I currently have bids in on two properties on Auction.com. My odds are slim on both properties and I'm also wanting to bid on a third and possibly a fourth, but I'm worried that I'll end up being the high bidder on more than one and be required to purchase them or lose my deposit. The problem is that all the properties I'm interested in end within minutes of each other. Plus, since Auction.com shill bids, I'm afraid to bid on another property even if I'm "outbid" on another.
What do you other Auction.commers do?
Bid just on the properties you want to win. You may not get any of them.
That's what I'm leaning towards, Dawn. Even if one ends up the high bidder against Auction.com's shill bids, the bank may very likely deny the offer. My fear, though, is losing my bidder deposit or earnest money on the off chance I'm the high bidder on several properties.
I have an email from an Auction.com customer service rep that says if you're "outbid" and you aren't the high bidder at the end of the auction, you have no obligation to purchase the property. That may seem obvious, but I've heard many stories of losing bidders being contacted after the auction saying that they were the high bidder (I assume because of the shill bids). The shill bids may help in my case.
Mark, your safe if you were outbid, regardless of it being a shill bid.
by being outbid, you have been put in the understanding that you are not purchasing the property. if you were outbid, they may still come to you and say the first bidder pulled out or it was a shill bid. in any case you have the option, not the obligation to buy.
The main reason is in fact your situation, a bidder that was anticipating buying a property was outbid, therefore that bidder know knowing that they are not able to buy the property it is likely and reasonable that the bidder may move on to bid on other properties thereby possibly making them financially unable to buy both OR simply not willing to buy both.
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