and done all the paper work. I had the wired the money and everything. Guess what? I paid for title insurance and the place had a lien on it. They tried to get me to sign it still. The woman that ran title search told me if i go ahead and sign it that they can come back and take the house from me because I didnt really own it because of the lien that was on the house. I would have lost around 60,000 and no home The home that was being sold with a lien is reposted so yes they know this. The home is located in Switzerland county Indiana.

sheriffs1
1 review
12 helpful votes
11/9/18

So I decided to try this site, paid the $2500.00 deposit and posted a bid. I didn't win, but did notice that the site bid against me, not mad at them for the business. Two days later, I called at 8:30am to have my deposit returned and this is where I lost any interest with this site. Their auto message clearly states that hours are 6:00am- 5:00pm Mon-Fri. why was it telling me that it's closed? Also, why route your customers through endless string of auto messages? You are dealing with peoples hard earned funds, and most don't want to talk to a computer, just basic knowledge. Basic mistake for developing companies to make, I am sure other sites are coming up that provide better service and strip you of customers. if you want to last long in capitalistic America, you should understand the meaning of customer service and use less auto messaging. AJ Thomas, the VP of people and Culture should fix this, people and culture not machine and culture. cost cutting impacts internal ops not customers.

michelled314
1 review
11 helpful votes
10/29/18

But you absolutely CAN buy a $200,000 house for $120,000 cash on Auction.com. Auction.com is great. The site sells REOs online using exactly the same M.O. you see at sheriff's sales on your local courthouse's steps: and, like auctions on your local courthouse steps, (...) for any given property there may be 2 actual, serious bidders and about 20 poor saps who showed up honestly thinking the bank was going to sell a house for which it's $120,000 in the red to some poor JimBob for what was advertised as the $30,000 'minimum bid' (snort) price. It won't happen. Not on Auction.com, not anywhere.

YES, fools, Auction.com WILL bid on behalf of the bank or sellers until the 'reserve' price is met. If you think that spells 'scam,' then you need to step out of the game and go back to buying scratch-offs as a long-term financial investment. Auction.com will NOT automatically sell a property to the highest bidder if the highest bid is at a loss to the seller and under the reserve price; this isn't La-La Land. However, the seller might agree to any REASONABLE bid, even if it's under the reserve. You can get absolutely incredible deals here, just don't be thinking a seller is obligated to respond to your ridiculous low-ball bid.. All the negative reviews here seem to be from amateurs who really believed they were going to be handed something for nothing. For anyone who is serious about investing in REOs and is ready to throw out the funds required for such an undertaking, Auction.com is an absolute godsend.

larrye69
1 review
5 helpful votes
10/24/18

I read most of the feedback from previous bidders & buyers on Auction.com and I experienced the same situation, there website automatically bids against you on a bid to drive the price up so they can charge a high fee with there %, I'm kind of feeling scammed out of my money, I prefer to deal with the bank or Realtor instead of giving my hard earned money to these people.

I made a offer of 220k on this property before it went up for auction on auction.com, I made 4 bids and each was auto counter bid until my final bid of 225k, then auction.com wanted 11K cash wired to there attorney asap for their fee. This is what I seen on the property today while I was in the area after signing the contract, these auction for sale sign was not on this property 2 weeks ago, stay away from auction.com

Response from Cynthia B., Auction.com Representative
Hi Larry. Thank you for your review. As disclosed in the Auction.com Participation Terms and property details page, Auction.com is permitted to bid on behalf of the seller up to, but shall not exceed, the reserve price and these bids are disclosed. Counter bidding on behalf of the seller extends the auction increasing the likelihood that the auction will produce an offer that the seller is willing to accept to the benefit the bidders.

Would you mind clarifying on the $11k fee? Was this your earnest money deposit? Would you mind sharing the property address so we can look into this for you?
mikej346
1 review
4 helpful votes
10/9/18

They have no intention (months at a time) of selling below their reserve. Which turns out to be more than the property is worth.

