The bank can walk out of the auction any time. Not binding to any word they say. The auction I was looking at was going to start in few hours then all of a sudden the auction was cancelled. After hours of research, phone calls and visits to the property the bank just decides to cancel the auction! Such a waste of time, no transparency
Very disappointing!
My first Auction property that I won the reserve was not met. I had a great experience with the people who work for auction the first time. I just won my second property but the reserve was met. Both experiences have been good ones! Highly recommend
I found it very helpful as the phone calls customer service is not available or you would need to wait and switch among different departments to get what you need, with the direct chat, you got what you need directly.
Bid on a house never had a chance to get it. I went and looked at the house and talked to a realtor the bid went higher than the realtor said market value was worth. Home finally sold later on the regular market for way less than the highest bid on Auction.com. What a scam.
This wasn't my first contact with Tyler, I first reached out via telephone and he went above and beyond to answer my questions. After getting off the phone I realized I had another question, and thinking that the office would be closed I reached out via online chat. Tyler quickly answered my question and continued to make my experience thus far with auction.com exceptional.
Thank you again, Tyler!
They show a high resale price and a low opening price for values on Zillow to get you to go to the auction and it doesn't even open at that price
This site waste a lot of time just to get people to go and then they use that is their marketing tool of how many auctions and people they get to go to their options false and miss leading
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.
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/.
Auction.com charged my credit car with an unauthorized charge of $2500, which after disputing it with the bank, caused my card to be blocked and waiting 10 days for the charge to be reversed. I'm out $5000 as I wait for the charges to reverse. Auction.com claims no responsibility eventhough there is no receipt for the other charge.
The initial bid deposit is a temporary hold of $2,500 and is not applied towards the purchase price. It is used simply as a security instrument that ensures your identity and good faith because these auctions are available to anyone in the public. It also ensures we have a pool of serious bidders. Win or lose, it is refundable and will be automatically released the Saturday after the auction event ends. Please keep in mind, due to bank process, this can take anywhere from 1-5 business days to reflect on your account.
This information is in our help center, on the registration page, and in an email sent to you with the participation terms.
I was told that if I didn't prove I had sent my deposit the seller would cancel my deal. The seller knew they had the deposit! I got either misinformation or ignorant comments on vital information. Stay away...
Action.com lies about people occupying homes because they don't want you to see them. If you saw the true conditions you wouldn't bid on them. The pics they show on site are 10 plus years old. When you do bid they will jack up prices 3x the value of properties. This site is a Scam! To say they use false advertising is a huge understatement. Nothing good will come from Action.com.
She was composed, extremely poised and just attended to my inquiry concisely and effectively via Chat.
I felt so much better about the process with her input and update. I called the Call Center to no avail so I was completely relieved to have Jalessa on the other end to answer my questions.
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.
Hi Noah. Thank you for your review!
Auction.com drives bidding up on behalf of the bank for bank owned properties. Bank owned properties have an undisclosed reserve price then drives shill bids in an attempt to meet reserve price or a higher sell price. If the bid does not meet the reserve the property will be delisted the next week. The minimum bid is low enough to suck you in so the shills can drive up the price. Also, the pictures do not depict the current property condition. The property I view has been vacant for two years and turned into a dump by locals. It was so bad that I notified the county supervisor and code enforcement for action.
Many of our properties are occupied by former owners or tenants, so be sure to check the property webpage to learn as much as you can. If a property is occupied, there will not be interior acces but you can still conduct some due diligence. You can drive by the outside to view the property and observe the neighborhood. You can also research the schools and crime rate. But please do not disturb the occupants or trespass on the property.
I bid on the property only to have Auction.com bid up the property which they say is "common." The bidding site also says that seller may take less than reserve in some cases, but if auction.com bids it up, how would true seller ever have an opportunity to accept the bid. They are not trying to sell the property I bid on. They bid it up 2 times in a row so that instead of 5000 increments, it would be more like 10,000. They also bid at a $2500. 00 increment vs the 5k they has posted. I have bid on the same property on 2 different auctions with them, only to have Auction.com bid it up to more than it's worth.
