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Updated over 5 years ago on . Most recent reply

Account Closed
  • Rental Property Investor
  • Miami, FL
54
Votes |
80
Posts

Auction.com now for newbies/inexperienced?

Account Closed
  • Rental Property Investor
  • Miami, FL
Posted

Does it feel like auction.com has now become a platform for inexperienced buyers/investors?  I've used the site successfully the last 3 years, but noticed something changed this year.  Bidders are submitting bids immediately when house comes onto auction, even though there are three days left.  Bidders are actually driving the price way above any number that would make sense for a buy and hold investor, or even to flip. These are becoming very skinny deals that aren't worth it.  Is anyone else noticing it, especially this year (2019)?  I purchased 3 houses last year from auction.com (fantastic deals), and this year have bid on many, but have yet to win one.  Feels like it is now crowded with people who don't understand the process (hint: wait until last 15 minutes or even 3 minutes before auction ends to bid) and are driving prices up, which is what auction.com and banks want.

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