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
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
45 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...
Just about everyone of us has encountered the get rich quick scam at one point or another. The huxsters may change (or simply...