Auction.com 'Make An Offer'
Does anyone have experience with 'Make an Offer' through Auction.com that is available on some houses prior to going up for auction? I met the stipulations required 'For a limited time‚ only Owner-Occupants‚ including non-profits and public entities will have offers considered during the Make An Offer Now period.' and have submitted an offer. Is there an expected time to wait for the seller to contact me regarding my offer? Customer support through Auction.com states that sellers rarely contact buyers who utilize the 'Make An Offer' option -- but that doesn't make sense to me. If they weren't going to contact them or counter offer...why bother having the option to offer prior to auction?
Thanks.
@Angela Blake.
Make an offer early and submit according to the listing guidelines. Even if they won’t consider it for 10 days - yours will be one of the top ones on day 11. What’s the worse that happens- they don’t contract with you? You definitely won’t get a contract to buy without making an offer.
When I am in buying mode I make 5-10 offers a week.
@Angela Blake. I give 1 week until the offer expires. It isn’t uncommon that I never hear anything. More often I get several “submit highest and best” and a few offers with the same terms before the bank will accept the price.
Are all of the offers you submit at or above the reserve? I've looked a lot at Auction.com but never used it and have seen very few properties actually make it to auction.
Originally posted by @Ryan Freet:Are all of the offers you submit at or above the reserve? I've looked a lot at Auction.com but never used it and have seen very few properties actually make it to auction.
If you are looking in B areas or better, they are probably getting redeemed. I just won an auction.com auction in Columbus, but its a known drug house and I think that scared everyone away.
During the recession I got most of my buys by using the auction.com "make an offer" feature before the auction. I havent seen that option in ages.
OP may be seeing a HUD/fnma type govt owned REO sale that is only open to homeowners at first. If they are a legit homeowner and have done their due dilligence, i strongly suggest trying!