quick auction.com question

Buying & Selling Real Estate
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quick auction.com question

Marci Stein
Rental Property Investor · New York, NY · Member since 2011 · 956 posts · 510 votes

I registrered to bid but now have changed my mind and no longer want to bid on the house. 

If i do not bid,will i still get my $2,500  back which they hold on my credit card?  

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Brian BurkePro Member
Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
11y

Yes, you will. They don't charge your card unless you win the bid and default by not completing the purchase. 

They just put a hold on the card until the auction ends. If you aren't the winning bidder (or don't bid at all) the hold goes away.

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  • Brian BurkePro Member
    Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
    11y

    Yes, you will. They don't charge your card unless you win the bid and default by not completing the purchase. 

    They just put a hold on the card until the auction ends. If you aren't the winning bidder (or don't bid at all) the hold goes away.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    11y

    @Brian Burke 

      do you acquire  properties from these on line auction sites  ???

    Bid for Assets for tax sales etc... Just curious...  

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  • John Ellis
    Flipper/Rehabber · Mentor, OH · Member since 2011 · 121 posts · 51 votes
    11y

    I lost an auction on auction.com about 2 weeks ago and it took only about 2-3 business days after the auction ended that the hold was removed. 

    As a side note auction.com allows on some auctions to place pre-auction bids in which you do not need to deposit 2500 rather you need POF and your highest and best offer. Good luck with your pursuit of a property.

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  • Brian BurkePro Member
    Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
    11y

    @Jay Hinrichs I haven't purchased tax sales from ********** (I've tried but most tax sale stuff in CA is junk), but I've bought a hundred or so from other various sites over the last few years.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    11y

    @Brian Burke 

      great   did you by chance follow that large lakefront property N of Lakeport that was up for tax's last year I think opening bid was 800k... I watched that one and I think it went back to bank of the west or one of those... I kind of wanted to buy that one.. I had done a few deals north of Lakeport over the years that were pretty decent..

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  • Brian BurkePro Member
    Investor · Santa Rosa, CA · Member since 2012 · 2k+ posts · 7k+ votes
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    @Jay Hinrichs I put blinders on that blocked my vision of Lake County for the last eight years. I just recently bought up there for the first time in a long time!  It's too bad that the Clearlake airport is long gone and Lampson doesn't have rental cars, I might do more up there if I could be there in 15 minutes vs. 1.5 hours.  :)

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  • Howard Manning
    Contractor · Sims, NC · Member since 2014 · 54 posts · 16 votes
    11y

    Hi.  Howard here, a very small investor in Wilson, NC.  I recently helped a friend buy a house in Wilson for $52,000. where similar houses are priced just over $100,000.  Auction.Com came through just fine.  Auction.Com has a house in Greenville, Tn with starting bid of $20,000.  where my daughter lives.  I would love for someone to help me finance it so I could fix it up and flip it.  Auction starts Dec. 12.  Check it out.  I have been out of tax sales and auctions for a good while working almost full time and managing nearly 20 rentals.  But trying to get back into the buy and flip with rehabbing again.  Good luck on  the auctions.  By the way I came across an auction site I was not familiar with called Realtybid.com.  I partnered with a lady and got a house from them for $23,500 plus the $2,500. fee.  Houses on that road are priced in the $70,000s and it dosen't need much fix up.  

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  • Josh Lawrence
    Property Manager · Bountiful, UT · Member since 2014 · 19 posts · 5 votes
    11y

    Awesome info! I will have to look more into these sites, sounds like there are deals to be had. Good luck in your ventures!

    Josh

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    11y

    @Brian Burke 

      I could usually get airport auto brokers to send me out a car at Lampson.

    Peirce was the other airport My dad had an office there in the 60's and 70's when he bought up half of the town of Clearlake in the day.... I think he probably had well over 1000 lots there.

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