Irvine, CA 92618
Ohhh yes they know how to play you and they DO have a bunch of people bidding "AGAINST YOU" SITTING AT THE AUCTION.COM OFFICE! They have the timing down, the formula down, and the profitable arrangements with the banks to do this to you! Do not, Do NOT, DO NOT even fancy yourselves buying a home from this low integrity company. LET ME "take the hit" here and warn you. Buy "By Owner" or through a legit Real Estate Agent! You will go waaay sideways working with Auction.com and don't believe the higher stars reviews. I learned my lesson the hopeful, long and hard way with this company. Click out of their site and MOVE ON!!!
I participated this BS online auction for a house estimated for $230 000. I was the highest bidder with $225 555 when auction officially ended(+ you have to pay additional 5% over the final bid if you win when the "auction" ends) .Then after few seconds I received a call from a person that said bank is next to him and how much more can I pay !? So the "AUCTION" started to keep adding minutes and the bank's reserved price was never met till "THE AUCTION" really ended. House was "sold" for $246 555.
After 2 weeks house came back online for sale.
IN TWO WORDS-DONT WASTE YOUR TIME !!! THE RESERVED PRICE OF THE BANK IS THE MARKET VALUE OF THE PROPERTY.
This company listed my deceased parents home as a foreclosure. The home was still owned by the estate who had received no notice of the house being foreclosed. After further investigation, we learned that someone had stolen my mother's identity and opened a credit card in her name, to a po box across the state. After proving to the collection agency that she had passed away 6 years earlier, they wrote off the charges and cancelled the auction. We have been trying to contact Auction.com for weeks. We have sent them numerous emails, with court documentation proving the house is not being foreclosed, with no response. I have engaged in two separate live chat sessions (there is no number to actually talk to a real person with these people) with their representatives with the promise that this would be looked into and removed with no response. The false listing of our property is now impeding the legitimate sale of this property and has forced us to take legal action to have the listing removed.
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!
Tip for consumers: Don't bid until less than 30 mins left in process. If you see systematic bidding everyday to raise the price, that is auction.com bidding for the seller to get the price up. No need to waste your time bidding on something that will just be bid over until the reserve is reached. Save yourself time/energy and start bidding with 30 mins left, if you reach your max price you are willing to pay and it still says reserve not met, walk way.
We were contacted by several family members asking if everything was ok. They had seen our home on auction . com and zillow as a foreclosure and it was up for auction. I pulled the listing up and in fact it was pictures of our home ! The address was not correct , the description was not correct , (said it was 2 bedrooms 1 bath our home is 4 bedrooms 2 baths ) it also said property that was being auctioned had 10 acres , we only have 4 ! I have been working for 3 days to get our home pictures off their site . This has truly been a nightmare . We also contacted our bank to see if an error had been made and they said they have absolutely no knowledge of this and did not supply and information or pictures , our account was in perfect standing . People are currently bidding on pictures of a house that obviously is not for sale or a foreclosure ! A night mare to say the least
The house that I wanted was a repo. Bank had 10 offers so they decided to put it to auction. Move on to auction.com, we bid and "win." Next thing that happens is I get a call to fill in blanks (name, address, broker name, etc), then you need to sign contract within 2 hours, send money via wire within 24 hours, submit paperwork within 24 as well. Then my 115,000 winning bid jumped to 120,750. I ask what that's for, they say buyer's premium. I ask what that is, they say it's their fee. I have to pay them $5750? For why?! Move on to contract that only we can see, it's 52 pages. Have a friend look over it, it is very fishy. Basically inspection done before signing, must sign before utilities get turned on, utilities must be on for inspection, and not to inspect before bank officially accepts our bid (which they have 15 days to do so). I wasn't about to lose 6 grand over this if something was wrong with the house. I was told by auction.com's Lindsay Wyatt that she isn't a lawyer and can't interpret the contract, I said well that's my friend and my's interpretation. She said we aren't lawyers either. I said I know! She said we couldn't inspect the house because it was occupied. I told her that i viewed it 3 weeks ago and nobody lives there. She said she could only go off her paperwork. I said it was wrong, she didn't believe me. Then she says oh wait, you are right, DUH I'M RIGHT! Then she couldn't answer my questions and to call the bank's realtor. The realtor was also frustrated and he hadn't even been privy to the contract. He said he'd call the bank and get back to me, which he didn't do. Lindsay then emailed me saying they rejected my offer. I said the bank? She said yes. Then she needed me to email her a cancelation email saying why. I emailed "But the bank cancelled? Why do I havery to send a letter?" I never got a reply. Then 4 days later she called, very rude, you must email with cancelation today, I said I was gonna go through with the sale until the bank wouldn't let us inspect the property properly. She said that likely the bank wants to know we are serious buyers. Why would I pay for an inspection if I wasn't serious!? She then said she made a note of it but I needed to email with the reason by end of business day. I said I would try to do so. When she wasn't making any money, she was very rude.