Response from Cynthia B., Auction.com Representative
Thank you, Mike, for your review. We understand you have concerns with a properties Reserve Price, and we would like to clarify how this works. As per the Auction Participation Terms and as disclosed on each property display page, unless advertised differently, all properties in auction events have a minimum selling price established by the seller known as the reserve price. The starting bid is not the reserve price. If the reserve price is not met, the seller is under no obligation to sell the property however at their sole discretion may consider a bid below the reserve subject to their consideration and approval. Please let us know if you have any questions.
andrewh373
1 review
7 helpful votes
10/2/18

I purchased a couple times from this auction site and have also bidded and lost several auctions. It's an auction, not real estate company. Things won't always be perfect so if life has babied you to complain about everything you may not want to use them. If you're good with rolling the dice you can find nice buys here. My only problem with the site now is they are many new bidders now and they don't understand a 3 day auction doesn't require you bidding up in the 1st few hours like kids in a candy shop. You can see the inexperience bidders all over the auction site now. The auction is won in the last hour not hour 1 or day 1. The paperwork process in my experiences have been smooth, painless and fast.

christopherl168
1 review
11 helpful votes
9/11/18

I bought a house, it is listed on auction.com, I have the paperwork proving that I own it, but they will not remove the post from their auction.com website. I have called them, the lawyer that they have listed on the listing, they say they have no affiliation with auction.com. I have a family, and I have random people showing up at my house to look at it for the auction. This is a real problem. Customer service here is a joke too, they told me to call my lawyer.

frankk148
1 review
19 helpful votes
9/1/18

I did participated the fake auction as per advertised Auction.com via email and on the net. End of the auction period I was congratulated via email the Auction.com team me to be the highest bidder and met the reserve price too of that property in question.
I did followed their ( Auction.com) instruction and wire transferred the earnest money amount they requested. The next business day I did received a Purchase and Sale Agreement need it to be signed immediately by electronically to make the purchase legal.
The copy of the agreement was contained incorrect and/or unchecked information regarding my choice of closing agency was not listed at all. That was contrary to the verbal reassuring by Auction.com team member answering the phone.
However, the correction had to be made now. Moreover I need it a seller's signed copy of Agreement in timely manner to move forward with the closing.
It must containing the correct information to reflect my choice of closing company and set up an escrow account administering and transfer the so called "Cash Sale" amount.
I was told it takes 7-12 business days to receiving the agreements signed by the Seller.
Almost a months later I had never received the signed agreement bearing the Seller's signature.
Instead an email notification stated that I have had requested the cancellation of the Pending contract agreement and therefore agreement is nulled now.

Currently working with a law firm to filing a temporary junction and file a complaint to extend and form a class auction complaint in Texas to stop Auction.com and its parent company named Ten-X LLC conduct business. It seems no one knows what had happened to $10,825.00 earnest money i had wire transferred following the Auction.com instruction to designated bank account outlined elsewhere in Auction.com documents,

noahh57
1 review
2 helpful votes
8/14/18

We used auction.com and it was simple and easy. We closed on the property on time and everything worked out really well. I was a bit skeptical at first only because I hadn't purchased from them before. In the end everything went as planned and I would absolutely do business with auction.com in the future.

Response from Cynthia B., Auction.com Representative
Hi Noah. Thank you for your review!
sandrab408
1 review
10 helpful votes
8/13/18

We have experienced tremendous success with auction.com but it did not come over night and we did not expect auction,com to help us.
We studied their platform and documented the steps we took to avoid financial disaster and profit with auction.com on our free webinar.

