Has anyone ever bought real estate on auction.com. I'm watching some properties and it says none of the reserve prices have been met on any of them. If someone has any knowledge about this I would love to hear about it.
Yes, I get a lot of properties from auction.com - Basically they will take the highest bid to the seller to see if the bid is acceptable. Sometimes they will accept that highest offer and sometimes they don't. I say don't be afraid, if the numbers work for you, go for it.
I have bid on a few that were in my area. (that I could do at least a drive by maybe talk to the neighbors, get a closer look)
I agree with what Jean N said: "if the bid was acceptable to seller"
I wonder sometimes if a property was listed at a high reserve just to see what type of offers they might get.
Or "reserve is met " and "your top bid" its possible you still don't win (that shouldn't happen)
I check online under complaints /reviews of the auction sites after noticing anything fishy. And I should check before bidding :)
You run into an issue or two anywhere you choose to play
If the price seems right I still make an offer.
Thank you both. That makes a lot of sense. If the numbers work I will put a bid in.
@Walker Seid - Last year they almost accepted all of my bids, but this year they have started rejecting them. Its a numbers game, just keeping bidding if it works. A lot of them come back on market for one reason or another.
My experience with auction.com is that it is a waste of time. I try do due diligence before bidding on something. There is no guarantee the seller will sell the property to anyone. I wasted time researching properties. IMO if sellers are serious they will list the property at a realistic price. My experience was with residential and commercial properties in Northern California.
Auction.com is a no-cost bet for sellers. As I understand it, you pay almost nothing to list the property and if you get a good bid, then great. No cost if you don't get a good bid.
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