Notified I was the winning bidder. Demanded a 26 page contract returned signed along with a wire transfer of $2500 within 24 hours. Took 3 days to confirm they received it. Several calls to my contract agent, never responded! Never notified me of non-acceptance. Now I fighting to get my money back.
If you don't believe it, read this....http://www.nytimes.com/2016/06/27/business/dealbook/private-equity-housing-missteps.html?_r=0
They are a part of a private equity mortgage theft scam that is now taking over the real estate markets all over the US. They make money through every step of the process, and pricing out regular joes like us from ever owning a home or gaining prosperity through homeownership.
Never buy a home on this site...EVER!!!
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.
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?
After reading ALL of the terrible reviews here, I am no longer going to bid here. I think everyone needs to send the complaints to the Attorney Generals office in their state
and let a fraud investigation start. After a certain amount of complaints the Big Boys may get involved. This place needs to be shut down based on all I have read!
The house for auction on June 28, Bardo Street, Visalia, is a RATS NEST. The yard is dry dirt, the inside is TRASHED, the windows are boarded as squatters were there until the police ran them away. Beware of this house. It is probably worth Ten to Twenty Thousand, and will require at least Fifty Thousand to make it liveable. Dr. Walters
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
I spent much time reviewing their properties, and considered to buy multiple homes with over xxx,xxx cash. After reading about the shill bidding, poor customer service, and many other issues I am extremely hesitant to even place a bid. Most likely I will not be using your service, unless I see someone step in and address these complaints. As of now, there is not even one person defending your company, and tons of legitimate complaints from people who have used your service, and even a complaint from someone who worked for you. This is frustrating to see, especially after registering and spending much time on your site.
I've bought three properties from auction.com & the last one was the worst! There are some good deals, but you have to be really careful or they will just let deals sit with your money tied up, give you faulty title making a property impossible to sell, and screw up every piece of paperwork.
Do NOT use their closing company Servicelink-they are HORRIBLE and incompetent. We got to closing and they provided the wrong deed. It then took over 80 days to get them to correct it. The closing specialist at auction, Lynette Achong, was completely unresponsive for weeks-my realtor and I called and emailed daily for two weeks to get a response. She was rude and when we pushed, she would threaten to kill the whole deal & keep my earnest money if we didn't stop calling. I told her to bring it on-she wouldn't have a leg to stand on. She was basically mad we used our own title company who caught their mistake. She said she had planned to close our deal to have it count for her April numbers & our insisting on the correct deed was going to mess up her pay bonus...tough, honey...not my problem...
No one will ever let you talk to anyone's supervisor, but when we got to 80+ days and no response for weeks & her threats, they finally elevated it & got it done. It required a director at servicelink to force the title agent their, Heather Moeser, to do her job.
The vast majority of their properties have a problem, which is why the banks use the auction sites to sell them. You have to do your homework and I wouldn't recommend the site for inexperienced real estate investors unless you have a savvy realtor to help you. Properties are sold as is, including title issues, so it requires either a lot of due diligence or such low prices you're not risking much.
The closing took 3 hours where they had all the paperwork wrong, they sent a notary who they forgot to send the pw to and the Realtors had to print. Buyers handed over a check for remaining balance and left with no keys or instructions as to how to take possession, because AUCTION.COM did not supply any. They never kept contact with me even after assigning an asset manager who NEVER ONCE (JACK DYU) responded to a single email.
These people are incompetent. They want to control the closing but they can't get the correct deed. They have bumped back the closing date twice. In the real world there would be very serious ramifications for not holding a closing date but they don't care.
I won the auction, met the reserve price, paid my deposit and had a signed purchase agreement then sat waiting for the deal to close. After two weeks Auction.com sent me a email asking me to sign to agree to cancel the transaction due to it being conveyed to HUD. I refused to sign for over a week and every day I would get the same email Then all of a sudden I get an email. "Thank you for confirming an unilateral sellers cancellation will be sent to all parties." I sent and email stating that I did not sign anything and this is what I got back."In my email it states unilateral sellers cancellation. This would not require a the buyers to sign the form." As of today I do not have my deposit back and I do not know when I will get it. But from the look of this whole experience, auctions on Auction.com are not final and the seller can pull it back at any time. However the buyer is not able to inspect the inside of the property and you could loose your deposit if the buyer decides to back out. If this is not the case someone can correct me. But this is the way I feel. And yes all of this may very well be in the sellers agreement but I have never been to an auction where the property was sold then pulled back. Seems shady to me.