https://7figure.easywebinar.live/registration

Even though I am a seasoned real estate broker, instructor, engineer and investor, the bidding process was scary and I did not want to lose my hard earned $2500 or worse, purchase a property that I may not be able to liquidate. Plus, I had a lot of questions that auction.com could not answer because they are strictly a "Buyer Beware Business Model"
We wanted to master auction.com because we are in a tight inventory market and they control a lot of the distressed inventory. Plus, I was a Freddie Mac broker so I saw the shift of inventory to auction.com.
As the listing agent for Freddie Mac, I could view the properties but the buyer could not and I saw the profit that savvy investors were enjoying.
After we lost our Freddie Mac contract due to the shift of REO to auction.com, we spent a lot of time studying their technology platform and developing systems, processes and checklists. After winning several bids, we were able to document our actual, hands on experience and provide a structured solution to help others master online bidding even if they have never invested before.
There are a lot of hidden mines associated with online bidding that can wipe you out. For example, we identified at least five different property types that you must know before you bid. Do Not Bid before knowing this because you can lose a lot more than your bid deposit if you acquire the property and are not able to dispose of it because of the occupancy and status types.
It is important that you have a clear exit strategy and that you know your bid sweet spot range before you bid. For example, we won a conditional bid even though the reserve was not met. The formula we use is After Repair Value less (profit, holding, marketing, repair and contingency costs). Our checklist has over 80 items that we use so we are not caught of guard with unexpected repair costs.
These costs will differ for each investor based on their goals, experience, skill set, resources and exit strategy so they must be carefully measured before you bid.
However, by knowing our numbers, we were confident in our bid amount and we knew when to stop bidding regardless of whether we won or not.
However, after we won the bid, there were some unexpected requirements that we had to follow to secure the bid because our deposit was still at risk. We had done our own title search so we just included their closing costs in our profit driven model.
When we purchased occupied properties, we used strict criteria to help mitigate our risk so we developed a checklist to get critical property information before we bid.
Once we closed on the property, our first goal was to help the occupant secure a buyer so they did not have to move. These strategies were very successful and created a win-win for us and the foreclosed owner.
We also used strategies like cash for keys and other incentives and negotiating techniques to work with the foreclosed owner that we wanted to move so we could get possession and prevent property abuse.
Based on the reviews I have read, I believe that proper training and profit driven bidding strategies would alleviate a lot of the problems that consumers are experiencing because the auction.com technology model is different from traditional real estate, foreclosures, etc. and consumers have no representation.
We share a lot of strategies, secrets and recommendation on our free webinar at

https://7figure.easywebinar.live/registration

You can succeed in online real estate investing but in my opinion, you must be trained. .
Respectfully,
Sandra Brazelton, Broker, CRS,GRI, MBA - Online Auction Consultant
sandra@sandrabrazelton.com
https://7figure.easywebinar.live/registration

markf352
1 review
9 helpful votes
7/12/18

Auction.com will bid against you to drive up the price. If the reserve (minimum price that the seller will accept) is not met, Auction.com will enter a "counter offer". You may be the only one bidding on a property, but the price keeps going up and up as it nears the deadline. They do not "counter" once the reserve has been met. They should be honest and transparent: make the starting bid equal to the reserve.

Response from Cynthia B., Auction.com Representative
Thank you, Mark, for your review. As disclosed in the Auction.com Participation Terms and property details page, Auction.com is permitted to bid on behalf of the seller up to, but shall not exceed, the reserve price. Counter bidding on behalf of the seller extends the auction for assets that have not reached the reserve price and would otherwise end unsuccessfully. By extending the auction, it increases the likelihood that the auction may end successfully. This practice benefits the bidder by increasing the likelihood that the auction will produce an offer that the lender is willing to accept. Please let us know if you have questions.
donnas476
1 review
19 helpful votes
6/28/18

I dont want to even give it a 1 ..I wish there was a neg number.. I am so pissed .. this company is holding a total of 5000.00 in my account (pending) and even though they say its released my money is still pending .. this company needs to be closed down.. i am so pissed off.. i will NEVER do a bid with them again!!!!

americansa
2 reviews
11 helpful votes
6/20/18

This company puts homes up for auction even after a BK has been filed to protect the home thus violating Court Orders and effectively in Contempt of Court.

