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Auction.com Reviews Summary
Auction.com has a rating of 1.9 stars from 434 reviews, indicating that most customers are generally dissatisfied with their purchases. Reviewers dissatisfied with Auction.com most frequently mention real estate, earnest money and customer service. Auction.com ranks 169th among Auction sites.
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I read most of the feedback from previous bidders & buyers on Auction.com and I experienced the same situation, there website automatically bids against you on a bid to drive the price up so they can charge a high fee with there %, I'm kind of feeling scammed out of my money, I prefer to deal with the bank or Realtor instead of giving my hard earned money to these people.
I made a offer of 220k on this property before it went up for auction on auction.com, I made 4 bids and each was auto counter bid until my final bid of 225k, then auction.com wanted 11K cash wired to there attorney asap for their fee. This is what I seen on the property today while I was in the area after signing the contract, these auction for sale sign was not on this property 2 weeks ago, stay away from auction.com
They have no intention (months at a time) of selling below their reserve. Which turns out to be more than the property is worth.
Thank you, Mike, for your review. We understand you have concerns with a properties Reserve Price, and we would like to clarify how this works. As per the Auction Participation Terms and as disclosed on each property display page, unless advertised differently, all properties in auction events have a minimum selling price established by the seller known as the reserve price. The starting bid is not the reserve price. If the reserve price is not met, the seller is under no obligation to sell the property however at their sole discretion may consider a bid below the reserve subject to their consideration and approval. Please let us know if you have any questions.
I purchased a couple times from this auction site and have also bidded and lost several auctions. It's an auction, not real estate company. Things won't always be perfect so if life has babied you to complain about everything you may not want to use them. If you're good with rolling the dice you can find nice buys here. My only problem with the site now is they are many new bidders now and they don't understand a 3 day auction doesn't require you bidding up in the 1st few hours like kids in a candy shop. You can see the inexperience bidders all over the auction site now. The auction is won in the last hour not hour 1 or day 1. The paperwork process in my experiences have been smooth, painless and fast.
I bought a house, it is listed on auction.com, I have the paperwork proving that I own it, but they will not remove the post from their auction.com website. I have called them, the lawyer that they have listed on the listing, they say they have no affiliation with auction.com. I have a family, and I have random people showing up at my house to look at it for the auction. This is a real problem. Customer service here is a joke too, they told me to call my lawyer.
I did participated the fake auction as per advertised Auction.com via email and on the net. End of the auction period I was congratulated via email the Auction.com team me to be the highest bidder and met the reserve price too of that property in question.
I did followed their ( Auction.com) instruction and wire transferred the earnest money amount they requested. The next business day I did received a Purchase and Sale Agreement need it to be signed immediately by electronically to make the purchase legal.
The copy of the agreement was contained incorrect and/or unchecked information regarding my choice of closing agency was not listed at all. That was contrary to the verbal reassuring by Auction.com team member answering the phone.
However, the correction had to be made now. Moreover I need it a seller's signed copy of Agreement in timely manner to move forward with the closing.
It must containing the correct information to reflect my choice of closing company and set up an escrow account administering and transfer the so called "Cash Sale" amount.
I was told it takes 7-12 business days to receiving the agreements signed by the Seller.
Almost a months later I had never received the signed agreement bearing the Seller's signature.
Instead an email notification stated that I have had requested the cancellation of the Pending contract agreement and therefore agreement is nulled now.
Currently working with a law firm to filing a temporary junction and file a complaint to extend and form a class auction complaint in Texas to stop Auction.com and its parent company named Ten-X LLC conduct business. It seems no one knows what had happened to $10,825.00 earnest money i had wire transferred following the Auction.com instruction to designated bank account outlined elsewhere in Auction.com documents,
We used auction.com and it was simple and easy. We closed on the property on time and everything worked out really well. I was a bit skeptical at first only because I hadn't purchased from them before. In the end everything went as planned and I would absolutely do business with auction.com in the future.
Hi Noah. Thank you for your review!
Auction.com will bid against you to drive up the price. If the reserve (minimum price that the seller will accept) is not met, Auction.com will enter a "counter offer". You may be the only one bidding on a property, but the price keeps going up and up as it nears the deadline. They do not "counter" once the reserve has been met. They should be honest and transparent: make the starting bid equal to the reserve.
