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.
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.
We were contacted by several family members asking if everything was ok. They had seen our home on auction. Com and zillow as a foreclosure and it was up for auction. I pulled the listing up and in fact it was pictures of our home! The address was not correct, the description was not correct, (said it was 2 bedrooms 1 bath our home is 4 bedrooms 2 baths) it also said property that was being auctioned had 10 acres, we only have 4! I have been working for 3 days to get our home pictures off their site. This has truly been a nightmare. We also contacted our bank to see if an error had been made and they said they have absolutely no knowledge of this and did not supply and information or pictures, our account was in perfect standing. People are currently bidding on pictures of a house that obviously is not for sale or a foreclosure! A night mare to say the least
Auction.com has my home still out for auction. I was out of foreclosure on September 1,2015, today, October 16,2015, it still says it will be auctioned on October 19,2015. People are coming to my door with their phones to Zillow, and other websites. I am being harassed They first told me they will fix it within the hour, now it's 24, and now I am on hold to speak to a 'manager' who I 'on the phone'.
They are causing stress and I now have to call the police because of 'bidders' that are trying to see everything they can in and around my home.
Auction.com is a scam. They hurry the process along so you don't have time to go through the proper channels to insure your financial safety, they extend the auction time to keep driving the bid up, and then they want you to sign a contract before you or your attorney has time to review it, otherwise they threaten to put the house back on the auction block. You will end up paying $2500 PLUS 5% or the cost of the house to auction.com which in our case drove the price of the house and bid $10,000 which then made the house purchase unattractive.
They make it look like the $2500 fee is the only fee, then slam you with 5% more. As you can see from all their reviews they are a shady company and we will be filing legal action against them.
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.
Bid on properties offered through Auction.Con and each time was outbid only to receive a phone call on the first property telling me if I only bid $2,500 more they were "confident" I would win... total BS. The second property, is amazingly back on the market, apparently they outbid the market, so good luck! Total scam...
I bid on one house and won it, then another. In both cases the deals were very good. All the stories of closings getting extended are true. These are mostly repos and take time. Expect a 60 - 90 day close. I lost one where I was the high bidder but under the reserve. It took 30 days but they rejected it (the bank). Remember these are repos and can be hard to get to closing, but if you get one you likely will get it at a very good price. These houses are also for sale locally so a realtor can come in and buy a house for her local client as well. The people working at auction.com are not as knowledgeable as they used to be. It is also an impersonal assembly line process so don't expect great service, to be remembered from previous calls or to get really good answers. But, they are not a scam and if you are trying to make some money you can do well. Not 2009 well, but well.
Was considering placing a bid this coming Wed. Until I read the reviews concerning Auction.com. There are very seldom 100% 5 star reviews on a five star company but I also know there are never a majority of 2 and 1 star ratings on a 5 star company. People tend to review on feelings not facts, but after reading the reviews, I believe most of these reviews concerning Auction.com are rated on facts not feelings.
Auction.com continues to auction a property, without fully disclosing the facts and information available.
The roof of the property was damaged by a storm and I sent photos to Auction.com. Auction.com keeps publishing the pictures of the roof BEFORE the storm damage and does not disclosed the pictures I sent to them.
Auction.com published this small statement: "The condition of the roof is unknown and may require repairs at the Buyers expense. This Property may require repairs at the Buyers expense".
Auction.com knows of the damage, knows that no repairs have been made, knows that the rain is pouring in through the holes in the roof, yet still presents a less than candid information.
This feedback was reviewed, confirmed and updated on the website. I have provided a link below https://www.auction.com/details/16-hall-avenue-goldens-bridge-ny-10526-2937271-o_1310.
Conducting due diligence, or doing your research, is one of the most important steps you can take before buying a property. It is even more crucial when bidding on a distressed bank-owned or foreclosure property. Here are the most vital steps to take before placing a bid.
To begin, review the property details page. It contains valuable information for due diligence, such as photos, property information reports, title insurance information, tax information, the purchase agreement, addendums and more.
Investigate the Property and Surrounding Neighborhood
If the property is vacant and interior inspections are permitted (see “Gain Interior Access on Select Properties” for instructions on how to gain access), you can hire a home inspector to assess it. The property details page will have an icon under the bid box that says “Interior Access Available.” You can ask an agent to recommend an inspector or you can find one through a national association such as: ASHI and InterNACHI.
Many homes on Auction.com are occupied by former owners or tenants so you will not be able to access the property. (See “Conduct Due Diligence on Occupied Properties” for more information). If this is the case, the property details page will have an icon beneath the bid box that says “Do Not Disturb Occupant.” But there are still ways to investigate to ensure you’re making the right investment. You can drive by and take photos of the outside of the home and check out the neighborhood. Do not disturb the occupants or trespass on the property. See section “Due Diligence on an Occupied Property” below.
Estimate the Home’s Value and Repair Costs
Are you going to buy and flip?
If you plan on flipping a home, you need to know what similar homes sell for in the area. You can review the property information report to view comparable neighborhood sales, research recent sales online or contact a real estate agent.
You will also need to know how much it will cost to renovate the property, which may be tricky if the home is occupied. But you can drive by and see if it needs a new roof, paint or other visible repairs.
If you plan on making cosmetic repairs like replacing the carpet/floors, upgrading appliances and painting the interior, you can call a contractor to get a ballpark figure or do your own research.
Are you going to buy and hold?
If you plan to buy the property and hold it as a rental, you will need to know the market rents and rental vacancy rate.
Regardless of whether you plan to rent the home or live in it, you will still want to know what comparable sales are, although it’s not as urgent because the market conditions may change by the time you are ready to sell.
You will, however, need to know the renovation costs. You can reach out to a contractor to get a ballpark figure or do your own research.