Response from Cynthia B., Auction.com Representative
Thank you for your review. Auction.com provides marketing services for trustee and foreclosure firms and advertises the times and dates where the foreclosure sale will occur. In the event that a defaulting borrower resolves their loan, Auction.com is notified by the foreclosure/trustee to remove these advertisements. We appreciate you making us aware and if you provide the address, we can research this further with the trustee/foreclosure firm.
connieb172
1 review
15 helpful votes
6/19/18

I bought a home on Auction .com. U are bidding against a computer . I secured the financing yet they told me it was cash only and would not accept it. Then I had no access. I had to use their title company. And at the closing I received no keys no garage door opener there was a lock box on the garage door. That has to be chilled off . They did not take it off when my crew came to start the rehab. Some guy came in started taking photos. Without my knowledge. Or permission I could not get electricity turned on or water. Till I owned the property. And consumers wanted permits and all kinds of paperwork including an inspection. Yet. Auction .com Keith saying. Do all this before the day of closing. Well I cant if I cant prove I own it. Nor could I get insurance either. They are not helpful. I would never never use a company like this again. I gave a defunct garage opener with no remote and they won't contact the owner to ask them where it is. Horrible!!! Customer Service is a joke !!

georgegv
1 review
17 helpful votes
5/24/18

Never ever use Auction.com. You will pay so much more in various ways...First Auction.com's computer system is set up to bid AGAINST YOU the buyer.

Auction.com represents to seller/usually a bank hence you have no one representing the you the buyer.

Secondly the bank does nothing to preserve the house against busted pipes, cutting the grass, vandalism and according to the contract you have NO ACCESS to the house until title transfers.

You/the buyer pays the commissions not the BANK.

STAY AWAY...Auction.com is an extension of the Bank.

Response from Cynthia B., Auction.com Representative
Thank you for your comment but please allow us to clarify your comments as they are not entirely accurate. As disclosed in the Auction.com Participation Terms and property details page, Auction.com is permitted to bid on behalf of the seller up to, but shall not exceed the reserve price. Counter bidding on behalf of the seller extends the auction for assets that have not reached the reserve price and would otherwise end unsuccessfully. By extending the auction, it increases the likelihood that the auction may end successfully. This practice benefits the bidder by increasing the likelihood that the auction will produce an offer that the lender is willing to accept.

Additionally, the majority of the houses on our platform are sold "as is." It is important that buyers conduct thorough due diligence in order to assess the value of a home and should not rely on marketing materials. Suggested steps can be found here: https://www.auction.com/blog/due-diligence-10-steps-to-take-before-you-buy/.
timh251
1 review
17 helpful votes
5/21/18
• Updated review

The MLS in this area does not allow properties that are occupied cannot be shown to be advertised but the agent was required by you to have this listed on the MLS.
Your website did not state it was occupied. And yes I found out for my attorney it is my legal right are my own title company but your company makes it seem like it is not your right and of course they charged extra fees so they've already coursed most buyers into using this company for their title. I'm going to follow through by filing a complaint with the Real Estate Commission in the state and the banking commission for fraudulent action.

“Liars and deceivers”
5/18/18
• Previous review

We looked at three properties with our realtor that this company auction.com tricked some local realtor into putting on the MLS.
The local realtor told us that the properties were occupied but auction.com lied and said no they're not.
They try to talk you into buying properties where you have to do all the work to try to evict the tenants and just try to get homeowners insurance when you don't have possession of the property.
Then of course they tried to pressure us into using their title company promising free title insurance which was another lie.
As soon as I should this information to our realtor and our attorney they both told me to run.
Do yourself a favor stay away online paper pushers like auction.com these people from California will rip you off

Response from Cynthia B., Auction.com Representative
Hi Tim. Thank you for your review, but please allow us to clarify as your comments are not entirely accurate. Auction.com does not hire the listing agents, this is done by the seller. The listings in MLS are required to say that it is with Auction.com.