I've been reading some very bad reviews from people and collectively they are correct. What I have experienced with these guys is poor service. Once you win the auction you are setup with a contact person, designated go-to person. The first email I received from my agent was a demand to send EMD within 24 hours. OK, I understand that part. The next part of the demand is to sign and return a contract within 2 hours. I am an investor and I prefer to take these contracts to my attorney to review and explain to me any pitfalls.
I attempted to contact my agent and it rolled into voicemail. The voicemail says he will return my call in 24 hours. Already this will put me past my deadline. I read it as a delay tactic to force you to abide by any terms in the contract.
I communicated several times through voicemail and email. I received slow to no response. One of the emails I received urged me to contact his higher up. I did on two occasions and received no response. I guess that makes sense, the boss
sets the tone for the employees. While I disliked the service, I now know what to expect on my next endeavor with auction.com. I think it's an easy service, definitely better than attending a live auction where properties can be cancelled and postponed.
Use the service and focus on low prices. Bid on many properties expecting to lose many. All you need is one right?
In hindsight, the service is terrible but not unbearable, as long as you keep the right perspective.
Hope this helps!
H3 First Investments LLC
Tip for consumers: Close the deal you want, not the one they want.Ask Andres about Auction.com
I started with a bid of $2500, the seller countered my bid to $7500. Oh, that's smart. Normally, the increments for other auctions in $1000, nope, for them it's $5000. So now they expect me to bid $12500? Really? for a house worth less?
The old owner left because of the crime in the neighborhood, so they walked away from the house. Highest crime rate out of all the neighborhoods in the city, and the city has hit #2 on a couple occasions as the worst in crime in the US. At best, it's worth $10K, if you're willing to put up with the gunfire.
Not even the seller got out of his truck to take a picture of the house, which by the way, is the wrong house. Auction.com never bothered to check! The seller rolled up, took a picture through the driver side window, stuck the camera outside to take a picture of the street in front and back. Note, they think the house is worth more. LOL!
So I tried to contact the seller who at this point is wearing rose colored glasses to call me after this thing ends and no else bids on it, and I know I'm the only one willing to work out a deal for them. No, they won't let me. Nothing they can do. Uh, auction.com left a bad taste in my mouth.
I'm over a month in to what should have been a two week escrow and I'm experiencing the same bull$#*! as everyone else- no progress being made and the closing specialist (ursala auger) refuses to answer the phone or return emails.
There is no way I would ever deal with auction.com again.
I had register for a bid and they hold $2,500 deposit for over a week after the action ended and the Seller never accept the highest bid(not mine). I had to call them many times to see my money back.
They did not let me see the property (even holding a Real Estate Broker license), so does not make any sense to me, besides that they told me we are responsible for all unpaid taxes and any lien the property has...
I stopped looking their site and I think they are not serious... so be careful, because you can loose a lot of money with this auction.com scam company.
I can not believe that such practice even survived so long in the United States. I want to warn anybody who are thinking to buy from auction.com. There are several things you need to pay attention to. First, when you bid online, the auction.com will bid against to raise the price. If your bid does not meet the reserve, they will keep up bidding against you. If nobody win the bid, they will post the property one day later. Second, the auction.com has terrible closing services. You need to be careful what you signed for. Usually, you will have to pay the closing cost for the seller. The closing agency they are using is called service link. Both auction.com and service link has terrible services. They only want money. They do not want to do the work. Most important, you need to ask them whether they have the key to the property. Our experience is that we paid everything for the closing and waiting for the key. Auction.com told us that they do not have key to the property. You have to break the door to gain access.
I posted my experience here to let other people know so that you won't get hurt by auction.com.
The bank or whomever will bump the bid to over the value. This site allows shil bidding so the owner is bidding on his own property ( a violation in an ethical auction) or snipe bid at the end of the auction I gave them a seldom used credit card and one month later it was used in another state miles away, watched an auction, house went for over the asking price, months later still for sale, BUYER BEWARE
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.
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