Listed an auction at the county center that I was interested in. Was supposed to be at 10.30. There were two other auctions for different houses at that time there but not for this one. I came back home and checked online. At 12.00 pm the website still said that the auction was on at 10.30 am. Only the next day did the site say it was cancelled. Also, many of their 'online auctions' never go through as the reserve is not met and keep on popping up, but you do not know that if you follow up on their site- unlike ebay, they never show the end result the listing just disappears, only to appear later again as a new auction. Not serious
My bid was placed on 9/29 and closing was on 10/24, a little than less than a month. After reading all the reviews I was extremely scared and just knew something would go wrong .. but nothing did. The process was very smoothly . Yes there was a fee for 700.00 for the title company but I didn't think that was bad saying I got the house for really cheap.. thanks so much auction.com
In the process of buying a house with Auction.com I got slammed with an extra and completely unanticipated $750.00 Fee from one of Auction.coms sub companies. Too late to pull out they got my escrow money. Buyer BEWARE!!!
This on line in the stack of documents is what was used to justify this extra cost: Sellers attorney fees and other costs related to closing shall be borne and paid by the buyer. I calculated all the costs; I mean everything. I got a full estimate from my closing company. This $750.00 extra charge could have been any number with no justification. According to them.
This could be thousands of dollars that could not possible be anticipated.
The justification I got was The $750.00 is Ginalis flat rate fee to coordinate the closing on behalf of the seller. I had my closing company do all the work; and of course I paid them. So, what is the flat fee for? Look and see how owner Ginali. Google it.
B as in B & S as in S!!!
Bid , won , now waiting to close . Our closing date had been pushed out four times already . I wish I could say that this experience has been easy but the waiting to close is very aggravating . If your told a date that you can expect to close and it doesn't happen its disappointing but you can understand things happen but then the second , third now forth time its beyond aggravating.I'm lucky I have a living situation that is flexible and not relying a dead line .
The customer service for this company is terrible . I was given different special contact names and numbers during different portions this process and every time I've tried to contact one of these special people I would get an answering machine with a message that said my call would be returned in twenty four hours , to this day I've never had a call returned .At this point I'm trying to disconnect myself mentality from the situation so by the time the closing does happen I'm not totally disgusted and resentful of what I've gone through to get what should be my happy new Home
So I got everything ready to start bidding on a property listed on auction.com. Three days before the bidding even started they took it off and said they had accepted an offer. What kind of bull$#*! is this? How do you take something off before the it even auctions? This website is a piece of $#*! and waste of time. Don't EVER use this site.
We bid on a property and were out bid, no problem however as we continued to watch auction the minimum bid was 25,000 the next bid was for only half that amount i.e. bid was 150,000 minimum bid was 25,000 HOWEVER price only went to 166,000 (not 175,000 if minimum increment was applied). Be very very careful when bidding on this site.
We bought a foreclosure home through Auction.com recently. The entire process went smoothly. Our transaction closed in 36 days. I was impressed with how professional our contact was with Auction.com, and also with the title company they chose.
Only advise is to be careful about what property you bid on, and decide beforehand what you are willing to pay. Some of the foreclosure banks may be easier to deal with than others. Auction.com doesn't own the homes; they are selling them on behalf of a bank or lender. Ours foreclosure was owned by Bank of America. Everything went smoothly, but took a little longer than buying a cash purchase from a private party.
I'll never sell any of my equipment through these crooks again. They lied and cheated me out of thousands of dollars. They would have made more money by being honest.... I had a lot of equipment to sell and if they had done there job I would have used them again.
I believe its about getting your $2500. deposit because I did everything right.won the property auction and signed all and then was told the bank didn't accept the offer, which was very close to reserve, Please these are cash deals.. 70k for a house with torn out heating system and other damage in no-place PA??and the bank didn't take it? Bull SHT!!!
When I called them on it got a totally different story about the reserve and all . SHifty scam business. The Title company that help my escrow was only reputable part, got it back quickly. What a waste of time and effort. You wont win or get anything from this Auction.SCam
I read all the reviews and only 1 good review in the bunch. I am starting to believe that this is really all about taking our 2500 deposit and making interest on it. I have bid several times and the next thing I know its up for bid again a week or so later. Why not just list it on MLS if this isn't so. Not happy with whats going on here. Sounds like a scam to me.
This company potentially put my family at risk! Posted pictures of my house online when the house in fourcloser is in a different section of my neighborhood. The only reason I know about it is bcause a friend saw it online. How does that make me look? Not to mention that I have no idea who might be looking into my windows when I'm away. I have a 1 year old at the house. Soooo mad.
BEWARE SCAM!!! Worse transaction ever!!! Have my $2,500 to bid plus a $3,850 earnest deposit. I won and met reserve price signed a 65 page contract due back within 2 hours. Then they held everything for 7 days before cancelling transaction today!
Closed on several properties. Each and everyone took at least 3 months longer to close than contracted for. Personnel is nothing more than telemarketers. Earnest money deposits should be kept in interest bearing accounts and buyer should be compensated at closing. Of course no one wants to talk about that, or keys, or why they need to have money wired yesterday. They also try to force you into using their title companies for closing. After closing, you have to break into your own home.
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
47 Questions & Answers
Related Articles and Tips
You've heard the horror stories and have been told be to careful on eBay, but is fraud really so common these days? The answer...
Just about everyone of us has encountered the get rich quick scam at one point or another. The huxsters may change (or simply...