I've been looking at sites that auction bank owned & foreclosed homes. I don't have ANY experience with homes like this. I'm wondering what are your experiences with purchasing a home off websites like auction.com, hubzu, etc. What are the fees like? Do you get your bid deposit back if you don't end up purchasing the home? Thanks for sharing!
You just have to read the terms. Most cases you forfeit your EM if you don’t close.
BiggerPockets has an REO resource to check out:
I've had some luck with Auction.com, purchasing 2 properties at about 40% discount, a 3 and a 4 bedroom. If you loose the bid, your cc is not charged. If you win the bid, you have to get your paperwork and funds in quickly or they can withdraw the offer. I won the last 2 auctions and Wells Fargo didn't accept and returned my EM in both instances.
It best to buy a property not occupied that you can do a walk through.
It seems like some of it is just timely bidding or banks deciding to just give up and sell. I notice some properties stay on for a long time and automatic bid up to or very close to the reserve.