Has anyone used this site to purchase a house? If so, what was the process like? What do I need to be aware of when using this site?

Also now the market is crazy so i can reveal a glitch I noticed. During the pre-auction phase, if I put down a bid and then a 2nd bid to outbid myself, they counted that as a "multiple offer" situation, took it offline and said "highest and best".. i just stuck with my 2nd bid and I would win. I thought I was some kind of uber hacker when i figured that out (purely by my own incompetence originally though) but it probably no longer works.. maybe it really was a legit multiple bid situation, but it always seemed to work for me. Also im not even sure they have preauction bidding anymore.

5 times or so and closed in 30 days on all of them. Loved auction.com until the secret was out and the big-fund guys showed up.

. In ideal foreclosures, all the liens on a foreclosed property need to be removed so someone can buy it without worry of old debts or problems. My state (Ohio) does this via a sheriff sale, which is basically the "courthouse steps" auction. If the bank buys it at the auction, it becomes a bank owned REO, which usually gets auctioned again. However, anyone with the $ can bid. The process has its risks (redemption periods, bad service, unrecorded liens, etc) but is one way to get discounted property. Each state is different, I only know how Ohio does it.

They just got really expensive (and less common of course), like they got better at determining the exact price of ARV-repairs, so there is no wiggle room for a good BRRRR, or flip... It probably still makes sense for institutional or "need a deal now/1031" type buy-and-hold buyers, but not for me.... I have found better deals off market or through the sheriff sale (before it becomes REO) ... then again I am extremely conservative when I buy, so maybe I am just too picky. Also in Ohio at least, this was for bank owned REO, not when they are auctioning off the initial foreclosure as PSO ("private selling officer") which is basically taking over the sheriff's role. In that regard the price is set by appraisers hired by the foreclosure court.

Ha! In 2009 when HUD sales were booming, I bid $85K on nice 3/2.5. HUD declined and 48 hours later reduced the minimum price because the house had not sold. I bid $83K and got it. You gotta love the government.

We have bought 2 from Auction.com and had good luck with both of them. The first one took a while to close, but no other problems. Our experience was great and would do it again. Good luck!

That made me laugh. To clarify, this glitch (if it even was one) was only during a "pre-auction bid" phase where they accepted offers before the auction started. I don't even see this offered in my market anymore.

Interesting. I am going to try bidding against my spouse.

Should I use Auction.com to buy housesShould I use Auction.com to buy houses

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Should I use Auction.com to buy houses

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