Auction.com

10 Replies

So I have read a few threads on this subject, auction.com, and I haven't quite come to fully trust the site. However, some say that there is still deals to be had there and you just need to be patient, and diligent. So my question to those who have used them (and any other auction) is what is on your checklist of things to examine before bidding? Obviously doing a title search, and perhaps a drive by of the property, but what is the nitty-gritty that you are looking for? And where do you find that information?

I always try and talk to the neighbors and see if they will share anything about the current owner. You can get good info sometimes

Sure seems like some of their properties keep getting recycled.. I mean how can they be auctioning the same foreclosure for years and years?


Perhaps thats how they have become so rich, by holding lots and lots of DEPOSITS with bids.

I have yet to use the site, but I am currently in escrow for a short sale with Nationstar as the lender.  SOP for Nationstar is to put any short sale that goes under escrow up on Auction.com as an attempt to recoup as much of the loss on the short sale as possible and still having a safety net of original buyer's offer as a reserve on the auction.  A lot of deals you see on the site may be a similar situation where there's a hidden reserve on the house.

Originally posted by Account Closed:

Sure seems like some of their properties keep getting recycled.. I mean how can they be auctioning the same foreclosure for years and years?


Perhaps thats how they have become so rich, by holding lots and lots of DEPOSITS with bids.

 Auction.com doesn't keep the deposit if the property isn't won. Typically the properties are recycled because they don't meet the seller's reserve price. You would think the seller would modify the price after 1-2 unsuccessful auctions, but ultimately it's up to the seller to set their reserve. 

Auction.com posted an article on some due diligence tips: https://www.auction.com/blog/due-diligence-10-steps-to-take-before-you-buy. Some customers have also reported a title search was incredibly helpful and they wouldn't proceed without that info. Good luck in your hunt!

Thanks for the feedback! 

Hi,

Auctin.com have different type of properties. The properties that come in for foreclosure and action and others that maybe the owner like to sell with the help of the site.

They will sell most of the foreclosure with the same old fashion trust action that is happening every first Tuesday of the month and you need to be present to bid on them, if they could not sell in on that they they will list in online.

One of the problems I saw before on the site is the fact that they will bid up the property on behalf of the seller.

I call them myself and try to see how this will work and they told me that they can bid on my behalf until the price I like will pass.

Hop this help.

Thank you

first google result when searched auction.com deposit:

http://www.sitejabber.com/reviews/www.auction.com

wow.. just wow =/

Don't believe everything you read.  I have purchased several homes from them and I'm very pleased with their services.  Keep in mind it is buyer beware and only you are responsible for due diligence.  As far as the deposit is concerned if you are needing that back ASAP you should not be investing in real estate.

I bought a house from them last year. It was a short sale with a first and second mortgage on the property. We went under contract on December 6, 2013 and closed on March 28, 2014. It took so long because the first and second were negotiating on how much the second would be paid, and we kept having to get the contract extended. I purchased the property for ~68k, put 30k into it, now it's worth about 120k and is currently rented at $1275 per month.

I have a real problem with Linear Title charging $1,776.50 for a closing that I can get done for $550-600 with 90% of title companies in my area.  

They are a Inc 500 company.  No wonder, they are charging  extremely inflated fees. 

I feel robbed.

Can anyone justify this?  

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