Auction.com

Fees too high But bought 6 properties made money some deals fell out. Happens, but love auction.com

While we await further info., at least we did not spend alot of time seeking a representative!
TY!

Great experience with Tyler K., did not find out why this property was all of a sudden pulled after the auction only started today. It was to run to 6/27/2019 but I got some other good info just asking a few questions. Great responses and quick too. Thanks again Tyler K!

At first I thought this wasnt legit, it made me really nervous. I put the $2500 down (they never processed my card). Then after I won my auction for about 1/2 the price it last sold for I sent escrow money. The process started 8/31/17 and we finally closed Monday oct 16th. So heads up it takes awhile. But it really is a legitimate site.

I purchased a home through action.com this year. I recently was able to get into the home without any problems. So far everything has went very smooth. Just waiting on the Deed in the mail.

Some of these reviews are hilarious. My favorite is how auction.com apparently makes a lot of money off the deposit... i know for a fact they have never once charged my credit card the $2500 fee. They put a pending $2500 charge on my Amex, but it never goes through. So there is NO way for them to have money in their account making interest. They do this to make sure the people bidding actually have money and are serious about bidding, not because they make magical interest from non-existing charged. Like who really believes those dumb posts?

I have purchased 5 properties via auction.com this year already. Some thoughts:

1 - YES, they use fake automatic bidding they call "Counter Bid". Hell, they literally state the fact on auctions. So why would anyone be shocked at this? If you are posting a review saying its shady, maybe look in the mirror and realize, you are not intelligent enough to read and should stay off the internet.

2 - Auction.com is a middle man. They are not bank, title holder, escrow company or anything else. They provide a marketplace to buy foreclosed homes from banks, nothing else. Banks suck. Banks are slow. Banks don't care about your timeline, they care about their internal process. If you want to deal with houses owned by people and have a more smooth process, check you local MLS and work with an agent. Buying from banks SUCKSSSS, but there is so much more upside if you are willing to do the work.

3 - Auction.com does not force you to bid. Figure out what you think the value of the house is, and don't bid above it. The reviews that say the reserve is too high, well again, the banks are dumb and slow. The house will not sell and it will just continue to be listed and relisted until they find a dumb buyer or they lower their reserve. This is NOT auction.com's fault. They do not own the house.

I only gave a 4 star because I am sure auction.com can do a better job communicating during the process, as needed. They also could do a better job providing access to homes if unoccupied. And finally, they will call you and try and engage with you to encourage bidding. I dont need this call. I respond the same way every time, I will bid what I think its worth and if the bank has a reserve higher than that, they should either a) hope for a stupid uniformed buyer to come along or b) expect to not sell the property and continue to have holding costs until they wise up and lower their reserve.

Good luck house hunting!

I got my questions answered quickly and they were vary helpful! Brenda was the name of the person helping me and they were vary nice.

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.

Tyler K answered my question about paying for the winning bid. The property title provided are easier to read for some more than others. I'm hoping that the estimated debt is the everything but will check with the city.

I am remodeling my new Home, I purchased on auction.com! I won the auction for 2500+ a $2000 buyers premium, I read some reviews and I was scared for all the bad reviews on this page so I contact my lawyer he said it was a legit company! He said that the only problem with auction.com is that you never know if the house owes any Taxes, water billsI I paid my lawyer and extra $500 but he make sure my house had clean title and if there were any violations to the property, once he was done with the investigation he said to proceed that everything was fine I signed a contract, and send a wire payment then Sellers bank called me a month after too to do the closing it just takes patience but I'm very happy with my new home.

When you buy a house at Auction.com it's because it couldn't sell through a realtor at any price, so that should tell you the house has serious issues and might need complete new drywall, roof, foundation repairs, plumbing etc... (and even worse - title or lien issue)

The house I bought required 75K in repairs, but it was really really cheap, so is that a scam or a good way to get your foot in the door and earn some sweat equity. People need to decide for themselves how much stress you want in a purchase of this magnitude. But please don't expect a Ferrari for the price of a pinto. (and it better be cheap or you're a fool for bidding because these homes have issues and those pretty pictures are usually old and don't show all the damage from being vacant)

(and if it's nice and not a junker, then you'll pay a normal price for it. The only good deals you might get if you're lucky are for totally trashed homes that have major defects. The kind of homes the realtor wish you wouldn't be able to inspect and that's why it's a perfect match - these homes don't allow an inspection)

Quick and informative answers to my questions.
Easy access to agent online!
I would recommend this help...

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!

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.

Brenda was helpful. This is my 1st time dealing with an online auction so i had a bunch of questions

I read the reviews here and figured I was wasting my time but took a chance because it was my dream home. Customer service got ahold of me right away, Closing was expedited by Auction.com. I kept waiting for my realtor to call my and say sorry... but it never happened. There was a lot of entities I never heard of involved in this transaction but they all seemed to work well together. I paid ******* for my house and with all the other fees it was *******. The house is worth around 600k-629k but I have no intention on selling it. Do your homework and keep your eyes open and maybe it will work for you too.

I should be leaving a bad review because this way, everyone reading it will stay away and that will leave more chances for me to buy another home. But I believe in a good review for good service. I found a home through another website and the next week it was removed and placed on Auction.com. I was furious and now I had to give a deposit and do my homework on this site. After getting over my fears I bid, and though I was scared of being scammed, my fears were relieved once the process starting really getting underway (about 3 weeks after winning bid) then they used a third party closing company (service link) and about a month and half later I was signing my closing documents. When doing a search only look for Bank owned Properties, this way your dealing with the bank that own the property. Also don't expect to buy a gem. It's going to be a diamond in the ruff, or maybe you have to knock the property down because it's too far gone. But either way bid accordingly and you should be more than satisfied

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.