Bidding on GoHoming

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Bidding on GoHoming

Joe Payton
Wholesaler · Dallas, TX · Member since 2012 · 15 posts · 0 votes

Below is the correspondence with gohoming this morning. They are a BPO auction house and are posting "Minimum Bids" which once met, are somewhat less than "Reserve" which they will not disclose. So you have any experience in bidding with GoHoming? What percentage of the Reserve is the Minimum Bid, in your experience? Any resources of other online discussions?

Thanks, Joe

[REMOVED] Please wait for a site operator to respond.
You are now chatting with 'Nishant'
Nishant: Thank you for contacting GoHoming.com and Altisource Live Chat. Please note that I am not a licensed real estate agent or broker.
Nishant: My name is Nishant. How may I help you today?
Joseph Payton: HI, I believe I just won the bid for property (xxxxxxxxx). Is this correct?
Nishant: Please give me a moment while I look that up for you.
Joseph Payton: Thanks Nishant
Nishant: As the reserve was not met the bidding went unsuccessful.
Joseph Payton: I believe I bid above the reserve amount. Can you please confirm the reserve amount?
Nishant: We do not disclose the reserve amount if the reserve is met it says reserve met on the property page.
Joseph Payton: That makes it difficult to make a deal happen. How can we make a deal on this property?
Nishant: We only take offers through our website.
Joseph Payton: How much do you want for it?
Nishant: We will not be able to comment on it, request you to please wait for the property to come on the website once again to place an offer.
Joseph Payton: So your process is to withdraw the property and re-enter it for auction?
Nishant: The property will be once again there on the website to place an offer.
Joseph Payton: 1) How can I set up an e-mail alert to be advised when a new property is added to your website?
Joseph Payton: 2) How can I see this property? it is occupied.
Nishant: You will not be able to get any emails from us if new property is added to your website.
Nishant: You can not view occupied properties.
Joseph Payton: You are all bad news today Nishant. Can you please pass this conversation on to a supervisor and ask that they may e-mail me about these issues? I have a ready cash buyer and you have a property to sell but your system does not facilitate a sale, it is making a sale more difficult.
Joseph Payton: [REMOVED]
Joseph Payton: [REMOVED] if you prefer a phone conversation.
Nishant: I request you to please wait for the property to come on the website to place an offer, as we only take offers through our website.
Joseph Payton: Yes, you said that Nishant. Can I please initiate a conversation with your supervisor? See above.
Nishant: If you want to speak to any of our supervisor you can call us at our toll free number ([REMOVED]) and select option 9 to talk .
Joseph Payton: To be clear, your "Starting Bid" is not your "Reserve", is that correct?
Nishant: Yes, you are correct.
Joseph Payton: What percent of the reserve is the starting bid, typically?
Nishant: We will not be able to comment on it.
Joseph Payton: Can you tell me who in your organization CAN comment?
Nishant: The seller does not disclose the reserve percentage or reserve amount.
Nishant: Are you still there?
Nishant: If you have any other questions, please feel free to contact us. Thank you for using [REMOVED] and Altisource Live Chat. Have a great day!

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Most Popular Reply

Jake Kucheck
Residential Real Estate Agent · Costa Mesa, CA · Member since 2008 · 1k+ posts · 380 votes
14y

There's a much quicker and more efficient way to not win bids on GoHoming.com:

Don't make them, and move on to the next property.

2Reply
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  • Jake Kucheck
    Residential Real Estate Agent · Costa Mesa, CA · Member since 2008 · 1k+ posts · 380 votes
    14y

    There's a much quicker and more efficient way to not win bids on GoHoming.com:

    Don't make them, and move on to the next property.

    2Reply
  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    14y

    Joe Payton - I hate to read about something a silly as that conversation you were having with a customer service attendant in some far away land (only an assumption based on the fact that poor grammar was used and many operators are based on operator floors in other countries).

    Everyone is trying to come up with a new way to do a transaction that is old as dirt. You list it, I buy it, we close it...easy. I voted for Jake Kucheck's response - time to move on.

    Podcast Guest on Show #224
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    0Reply
  • Mike Andrews
    Real Estate Investor · Los Angeles · Member since 2011 · 55 posts · 11 votes
    14y

    So it seems like every month someone new tries GoHoming.com and has a bad experience and asks the group if they've had a bad experience as well and everyone says, "Yes, it's terrible. Don't go there." Glad I've avoided it so far and will definitely continue in the future. I'm not sure if everyone gets the same "Related Discussions" at the bottom of the comment thread, but check out - http://www.biggerpockets.com/forums/92/topics/69827-gohomingcom-experience

    0Reply
  • Andy Chu
    Involved In Real Estate · Las Vegas, NV · Member since 2010 · 341 posts · 86 votes
    14y

    I find gohoming.com once of the most useful website because its so hard to navigate that I can oftentimes find good deals.

