Irvine, CA 92618
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.
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!
Worst experience of my life...closing company very incompetent. I wish I had investigated this more before getting into this deal. D.Trauaghber TN
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!!!