Philadelphia , PA · Member since 2010 · 80 posts · 1 vote
Hey everyone. I'm a newbie working in Philly, Pa and I just wanted to get some opinions or experiences on the Williams & Williams auction. I've read some of the older posts about them on here, but has anyone attended one recently? Do they really reject most winning bids?
We have done several Williams and Williams auctions and won and had our winning bids rejected. For the first time in a long time we did one of their auctions last month and we closed on 3 of the 5 winning bids we had. The other two are in process and hopefully we will close on those soon. When they green light them for us.
I would hope others chime in as well to see if the experience at W&W has changed for others as well.
Thanks Kevin. A lot of their properties that they list in my area look like they are in pretty good condition so that made me curious about how well their auctions are handled. I'm curious as to how high the auctions with $1000 minimums actually go.
I won a bid for a home being auctioned off at Williams and Williams for $1000 but the seller ended up rejecting my bid. This has been my only experience with the company.
Bad experience with Williams & Williams in South Carolina. Appears not to be an auction at all, just away to get some really interested buyers locally to work on!
I was the highest bidder and the contract stated that we would hear back from the Seller (Fannie Mae) within 14 days. NO response until the 26th day after numerous calls and escalations. Response was "Rejected by the Seller" Would you like to make another offer? No additional details or info whatsoever to the Buyer. This is a true "Buyer Beware", guess we'll investigate the absolute auctions. Where else can we post to alert others of these mis-leading selling tactics? thanks- :cry:
I have been to one. It seems like more of like a game show. Two guys working to together.. One trying to get every last bid out of the bidder harassing them. It seems like all the auctions were bumped up by some mysterious person on the internet bidding...
I have bid on two and won two. They contacted me a week later and informed me the seller had accepted my bid. Both were auctions held in person, during the work week, before the end of business and had a sparse crowd. The auctions I've been to on the weekends or after work hours are always packed and usually get bid up in a hurry to ridiculous prices. I received clear title to both properties, had an issue with prior year unpaid taxes, and the out of state title company took care of the issue quickly. If you look at the contract, you'll notice a provision for the seller to reject any bid for any reason. Have no illusion, these are reserve auctions, but my experiences thus far have been positive. Auctions with REDC, Realty Bid, and Hudson Marshall have been less than successful in my opinion, with moronic reserves that never get met, and some even have a week holding period AFTER you are the winning bid where somebody can still come in and offer on the property. Pretty bogus in my opinion.
Thanks so much for your replies. You gave me the insight that I needed because I've never been to an auction yet. Very useful info guys, thank you for responding!!!
John, Ive dont alot of online research and have read of many winning bidders being rejected and few accepted, of those accepted some had issues afterward. I'm looking at 2 properties they are listing in PA, can you post if everything went through ok to the end, no issues at all?
It would really be helpful. Thanks
Originally posted by John Newland:
I have bid on two and won two. They contacted me a week later and informed me the seller had accepted my bid. Both were auctions held in person, during the work week, before the end of business and had a sparse crowd. The auctions I've been to on the weekends or after work hours are always packed and usually get bid up in a hurry to ridiculous prices. I received clear title to both properties, had an issue with prior year unpaid taxes, and the out of state title company took care of the issue quickly. If you look at the contract, you'll notice a provision for the seller to reject any bid for any reason. Have no illusion, these are reserve auctions, but my experiences thus far have been positive. Auctions with REDC, Realty Bid, and Hudson Marshall have been less than successful in my opinion, with moronic reserves that never get met, and some even have a week holding period AFTER you are the winning bid where somebody can still come in and offer on the property. Pretty bogus in my opinion.