Auction.com

Approximately 30,000 homes for sale at any given time. $2,500 deposit per bidder per house. Conservatively 5 bidders per house. This equals a liquid bank account of $375,000,000 at any given time in Auction.com's account. At 3% interest they earn $11,250,000 per year on interest from money they have on deposit from sucker bidders. They have no interest in actually selling a house. They are only interested in keeping as much deposit money in their account as long as possible. The real question is, why are reputable banks allowing them to sell their REO homes when they know what they are all about?

Listen all, I have no clue who is doing what in this forum, however I guarantee you it is not me. This has happened on facebook and here now. I gave someone my password I think when they made me re sign back in on facebook because nothing came up after that. I am deleting this account from here so pay no attention. I am a computer forensics and PI but I could care less how people make money. This could be a class mate that is pissed or I am not sure. Forensics is gret but people use it for bad also. This is not good. I will bring it to my Professor and he will be abe to get into it and see who is doing what and I will update every one here. I apologize.

You would have to be crazy to use auction.com! A complete scam. They change the rules as they go. It's no auction at all. The price is set and they are simply trying to amplify the purchase price. Here are the (illegal) tactics that occur in real-time:
1. They pump the price automatically after you bid. It happens in 2-3 seconds. This is simply a ghost bid to get to their reserve price.
2. The increments change as they see fit. First it will be $2,500... then changes as the time draws to close to $1,000 and then $500. Rules change as they see fit.
3. They add time. You could be the high bidder when time runs out. Then instantly they add more time (because they are pumping the price).

It's not an auction.

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.

I was speaking with Angela, who certainly was quite patient with me, while answering my many questions. As a first time bid winner, I had multiple questions and such and Angela handled it very well. She provided me with a number that I did not see/have before to be able to chat with someone on the phone, for further instruction & answers. The chat feature is very convenient for anyone who is looking for a quick response but may not be able to talk on the phone at the time.

But also seemed to run in circles so it wasn't just me. I read their reviews on their site and all were very positive but as you can see from this site they must be filtering them and just posting good ones or outright fabricated ones. I have a feeling that they have a very low percentage of successful closings.

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.

So I had a bid on a house and one day before the bidding ends they postponed the auction... Who does that? NO one even informed me. I went to the website to see if anyone had bid and it said that it was postponed. I was already not happy because it stated the opening bid was 56,000 but when I went to bid I had to bid 61,000. VERY misleading. One last thing, start the bid at what the house has to go for... SERIOUSLY, who has time to mess around.

I registered and put up $2500 on a credit card, no problem. I bid on a house and won the auction with the reserve being met. I wired them the earnest money and signed the documents. Two weeks later they told me the deal was off and they would return my earnest money. It is now 2 weeks later and I still do not have my earnest money back although they have relisted the property several times! They say the property is occupied but it is not.