Usually the properties on Auction.com are listed as ‘occupied’ on the website. Was this the case in the property you bid on? Would you mind sharing the property address so I can look into this for you? Per our terms and conditions, “All offers should be based solely on Participant’s independent due diligence and any information contained in the Purchase Documents.”

In response to being forced to use our title company, you do have the option to use your own title company, as this is your legal right. However, there is an additional cost to use your own title company.

Please let us know if you have additional questions.
garyd119
1 review
8 helpful votes
4/22/18

It seems as soon as you bid that this site would have to be automated I placed a bid with 1 minute left and got beat out this was not my first time I personally think it's nothing more then a smoke screen if you watch you will see a lot of the same houses for sale I suggest we all look at other websites this one is to unpredictable to invest time into mustless your hard earned money good luck to everybody.thx Gary

Response from Cynthia B., Auction.com Representative
Hi Gary. Thank you for your review. As disclosed in the Auction.com Participation Terms and property details page, Auction.com is permitted to bid on behalf of the seller up to, but shall not exceed, the reserve price and these bids are disclosed. Counter bidding on behalf of the seller extends the auction increasing the likelihood that the auction will produce an offer that the seller is willing to accept to the benefit the bidders. Please let us know if you have questions or would like assistance finding properties where the reserve price is revealed.
elizabethn71
1 review
18 helpful votes
4/17/18
• Updated review

Auction.com asked me a legal question about the contract. (They seem to want to anonymously hide behind the legal word ":work" of documents.) What I responded with was "when was my property conveyed to HUD". What I found out - The property was conveyed to HUD by the seller in the middle of the Auction! So Auction.com was selling a property that the seller they represented DIDN'T OWN. And, even though I won the Auction, I did NOT get the Property. BUT.... and I repeat... I did my homework and legwork, and investigation and found the HUD real estate agent - and got this property purchased for $2,000.00 over the Auction price I "won". I spent too much extra time with no consideration from Auction.com or their title company, Linear Title. I Finally got my earnest money back, three weeks from when it was wired to them at a cost to me. They just mailed the check back,..... no hurry. Again, stay away from Auction.com.

Tip for consumers: Just. Don't.

Service
Value
Quality
“Yanked house from me after they signed purchase agreement”
3/29/18
• Previous review

I won the bid on a house that I had researched, looked at from the outside (Auction.com would not allow a look at the inside, nor would they give any information on status of utilities, etc - but they do disclose "as is"). I followed this house on Auction.com for a month and watched other auctions. Then when I bid, I won. Auction.com demands all documentation and responses very quickly from the buyer (me) to include wiring the earnest money deposit within three days. The purchase agreement was signed, they had my earnest money, and the closing date was set, and out of the BLUE they cancelled the sale with no explanation and the house was turned over to HUD. The house had been on the market for five months with no bidders. I spent time off work to investigate and bid on this house - they treated me with disdain and no regard when the sale was cancelled. May this house and it's no electricity and leaky pipes stay on the market forever. Stay away from Auction.com - they are not here to help.

kathyk117
1 review
30 helpful votes
3/23/18

They are listing property of mine which is NOT up for foreclosure nor for auction. It is owned by my husband and myself. They have the wrong address and refuse to correct it. They have a photograph of my property on their site which has been picked up by Zillow and other home sales sites, so they are now showing my property as if it were for sale. It is not. It's not in foreclosure, it's not up for auction. I have contacted them three times and each time I talk to a different customer service rep who is shocked and dismayed and promises to do something about it. Nothing has happened yet. I would never trust Auction.com with anything, because it's obvious they don't care if they post inaccurate information. The fact that I have contacted them several times to tell they they have inaccurate information has moved from "inaccurate" to "intentionally deceiving the public". I am considering legal action against them. Posting a photo of property which is not up for auction is not only an invasion of my privacy but it will cause a problem for a bidder who thinks they purchased this property, when in fact they haven't. The property is Pole 134 Lakeside Drive, Harvey's Lake Pa. I repeat, this property is NOT for sale, it's NOT in foreclosure, and it is NOT up for auction.