    With so few deals out there, every deal counts, you just need to be able to understand how it works.

    1. The property is BPOed by listing agent and outside agent/appraisal.

    2. Before listing it on the MLS, they offer it as an auction. The auction has a reserve and we have yet to figure out what number they are trying to hit.

    3. If the property does not hit reserve, it will come back on the market in approximately a week. It will be listed on the MLS and have a list price where you can offer less than list, but usually not too much.

    Side notes: Remember there is a $199 web technology fee (BS), and another auction premium fee.

    Happy hunting.

    1Reply
  • Anthony Nelson
    Landlord · Chicopee, MA · Member since 2010 · 22 posts · 5 votes
    14y

    I agree with Andy,

    I have a home under contract from Gohoming that is going to be a really good deal. I also agree they are truly a pain to work with because of all the channels that they you need to go through to get easy answers. And dont expect to ever close on the actual closing date.

    Locally I have been seeing a few people create decent wholesale deals off of this website as well. In particular I just saw a wholesaler clear 15k on a 70k sale, which isnt too bad. Because they delay closings these people where able to effectively market the property and get the deal done.

    I would buy or go under agreement from them again, but I will never do it if I have to meet any sort of deadlines in regards to flipping the home or renting it out.

    0Reply
  • Joe Payton
    OP
    Wholesaler · Dallas, TX · Member since 2012 · 15 posts · 0 votes
    14y

    Thank you @Andy Chu,

    Answer #2 appears to be the hivemind understanding - we don't know. And I have negotiated the process to successful profit before. Patience and over-communication is required.

    0Reply
  • Cary Alexander
    Atlanta, GA · Member since 2012 · 1 post · 1 vote
    14y

    Hi Joe,

    It was a pleasure speaking with you earlier; I'm happy I was able to answer your questions. Don't hesitate to contact me if you need anything else.

    - Cary Alexander
    GoHoming.com

    1Reply
  • Andy Chu
    Involved In Real Estate · Las Vegas, NV · Member since 2010 · 341 posts · 86 votes
    14y

    Was that the supervisor?

    They are by far better than HUD and you can use your own title company , which is huge because all you need to get is a binder.

    0Reply
  • Anson YoungBusiness Member
    Flipper/Rehabber · Denver, CO · Member since 2009 · 1k+ posts · 726 votes
    14y

    I've bought several from gohoming, and at the BP summit, many others told me they have as well.

    I worked with ocwen when they listed REOs directly, their entire support staff and asset managers are based out of india. My expectations were based on my previous experience, so, quite low. That said, when you do nail down a deal, its awesome. Dealing with the other headaches arent so much fun, but its great picking up deals from them....

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    0Reply
  • Jake Kucheck
    Residential Real Estate Agent · Costa Mesa, CA · Member since 2008 · 1k+ posts · 380 votes
    14y

    Oooooh... the reply from the 1 post, no avatar, company representative. Not gonna lie... smells a little fishy.

    1Reply
  • Tod R.
    Investor · Southlake, TX · Member since 2009 · 950 posts · 338 votes
    14y

    Joe Payton, sorry to hijack your thread, but I couldn't @mention you in the DFW Meetup thread. Go check it out and hopefully you can make it.

    BTW, Welcome to BP!

    1Reply
  • Luiz Souza
    Real Estate Investor · Gainesville, GA · Member since 2009 · 241 posts · 34 votes
    14y

    Cary Alexander,

    Are you with gohoming? if so, I'm having some issues with them and was wondering if you could give a helping hand to get a deal done..

    Thank you
    Luiz Souza

    0Reply
  • Jeff S.
    Lender · Los Angeles, CA · Member since 2009 · 1k+ posts · 2k+ votes
    14y

    Why is it that I could more or less substitute the name of many companies in your discussion with GoHoming, Joe Payton?

    Recently it was American Airlines and Wells Fargo. They all end with, ”Is there anything else I can help you with today?”

    Arggh….time to tear hair out….

    0Reply
  • Jason Stanley
    Rehabber · Rockmart, GA · Member since 2012 · 12 posts · 1 vote
    14y

    I don't want to hijack your thread, but have a property I'm looking at on Auction.com, anyone have any experience with them? I've read horrendous reviews about them, but I'd really love to get this property!

    That said, I've contacted the listing agent and my agent to get more info.

    0Reply
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