Working through a purchase from auction.com

15 Replies

We are working through buying a house from Auction.com. This is the first time we won a bid with them. Anyone else get a property from them?  Any surprises at closing?  Also using a private lender for the first time on this one. This should be a good brrrr house in 6 months

I always advise to buy your own title insurance from your own title company......their’s is not really “free”, they add a bunch of junk fees and they routinely only search for “recoded” liens.

Originally posted by @Wayne Brooks :

I always advise to buy your own title insurance from your own title company......their’s is not really “free”, they add a bunch of junk fees and they routinely only search for “recoded” liens.

Question, Im not a pro title searcher, so wondering what liens will be found if they are not recorded/lis pendens? (Sorry to derail thread)

 

@Tallie Craigo

Hi and congratulations on your first home with Auction.com.

I have used them about 4 times and was very happy with the prices that I got the homes for and the customer service as well.

Would gladly buy another from them again.

Lynn

I have bought through them twice.  

Their title insurance does not look at the paperwork for the foreclosure process. Things like transferring the loan from one company to another or that someone has a POA to do something are often missing. That makes the foreclosure process not recorded properly. In the future you will not be able to get title insurance to sell and these folks will never do the paperwork that is needed then.

With your own title company the seller will pull the documents together and record them for you to buy it.

All good advice on the title insurance..    All of my purchases from auction have went well expect for this last one... 

I won which was potentially my best deal ever ---An almost turnkey home ARV of $500,000 at a all in price of $350,000 .It was suppose to be owner occupied but the owner left....smooth sailing right...wrong. the foreclosed owner filed a lis pendens on the property after almost 2 months BOA canceled the escrow.... Who would have guessed that a big bank could not crush that motion.. Its be over 6 months and the property is still not back on market