Response from Cynthia B., Auction.com Representative
Hi Kathy. Thank you for your review and for making us aware. We have updated the address on our website.
donaldm121
1 review
19 helpful votes
1/28/18

I have seen a few houses now, one I had a bid on, they are currently STILL on the "available" list. With all the negative comments I will NOT bid on a house they list.

anthonys201
1 review
57 helpful votes
1/19/18

Okay, so like many I stumbled across Auction.com and wondered if this was a scam when they asked for $2500.00 for a bidding deposit. This is not a scan. HOWEVER, I encountered countless times of poor customer service, fees, unethical practice and misleading information.

Here is my story:

Mid-West Bank Foreclosure Under 40K

I was caught up in their computer bidding system and did not win the bid. I couldn't believe the bid went that high, but realized their computer was just bidding $2500 over what I entered. They even did a $5 over bid at the very end to "play the game." They kept adding 1 or 3 minutes to the "countdown" to keep me engaged. They made it seem like several investors were on the line and everyone wanted this hot poperty. Ha. I was called a week later and told I was the highest "real" bidder and I could make an offer. I made an offer and it was accepted by the bank who actually owned the property. (The reserve was way higher than value). I did call the actual bank and they told me I had to go through Auction.com... So that answers one question for you. I'll later explain how other properties hit the market on places like Realtor. com months after being on Auction.com

I'm sure you looked through all of their Property Disclosure reports. They have all of these fancy reports I reviewed 10 times. I looked through everything on their Auction.com deck. I walked around the property, but could not get inside. Not until I actually paid the $2500.00 and signed a purchase agreement did I get a report I had never seen. This report was filled out by the company who went in and secured the property. This was a hand written, fill in the blank type report that contained very important information like the roof leaked, holes in the walls, appliances gone, floors needed replaced etc... Information I assumed could possibly be wrong, but hoped for the best. They hid this information until I sent the signed purchase agreement. When I called I was transferred to a "hard sales" person who told me if I don't like it, then just bail out. So here I am... $2500 out of my account and I now find out all of these issues that will cost me 5-7K in repairs.

I had a decision to make... do I continue or jeopardize my $2500.00. I moved forward, but was not happy and still not happy with them keeping important information from me until locking into the deal. Information they had months prior. If I would have seen that report prior to making an offer I would have came down about 5-7K in my offer.

So, it is my fault? Yes. Is it unethical, wrong, misleading and possibly illegal to hide known property information to a seller. Yes. They tell you as-is and have information to keep their side "legal." But is hiding information until the $2500.00 clears illegal? They could have put that report on their website for me to see prior to making an offer.

During the process I was continuously moved down the assembly line. I would work with a team member for a few days and on to the next. I had 48 hours to submit information and then would wait days to hear back from the team. Basically, Auction.com is the middleman in a assemly line property transaction.

Fees: This part is still a mystery. No realtor, appraisal, inspector etc... Nothing. I asked about the fees at the beginning of the process and was told they could be $300 to $1500. I asked why would it be $1500... no realtor, no appraisal etc... I assumed it would be on the low end because I did my own title search and didn't request any additional work. I was wrong. So wrong.

They hit me with $1700+ on fees and told me I had no choice but to pay or lose my $2500. Their "closing" was $900... I was called on the "closing" day with the wrong lock box code numbers and eventually got the right numbers. I paid $200 for a title "search" I already did. I was forced to pay this when I had already completed this on my own. $200 for a title "exam." $175 for a title "curative," $75 for a "deep prep." $60 for a title "udpate." $25 "courier fee." $25 for a "wire fee". You pay your bank $25 for a wire transaction and then Auction.com charges you another $25 to accept your money. I'm not making this stuff up... I'm reading this from my closing document. There were about 8 fees that totaled the $1700+ and about $100 were actually legit fees like Deed prep and county filing fees. Once again, I was told I had to pay these fees or lose my $2500. I told them I wanted to choose my own closing Agency. I was told I had to pay $700 in closing whether I use my own or theirs. So basically you are going to pay the fees one way or another or lose your down payment.

