Has anyone had any success with Homesearch.com?

Question

I participated in two auctions for two separate properties nearby. The price at the time was great, and though I didn't win, someone got a great deal on both of them. But neither met reserve and then a week later, they just relisted the properties as if nothing ever happened. It seems like they might just have the reserve set somewhere up around FMV (which I don't think any person trying to buy at auction is really eager to pay) and just keep running them over and over.

Has anyone had success with Homesearch or is it just a waste of time?

Katharine Chartrand · Answer

I have only had experience with auction.com. Auction.com itself is a reputable and straight forward organization. A lot of stuff is overpriced trash being dumped by the bank. If you buy that stuff it is a bad business choice. Auction.com handles the transaction fairly and professionally but that doesn't mean it is a good deal. I've looked at 20 deals on auction.com. I've been the winning bidder on 5. I've closed on two.

If you are interested in details after the sale on auction.com, PM me. That's exactly where you win or lose.

Stacey Cole · Answer

@Paul Danieli @Katharine Chartrand Hi! Can you share with me the process after you won? My husband and I would like to bid and have only seen negative comments about nationstar homesearch and greenlight. We are really concerned about being taken and them keeping our money because if them defaulting or not doing their due diligence and then we would never see that money again because if the term and conditions on their page favoring the seller so heavily it feels scammish. We just don't have the money to throw away that why we're going the foreclosure route. Thank you!

William Murrell · Answer

Hmm, good points.  I guess I will keep trying and see if I have any luck.  As I said, the high bids have been great deals but they never get selected as "winning bid" due to reserve restrictions and it kind of discourages you.  I also don't like that last second bids add time to the clock.

Paul Danieli · Answer

I was recently watching a local house on homesearch.  Starting bid was 140K - ARV 250K  It went through the process twice, got bid up to 180K with "reserve not met".  The third time through, they reduced the starting bid to 55K.  It got bid up to 140K and the took it. Sold

Katharine Chartrand · Answer

I have never bought anything through Homesearch, but the reserve usually lowers as the houses age on those sites.  I do get deals with patience and persistence.  The key is to not overbid.  You will get beaten by people who over bid.  But that makes you the winner and the other guy the loser.

>KNC<