Who's using Auction.com? Are there really any deals?

Question

Hey all I am just curious who is all using auction.com or another online auction portal to buys real estate and what is your experience?

Any tips on going about purchasing?

What to look out for when buying online?

Are there really any good deals using an online auction?

Thanks,

Josh

Dana Whicker · Answer

Totally depends on your market and what auction site you're using, who's bidding against you, etc.  I have acquired my last 2 deals from an online auction site and one was pretty good and the other one was a home run. YMMV.

Account Closed · Answer

I did well on a home a few years ago from auction.com but now ,at least for Vegas it is all trustee auctions so you are also assuming the debt with the property.It takes more skill and there is more risk,plus many are owner occupied .The few that I followed appears as if the property is close to or exceeds market value

Josh Norris · Answer

Thank you all.  I was curious as I am sure others are what peoples experience was.  I haven't purchased a property online but may give it a shot and throw some bids out to see what happens.  It seems like there are many types of properties on there from bank owned to FSBO.  Some charge a percentage some don't.  If they truly are bidding up using bots then that is a big reason to stay away as it is not a true auction if that is the case.

Joe Moore · Answer

As in any real estate market, it wil depend on what the market in which you pick is doing.  If it is in a hot market, a good deal will be hard to find because it just another place for bidding wars.

Simon Gill · Answer

@Josh Norris. I would also recommend researching  https://www.homesearch.com.  They have online auctions similar to

Auction.com.

Robert Bowles · Answer

I have purchased 2 properties there.  The first closed in March 2013 and the second in June 2014.  Both required lots of work and one is a mountain rental the other a rental in Portland.

They both worked out really well for me.  That being said their site now shows sales happening in the area, not only properties they are selling, so I have not been too impressed lately.  As @Dana Whicker said, I think the market really seems to matter.  I have been looking in another state and it is not as cluttered and the deals seem better.

Their purchasing process was a little maddening, but I was not in any hurry for both properties.  It was difficult to talk to anyone when they went over their contract dates and then all of a sudden they want to sign today.  It was not an issue for me, but it was a little stressful.

Other than that it is just waiting for the right deal of you.

Luka Milicevic · Answer

I actually read quite an in depth discussion yesterday regarding auction.com.

I've never used it, but everyone else that used it said it wasn't great. A lot of people were saying it looked like they bidding against bots that were propping up the price.

Quite a few people said that they lost the bid and were called back later saying they had the highest bid. I guess that was because their bots bid the property up too high.

Jassem A. · Answer

From what I've seen, it is (potentially) a better site for selling than for buying.  Too much competition for a property from others including institutional investors will drive the price up more than you can get a similar property for on the MLS.

Who's using Auction.com? Are there really any deals?

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