Like I said, If I knew this info at the beginning I would have adjusted my offer. I was surprised by about 7K in repairs, fees etc.. that they KNEW and shared after I signed deal.

Would I recommend Auction.com? NO.

If this information isn't enough to stay away, here are some tips:

Do not pay above or near the "reserve". I've seen several properties on Auction.com not meet the reserve and ended up on Realtor.com 10K less a month later. One real example was a property on Auction.com with a reservce of $34,500. This was on there for about three months going to "auction" every other week. I just saw the same property on Realtor.com for $25,000.

Expect Fees and new info after signing. Just plan on paying $1500+ in "closing" costs. And you might find out surprising info about the house after you sign and pay $2500.

Understand that Auction.com will make money through their "closing" fees. They will also charge the bank or home owner 5%. (*These numbers are on a under 40K house) So if you bid a property more expensive I imagine the fees are even more.

The closing docs. showed Auction.com raking in $3-4K on the deal. They had the bank pay for all of their fancy reports and were basically the assembly line for the process.

In short, I overpaid around 7K for the property because they didn't disclose known information until after I signed the purchse agreement. I had to make a decision to lose my down payment or continue. I moved forward and obviously still upset about the process. They are like the cable company of real estate. Too good to be true.
Buy your properties at your local Sherriff sale, craigslist or even Realtor.com. You are going to pay the same fees and "closing" with Auction.com as you would using the standard method.

It was convenient I didn't have to meet anyone in person or go to a bank, but, I paid for it.

My final thought... Not A Scam, But Unethical, possibly illegal selling practice.

barrys42
5 reviews
36 helpful votes
12/20/17

Read all the other reviews and they will tell all!

On December 20,2017 Auction.com is holding it' 4th or 5th auction for 356 Cypress Drive Mastic Beach NY. No problem . So far every auction ended with Reserve not met. Even with Auction.com bidding for the seller. Here is where it gets interesting. If you are unlucky enough to win you will have several problems. The house was condemned by the Mastic Beach code enforcement . By the time the issues were resolved you had a mold problem. Yes the pipes burst. The house was in foreclosure for 9 years.So you know how it was taken care of.
There are several renters in the building now and we all know what's going to happen when they are evicted. The bank offered them a lot of money to move but the offer was a joke so everyone is still there.
So now here is the interesting part. Go to the New York ecourts Supreme court and look up Rob Metel and you will see that he has a motion on the calendar in April 2018.So they will be able to stay in the house for at least until then. You will then have to evict and that will take several months. So why is this interesting? Because Auction.com knew all about this. The new owner will be waiting at least 7 months to get in. By that time you had better have a lot of money to beg the current renters not to destroy the home or have even more money for a full rehab.
After you buy it you will need to deal with the town. Lots of issues that are still open.

Want to get out of the sale? The 95 page document favors the seller so you are screwed.
Are all the homes ;like this situation? No but this is a bad deal at just about any price.

Pay the current homeowner $100 to let a home inspection company come in and look around. This will be the best investment you will ever make.

So why does every auction keep going down in price? I' honestly don't know. So far the high bidder was the 1st auction coming in at $105k.

Liens on the property- That's why lawyers charge $350 an hour so find out before you place a bid. FYI the Suffolk County Social Services has a $200,000 lien on the property. It is no where near that amount probably about $6,000 according to the owner, but again have your lawyer check out everything. I'm talking about getting a real estate lawyer not a slip and fall lawyer.

My gut feeling is that after a few more auctions it will end up back with HUD.