If you’re going to rent out the property, consult with a real estate attorney to see if there are any local ordinances or laws that might make it difficult to be a landlord.
Review Documents on Auction.com
We provide information and documents on each of our property details pages. This may include a property information report, title report, purchase agreement and addendums. Additionally, we provide auction details, which may include the Reserve Price, Est. Debt, Est. Resale Value, previously valued price and other information.
Downloadable documents can be found on the property details page. Please note that these reports are intended to provide preliminary information only, which is why we recommend obtaining a full title report.
To purchase a full title report, contact a closing company. A real estate agent can also recommend a closing company. A full title report will show you exactly what’s on the title and will indicate if there are any liens for items like unpaid taxes or homeowner association dues. This is important to know before you place a bid.
Determine Financing
Most properties are sold on a “Cash Only” or “As-is” basis. This is because many lenders are not willing to provide mortgages on occupied properties since the interior cannot be inspected. If you find a property that is financeable, you will need to provide your loan pre-approval letter. Check the property details page to find out if the property you are interested in is financeable or requires an all-cash purchase.
Regardless of whether you finance or buy with cash, you will need to show Proof of Funds within 24 hours of winning the bid. If you finance, your Proof of Funds must be enough to cover both your Earnest Money Deposit and down payment. Proof of funds include bank statements, brokerage accounts, a line of credit or any funds that are immediately available.
You may also want to request a liability insurance quote. Check with your insurance agent to find out how much liability and property insurance you may need.
To ensure that you are prepared to bid, here’s a checklist of additional due diligence steps. Or, you may want to consult a local real estate attorney to identify other things to take into account when performing due diligence.
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.
This website is so full of crap. The first time I ever got on it I looked for properties at my home area where it promptly told me that four of my neighbor's houses were up for sale. I spoke to the owners. None of those properties were up for sale. And just today I got an email for a property that is supposed to be going up for auction however when I went to the local sheriff's department website there is no option upcoming and I couldn't find the auction anywhere online through any other source. This means that again, this website is lying about the properties that are actually for sale. It lies probably more than it tells the truth. That's a really messed up thing to do to someone looking to buy a house and it's especially unnerving when your own house winds up online listed for sale. Terrible website and absolutely dishonest. Do not believe what they say about auctions or properties
It is not a real auction. I was the CEO of one of the top rated real estate auction companies in the world. We never did distress properties. This company is designed for a hedge fund company, just moving paper. Remember AIG, they use the word auction but it's not. I am one of the top ranking Auctioneers in the world. (CAI) A real auction is a non-reserve, which means a sale of the property to the highest bidder no matter what. They can't have hidden numbers and playing games like a Soft Close, extended times, or Ghost bidding is not a real auction. A real auction sales to the highest bidder with no conflict of interest. That's been done since the Roman empire 500 B. C. This company does not represent the word auction!
No questions; just comment from experience using Auction.com and Hubzu.com to purchase property. I had NO problems with Hubzu through out my experience. 2 homes were purchased with no difficulty. AUCTION.COM SUCKS. They do NOT let the winning bidder obtain the property because they want to re-post the property for sale. Same property posted over and over and winning bidder (even though reserve is met) does not end up getting property. Why is that? Let me tell you, it is because they ask for more and more paperwork to be completed, do not call to confirm information so paperwork has to be re-submitted and and then after everything has been sent 3 times tell you that they cancel the deal.
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
I b id on a bank owned property several times was the highest bidder auction.com even called me property was sold out from underneath me to a lower bidder that happened to be a large Investment Corporation. Reeks of impropriety found this out through public information in my local jurisdiction for what properties sell for And who buys them and sell them
I wanted to read the good reviews since there are so many bad ones, but the good reviews only states how they're questions were properly answered. I was hoping to read more reviews on the success of winning bids and a smooth process.
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.
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.
What a joke. Auctions that end early because the seller and buyer have any agreement outside of the auction. It looks like deals are just a way to launder money by posting as a legitimate sale only to have the deals close within a minute of the auction starting. Lol.
I was interested in a home that was foreclosed on over a year ago I was the only bidder in the last year and they didn't accept my bid. Now the home is a direct offer I place the direct offer and they came back at the highest possible offer of 50,000. Which is more than what the home sold for when it was completely renovated five years ago and sold with a mortgage of 49,500. When you're offering cash for something it should be less than the mortgage value, especially now saying how it's been sitting empty over a year and all the carpets torn up and there's holes in the wall from what I can see when I look in the window. The estimated selling price of the home is $80,000 a home in this area and that condition will not sell for that much. It's doing no good sitting and they are wanting to play hard ball.
Overview
Auction.com has a rating of 1.9 stars from 434 reviews, indicating that most customers are generally dissatisfied with their purchases. Reviewers dissatisfied with Auction.com most frequently mention real estate, earnest money and customer service. Auction.com ranks 174th among Auction sites.
Auction.com is headquartered in Irvine, CA with offices in key markets nationwide. Investors include THL (Thomas H. Lee Partners), CapitalG (formerly Google Capital) and Stone Point Capital.
To learn about Auction.com, LLC, please visit www.auction.com/lp/about-us/
LICENSING INFORMATION:
Licensing Link: https://www.auction.com/lp/legal/licensing-disclosures
Texas Real Estate Commission
Information About Brokerage Services: http://mlhdocs.com/legal/agencydisclosures/ADC/Texas.pdf
Consumer Protection Notice: http://mlhdocs.com/legal/TexasCPN.pdf
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- Sitejabber’s sole mission is to increase online transparency for buyers and businesses
- Sitejabber has helped over 200M buyers make better purchasing decisions online
- Suspicious reviews are flagged by our algorithms, moderators, and community members
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.