How to use Auction.com

Question

Hello,

Is it a good deal to buy a property off of Auction.com?  I've registered for the site and noticed some properties that were bank-owned/foreclosured homes have already pasted their start date with a start value of $100.  Has anyone used this site and what would be your recommendations?  Thanks!

Theresa

Theresa Weir · Answer

Thanks guys!  I will keep that in mind.

Michael Lee · Answer

Hello and welcome to BP!  I have not used that site but I recommend you just go and see how many people are showing up.  You might meet someone that can tell you a few things.  I have heard that the auctions have gotten real competitive so I would just go there so you can see how it works and what the properties go for.  Good luck to you!

Evan Wiesner · Answer

I use it frequently and I'll be honest, it's not for the faint of heart.

What you have to keep in mind is that they are in it for a profit, and they don't know a whole lot about the properties. The can, and will, bid against the field to get close to a "reserve" price that their client (the seller) has dictated. And they will re-run the property repeatedly until they get that price or their client chooses to lower the reserve.

Also, do your research. Know your title and condition of the home. Title is not guaranteed on many properties and the condition isn't known by them so arguing the home is destroyed isn't a great argument because they aren't concerned.

In the end, you can pick up good deals if you know your stuff, but it takes time and effort. Good luck!