Oh, about the pipes that burst... the home is now almost all electric so you will go broke heating it in the winter.

paulp187
4 reviews
29 helpful votes
10/28/17

These are PMI insurance claims not bank owned properties. Auction.com is in the same town as Fannie Mae. Banks have already signed off dont accept the lies on prices,they are trying to get full value. If you want your head to spin I have other reviews explaining the crap that is going on here. Do not buy anything on here without a disclosure or condition report. This acknowledges that they are aware of problems. Bid your full price well before the auction ends they will always drive the price which benefits you. Expect a phone call they will most likely reject your offer the first time b.s. move rejected mine and I bought it two months later for $1000 less saving me also $400 in taxes. Get your own closing agent will save the B.S. on the money end. The market for cash only buyers is very thin more than likely there is no one else bidding. Watch your market you no if nothing is moving why the hell would you buy. Personally I would be only be looking for a home that you intend on living in. Better days to flip will come. Many homes sold in the last few months by me where deeply discounted from asking price. Do check out my Zillow and Zillow Group reviews also. Be careful its your money too many people watch a tv show and think they can make $$ flipping ten years ago definitely, today definitely not. Watch TOL stock FNMA stock Z stock all getting crushed on rates and rising materials.

marshalls26
1 review
27 helpful votes
10/24/17

Auction.com is killing the housing market industry in small towns. People in small towns do not go around with $150,000 cash in their pockets. So these jerks sit on houses having auctions over and over trying to price gouge people. While the houses sit and rot so when someone does get ahold of them there in far worse shape than they were to begin with. This place is an absolute joke.

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Customer Questions & Answers

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They have a 92% negative review rate because they deserve each and everyone.

By Mike W.
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Have your real estate agent search title. If the property is occupied, you will have to get the people out yourself.

By Sandra R.
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If you win the auction it is a binding contract. Contracts are to be E signed within like 2hrs I think. Most are sold as is. Due your homework before you buy! Mark

By Mark H.
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The bank can and will bid against you to get a higher price (shilling). Read the web site. This practice is illegal everywhere else. but get the banks a higher price.

By James R.
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1st auction.com does not outbid bidders because you think they want to. They go by instructions from the trustee/bank. There is an opening bid and a reserve bid. The auctioneer can only bid on behalf of the creditor from the opening bid to the reserve. Once they reach the reserve they will NOT up the bid anymore. They may say " do I have any other bidders or do I hear (amount)" but they do not bid past the reserve that has been predetermined before the auction. If the property is reverted (sold back to the creditor) then the trustee/creditor for that property can do whatever they want with it. Whether it is sending it to inline auction or etc. If you will read/listen to the general terms and conditions then you will hear/see that auction.com is not a title company they do not research the properties sent to them by the trustees. They list what they are given. So don't you think you should have an issue with the trustee and not auction.com. Also, stated in conditions the trustee can rescind the sale at any time. Again how does that fall on auction.com if the trustee backs out. Auxtion.com works with many trustees throughout the United States so if those are people's issues maybe they should do their due diligence and contact the trustee instead of giving auction.com such bad reviews.

By A S.
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The trustees don't allow the reserve to be shown. Nothing to do with auction.com. They go by the instructions the trustee sends them.

By A S.
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The best option is to go straight to the bank, if it's a bank foreclosure auction, and find who their listing agent/broker is. These sites are almost rigged to have the house go back to market or auction. That may be in the sites best interest, but not the banks... Especially if the time to pay property taxes is coming up. Not an answer i know, but take my word for it, don't trust auction.com with as important an investment as your home is.

By Ash B.
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That is private information that is kept secret from you. It is all weighted to the advantage of Auction.com. They can back out of the deal at any time but you cant with our losing your earnest deposit, Put a bid in but 99,9% is you will not get the property. Good luck with these crooks after you have given them all your personal information and credit card #s

By Scott V.
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For $100 ask to go in and look around. Remember that what you see today may not be what you get in 6 months. The $100 is the best money that you can spend. Remember if the home is occupied that chances are that it is a foreclosure or as others have said the worst of the worst. Make sure that you have an experienced real estate lawyer!!!!!!!!!!!!!

By Tomcat T.
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Basically from what I can see it means it didn't sell. They seem to stick on the website after the auction closes but marked as sold when they sell. But I could be wrong.

By Dannen F.
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