Auction.com

10 Replies

Is any one has experience bidding homes with auction.com

Are they good... They want $2500 deposit charged your credit card account..

Thanks

There can be good deals on these auction sites and many people purchase properties this way. I recently wrote a good blog post here on BP about these sites and how they work.

http://www.biggerpockets.com/blogs/6630/blog_posts/44315-auctioncom-hubzu-and-homesearch--what-you-have-to-know

Yes there are good deals on Auction.com. I purchased 4 of them in 2014 in 3 different states and have one currently under contract at the moment. I love them because they are REO properties which means that they are all free and clear of liens. The one under contract had $125,000 of liens on it. Crazy, huh... Don't read too much in their contracts because they are written to cover all the states that they operate in and some information is contradicting.

Always do your due diligence with the property, comps and assessor's office.

Good luck.

@Moh Said I have yet to win one of there auctions but have bid on several. I never had an issue with them releasing my $2500. Some of the homes do have judgements or back taxes owed which you would be responsible for so be sure to read their disclosure info.

I always get frustrated with the auction sites. It's just a whole different game to play.
Agree with @John K. You have to know what you are doing to get a decent deal. Good luck.

I don't know about Ohio but in Texas auction.com is a trustee for non judicial foreclosures.  There very well can be liens or you could be bidding on second mortgages. Full title research is required.  

I've researched quite a few foreclosures and yes, there are times where there are liens 10 X the market value of the home. Not through a REO on Auciton.com though. It states that the properties are free and clear. I do call the title company and the county office to ensure and without mistake, the bank has had the judgments and liens wiped out during the foreclosure deal for a clean title. Now, at the courthouse steps on a foreclosure, different story. This is why I buy through the auction sites online...

Thanks for the information BP family.  I'm going to my first Auction.com on Friday (July 10th) to observe and see how it goes, so I was pretty happy to see this post.  I'll let you know if I see any good deals.  I don't plan on bidding since I'll be a first timer.

Originally posted by @Jennifer Krupp :

Thanks for the information BP family.  I'm going to my first Auction.com on Friday (July 10th) to observe and see how it goes, so I was pretty happy to see this post.  I'll let you know if I see any good deals.  I don't plan on bidding since I'll be a first timer.

 Hi Jennifer, How did your first auction.com deal/bidding go? Did you try any other auction deals after? I'm looking at a few properties and would like some insight.

Also, I'm still wondering whether anyone can make a bid on auction.com, or whether you have to be a licensed agent.

Thanks!

After reading a couple of posts on auction.com - found out that I don't need an agent to make an offer.

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