Has Anyone Had Success Using Realtybid.com?

Question

There are a few properties that have a lot of potential on realtybid.com but I have never purchased using that site before. I've purchased foreclosures before from HUD, Hubzu, etc, but never that particular site. Do they bid against you like auction.com? Has anyone run into issues clearing title? Every listing states that there may be a tenant, do not disturb, etc. It seems very strange, unless this is the servicer that most banks choose to use when they have a foreclosure that is occupied... I'd appreciate any advice, experiences that anyone may have had, etc!

Klm Foster · Answer

I bought a property on Realtybid and spent 8 months under contract, while they resolved a 2nd unreleased lien.  Not a clean title, but we waited and put pressure (and did most of the searching ourselves)  I also used a local title agent, which is what saved us.  It is owner occupied, so we were wiling to stay in the game for this long time to get the property/ title cleaned up.

Recently I was bidding on Auction.com (my first experience with them, and was surprised at the counter bid (I think I was the only one bidding against the seller- )  That must be why.  thanks for the leads on other sites.  I'm new at this, and don't yet have 'bigger pockets'

Allen Thomas · Answer

Thanks Naveen. My auction.com experience was similar. Not all of the listings state that they are conveyed by QCD, just some. I still haven't heard from anyone who does much business with them, and that worries me...

Naveen Desai · Answer

Hi Allen,

Auction.com although has many properties on their site, they dont really do a honest auction in my opinion. They are in favor of sellers( usually banks) and they do shill bidding till reserve is met.

My recent experience with them was even mis-representation of the property. They listed a property of 3bed 2 bath as 4bed/2bath and i was winning bidder and when I showed them the county website for description of property, they corrected the details and put it back to auction.

Anyways, that aside,  back to your question about RealtyBid.

Many properties I saw on realtybid.com only has title conveyance through quit claim deed. Does not work for me and therefore I have not worked with them. Something you may want to look into details before bidding.  I have also won on Hubzu.com and homesearch.com.

Thanks,

Naveen.