Auction.com?

[Daniel Klebba]

Have any of you used Auction.com? Most of the properties say "Cash Only" and the bids usually start at $10k or so. I have noticed in the notes many of the properties say there is a reserve but when they say Cash Only does that mean the website doesn't finance? Meaning if I obtain my financing/pre-approval letter in advance will that work? Any help is greatly appreciated. Dan

[Scott Schultz]

it means you need to be a cash buyer, as in Proof of funds letter must be provided, if you registered, and won the bid, but you have to finance, they will charge your credit card, and you will be out like $2500. the starting bid is a general indication of reserve, a $10K opening is probably a reserve around $35-$45K maybe more, a $7500 opening is usually around $25k reserve. if the property is in MLS, the reserve is the list price in MLS, but auction.com may shill bid for their client to increase the final sale price, as what happened to me on the last one i purchased, it was still a deal so i didnt care. good luck.