I don't know how many people are involved in each transaction but it seems like it is up to the buyer to keep things going after you sign a contract. My examples- One house had a recorded $3000.00 sewer lien on it that I found out about when I tried to resell. Luckily the sewer bill was forgiven so I could sell it without paying it. Auction.com title search company should have been able to see that before selling to me through their preferred closing company. Latest purchase-Auction .com had me sign all document, accepted it and then never sent me a copy of contract signed by seller until I asked for it. I set up a closing because you have to close in certain amount of days. Their title company and Lawyer office didn't know anything about it. Servicelink won't return emails to my closing company about anything asked. Finally closing was scheduled but deed had not been prepared or sent to their lawyer. Lawyer was to receive deed on Friday and wire it to my closing company on Monday. Scheduled closing for Wednesday. Called lawyer that morning to see where deed was. They had it and forgot to send it. Have deed and closing statement but seller (Wells Fargo) had not signed yet. Maybe I will get to close today.... Since buyer gets stuck paying all of seller's closing costs. they really hit you good. My $20600.00 purchase has about $2500. in fees added to it from my closing company and auction.com seller charges. Third delay in closing.
You will see the same house listed 6,8, 10 times because it failed to meet an unpublished reserve. They now list a few homes with published reserves, but the published reserves are far above market prices. I have purchased a few properties from them, but nothing in the past four years due to unrealistic reserves. I have written to the people in charge and was told they don't set the reserves. In my opinion the lenders who set the reserves are totally unaware of local market conditions and this site is a waste of your time.
I am a Realtor, and was contracted to do proxy bidding for auction.com's internet clientele. I completed all paperwork and provided all necessary tax information... I worked for auction.com in Georgia on the first Tuesday of October, November, and December.
After not receiving payment with a variety of excuses, I have refused to do any further proxy bidding for them. I will be following up legally, however I want to share my story publicly so that people understand their shady behavior in a situation that is very clear and straightforward.
Thank you for your time and attention,
Sheila in GA
I was super nervous after reading all the bad reviews on here, but my experience was great. I think the people complaining have no clue how the auction process works. Auction.com is just the middle person, all these house are bank owned. You have to do your due diligence. The process is as good as you make it. We had a few issues with paperwork,(zip code was wrong), and I did have to make multiple phone calls to get it fixed but everyone was super nice, and communication was prompt. Some people might be angry that multiple phone calls where needed to fix the problem, but I bought this house for ten's of thousands under value, so I don't mind doing a little extra leg work. I wouldn't hesitate to buy another property through auction.com!
Amazingly poor experience that's now extending past 5 month.
No property, no refund, no support.After calling them today and talking to supervisor Jason who was in extreme rush and even can't talk straight, after I explained my situation and asked for the property or a refund he stated he doesn't know what I need.
Then of course a very quick bye and click.... sad man and can't handle the job.