The first auction I registered for went smoothly and my deposit was released immediately after the auction ended but this time I registered and the auction ended I wasn't a winner so my deposit should have been released immediately after the end of the auction yet it's been over 24 hours and my money is still on hold I called and was told the money can't be released until the following sat but that's crap cause they released last time and it states on their website that the money is released as soon as the auction is over. I will never use this company again they bid against you but never tell you if it's a company bid or a real bidder in hopes that you'll keep blindly bidding it up and now they dont want to give up my deposit money.
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!
Hi Phil,
Thank you for taking the time to post about your experience, and I'm sorry to hear you're unhappy with our processes. While our policies prevent me from discussing the specifics of your particular situation online, I wanted to reiterate that we strive to be as transparent as possible with our online marketplace and encourage all of our customers to do their due diligence in reading all our policies. The bidding process you are referring to is outlined in our terms & conditions. As disclosed in section 3 and where allowed by law, Auction.com acting as the auctioneer, may bid on behalf of the seller up to the reserve price. I've included the first paragraph from Page 3, Section 3 of our Terms and Conditions page for your reference below. I'd also be happy to further explain our process and policies, and to discuss how we can improve our platform so please either message us via our Facebook page (https://www.facebook.com/Auctioncom) or contact me (Peter) or my Customer Service Managers Yamir Gonzalez or Vicky Hernandez at our customer service line 800-793-6107.
Thank you, Peter
Director of Customer Service
Auction.com terms and conditions: Page 3, Section 3 - Auction.com Terms and Conditions Reserve Auction.
This is a reserve auction, unless otherwise noted in a specific Property listing, and all Properties have a reserve price (“Reserve Price”), meaning the Seller of each Property can accept or reject any bid and has also established an unpublished, minimum selling price. The starting bid is not the Reserve Price. Except where prohibited by law, during a live bidding event (online or otherwise) the Auctioneer may open bidding on any Property by placing a bid on behalf of the Seller and may further bid on behalf of the Seller up to the amount of the Reserve Price by placing successive or consecutive bids for a Property, or by placing bids in response to other bidders. If no bidders meet the Reserve Price, the Seller is under no obligation to sell the Property (see “Subject to Confirmation” section below). The Seller may withdraw a Property at any time prior to the announcement of the completion of the sale by the Auctioneer. Auctioneer is not acting as an agent for any Bidder in any capacity, and is acting exclusively as the Seller’s agent as an auctioneer.
... to read the comments see that someone actually bought a house from auction.com. If you read the fine print, they have the right to outbid you.
Here's how the scam works: you place a bid and the site outbids you. If no one places a bid by the listed date, they push the auction date out another week. Fun, huh? Don't waste your time.
I have purchased 80 properties online on behalf of the company I work for and over 50 of those have been through Auction.com.
Auction.com is the easiest to use. Their people (especially Nicole Mizerek) have been excellent to work with.
They are not perfect - but compared to the competition - they are rock stars!
They repeatedly misrepresent and outright lie about property one house in Oregon has no well or septic and not enough land to install them, even knowing this the property is back at auction for the 3rd time. When confronted with this they lie and say they were not aware, when thier first auction stated this fact. This property is ******* Ault St., Rocky Point, Oregon in Klamath County
Yes you do bid against auction.com sometimes, and this is disclosed in there info on their page. You probably won't be able to view the house with an "access code" from a realtor so there's that. If you win the bid make sure you read the closing cost allocation rider in your purchase agreement very carefully because you will be paying for closing cost and mine were over $2000. I would just make sure you bid $3000 less than you want the total cost to be. Don't overbid. There is always another house for sell. Maybe the one you lost the bid on a week earlier. Be patient. It can be a good experience and you can get a good deal, but you're not winning the lottery, you're buying real estate. I found everyone I talked to very nice, though I was kind of ignorant and blindsided by the closing cost. I wouldn't personally bid on occupied properties, but if you're ready for possible problems getting people out of the property, good luck. Mine was vacant.
Thank you for your review, Dawn. Please let us know if we can help you in the future.
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
Hi, Dave. The estimated resale value is the property’s estimated resale value, if optimal market conditions were met and upgrades were installed. It is only a guideline; you would need to conduct your own due diligence. The terms of the auction, including the opening bid, are set by the seller, in order to encourage bidding to meet the reserve. We do appreciate your feedback and would be happy to discuss this with you further. Please give us a call at 800-793-6107 Mon – Fri 7am to 7pm CST. Or email us with your contact information at customerservice@auction.com.