My experiences with auction.com!
I have been on auction.com for the last six months and thought I would share my experiences.
1. I continue to place the same bid for a property and always come out the high bidder however I don't ever cross the hidden reserve limit. This property gets continually relisted.
2. Many properties listed on auction.com attempt to spook investors by suggesting that inspecting a property is trespassing. I always contact law enforcement and let them know whenever I will be visiting lots of properties in their jurisdiction.
3. Auction.com is not very transparent. No way of knowing whether a property was relisted or if you come across a property that has ended what the winning bid was.
4. Unlike an ebay, they do not show any information about who may be counterbidding against you.
5. Auction.com could make it easier by indicating whether your bid will get you free and clear title but they leave this information up to you to figure out.
6. There is a lot of shill bidding on auction.com. Auction.com reserves the right to bid on behalf of their client so thread carefully and avoid bidding against yourself.
7. Avoid purchasing title insurance via auction.com. Never use the sellers title company. There are lots of risk and no savings from this approach.
8. Unlike an eBay auction that's over as soon as the initial time expires, Auction.com adds additional time to the clock when bids are placed in the closing seconds of the auction until there is no more bidding activity
9. it is the buyer's responsibility to potentially go through an eviction after winning the bid in many scenarios.