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
Tip for consumers: Do your research on the property, but this is by no means a scam
We closed on our first auction.com property earlier today and the process from start to finish was very smooth. Fortunately, we chose to ignore the majority of negative reviews as it was clear that almost all of them had clearly not read through the auction.com rules or fine print.
We went into our transaction with open eyes and were not disappointed. The customer service team was amazing. Answered every phone call and returned every email. I had every question answered before I even placed a bid and after we won.
We would absolutely use the site again and be sure to due our due diligence.
From what I can tell if counter bid is in blue under current bid, it's Auction.com bidding. They do this all the time.
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.
How are you getting away with this SCAM? Hundreds of bad reviews. I also believe its all about getting your $2500 deposit.They make a ton of interest and then one day you will hear they just kept all of it! I have seen the same house on here for auction for over a year.Really?Its been bid on but still no sale?
My home was placed on this site Auction.com from previous Lender Nationstar and my loan investor Freddie Mac. none cared!!!!!! I complained to everyone even court system and today my home is owned by someone else and we are being harassed 5 days a week with numerous people knocking. If it's happened to you please make arrangements it's a stressful headache
I just barely bought my house through escrow and this horrible site placed my house on this auction page and had someone come and take pictures of my home and cars and now I have people driving by looking at my home while my kids and I are here !!!
This is not an auction at all. They, according to their own rules, can manipulate anything that even approaches the appearance of a legitimate auction model. Read their following words," Until the seller's reserve price is met, Auction.com may counter bid on behalf of the seller. Counter bidding gives buyers and sellers more flexibility to find a mutually agreeable price. Counter bids do not occur after the seller's reserve price is met."
Until their "reserve price" is met, they can bid up others bidding on the site - even if there is just one other bidder. On top of that holding deposits???
Bridgeport, CT bid just took place on house that was worth 100k and it went for $151, 911. For an investor there is no upside. For a homeowner it needs $50k put into it, thus no upside. Go buy a house that has already been done.
Tried to by a condo that was listed with a local broker for $138.060 we were told we have to buy it thru realtor.com even though it was fresh on the market. Not the realtors fault by any means. WE offered over list to the realtor but she told us that it was out of her control. Signed up with realtor.com offered 135k due to the 5% commission fee to the auction. BID did not meet reserve price and it went off line.emailed the auction told them we would be willing to negotiate. No response. Emailed the broker with an offer of 142.500.00. She called us back and informed us still out of her control and that she was very sorry.it was going back on auction. com again soon. SO back we went got registered. Starting bidding Nov 1st in the am auction to end at 1pm bid 9 times reserve came off at 132.500.00 we were the highest bid. Great! Told my wife,so excited! Still not ours honey.thus was at around 11 am 2 hours to go. Told her people could bid at the last minute. But that's OK the clock resets and gives you 2 more minutes to counter bid as I've seen before on this sute.no problem I thought. WE were top bidder until 2 seconds left then it happened screen told us we were out bid and the condo vanished from the site.no chance to counter Wtf!!!!!!! Sold to someone else just that fast called customer service they told us that there monitor showed extended time that it was my fault! A total lie and the biggest scam I have ever seen. talked to a manager he ssid I didn't refresh my screen.also a lie. It showed we were top bid and the clock was working as it should! Shortly after our realtor called and asked what happened because she was watching the auction and confirmed the exact same thing!!!!! Wow!!!! She felt so bad but again she could do nothing. Found out later that night that the bank that owned the condo lowered the price from 138k to 129k right before it went on auction. Com for the second time! Even though we offered 142.500. Before it went back on the site.then sold it for approximately 10k less. AT auction. com. Sounds like there's a snake in the wood pile!!!! We believe that a friend or investors stole our house from us!!!!! We will not let this rest. WE will fight this until all avenues are exhausted! Attorneys, social media,local news teams. And the bank itself. This should be illegal. This can't go on we must fight!!!! Ps. I should have read the reviews before like I normally do. But we wanted the condo so much I wasn't thinking straight. Will keep posted if anything changes. Thanks to all.
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.
63 Questions & Answers