Thank you, Mark, for your review. As disclosed in the Auction.com Participation Terms and property details page, Auction.com is permitted to bid on behalf of the seller up to, but shall not exceed, the reserve price. Counter bidding on behalf of the seller extends the auction for assets that have not reached the reserve price and would otherwise end unsuccessfully. By extending the auction, it increases the likelihood that the auction may end successfully. This practice benefits the bidder by increasing the likelihood that the auction will produce an offer that the lender is willing to accept. Please let us know if you have questions.
It is not a real auction. I was the CEO of one of the top rated real estate auction companies in the world. We never did distress properties. This company is designed for a hedge fund company, just moving paper. Remember AIG, they use the word auction but it's not. I am one of the top ranking Auctioneers in the world. (CAI) A real auction is a non-reserve, which means a sale of the property to the highest bidder no matter what. They can't have hidden numbers and playing games like a Soft Close, extended times, or Ghost bidding is not a real auction. A real auction sales to the highest bidder with no conflict of interest. That's been done since the Roman empire 500 B. C. This company does not represent the word auction!
I dont want to even give it a 1. I wish there was a neg number. I am so pissed. This company is holding a total of 5000. 00 in my account (pending) and even though they say its released my money is still pending. This company needs to be closed down. I am so pissed off. I will NEVER do a bid with them again!
This company puts homes up for auction even after a BK has been filed to protect the home thus violating Court Orders and effectively in Contempt of Court.
Thank you for your review. Auction.com provides marketing services for trustee and foreclosure firms and advertises the times and dates where the foreclosure sale will occur. In the event that a defaulting borrower resolves their loan, Auction.com is notified by the foreclosure/trustee to remove these advertisements. We appreciate you making us aware and if you provide the address, we can research this further with the trustee/foreclosure firm.
I bought a home on Auction. Com. U are bidding against a computer. I secured the financing yet they told me it was cash only and would not accept it. Then I had no access. I had to use their title company. And at the closing I received no keys no garage door opener there was a lock box on the garage door. That has to be chilled off. They did not take it off when my crew came to start the rehab. Some guy came in started taking photos. Without my knowledge. Or permission I could not get electricity turned on or water. Till I owned the property. And consumers wanted permits and all kinds of paperwork including an inspection. Yet. Auction. Com Keith saying. Do all this before the day of closing. Well I cant if I cant prove I own it. Nor could I get insurance either. They are not helpful. I would never never use a company like this again. I gave a defunct garage opener with no remote and they won't contact the owner to ask them where it is. Horrible! Customer Service is a joke!
Never ever use Auction.com. You will pay so much more in various ways... First Auction.com's computer system is set up to bid AGAINST YOU the buyer.
Auction.com represents to seller/usually a bank hence you have no one representing the you the buyer.
Secondly the bank does nothing to preserve the house against busted pipes, cutting the grass, vandalism and according to the contract you have NO ACCESS to the house until title transfers.
You/the buyer pays the commissions not the BANK.
STAY AWAY... Auction.com is an extension of the Bank.
Thank you for your comment but please allow us to clarify your comments as they are not entirely accurate. As disclosed in the Auction.com Participation Terms and property details page, Auction.com is permitted to bid on behalf of the seller up to, but shall not exceed the reserve price. Counter bidding on behalf of the seller extends the auction for assets that have not reached the reserve price and would otherwise end unsuccessfully. By extending the auction, it increases the likelihood that the auction may end successfully. This practice benefits the bidder by increasing the likelihood that the auction will produce an offer that the lender is willing to accept.
Additionally, the majority of the houses on our platform are sold "as is." It is important that buyers conduct thorough due diligence in order to assess the value of a home and should not rely on marketing materials. Suggested steps can be found here: https://www.auction.com/blog/due-diligence-10-steps-to-take-before-you-buy/.
The MLS in this area does not allow properties that are occupied cannot be shown to be advertised but the agent was required by you to have this listed on the MLS.
Your website did not state it was occupied. And yes I found out for my attorney it is my legal right are my own title company but your company makes it seem like it is not your right and of course they charged extra fees so they've already coursed most buyers into using this company for their title. I'm going to follow through by filing a complaint with the Real Estate Commission in the state and the banking commission for fraudulent action.
We looked at three properties with our realtor that this company auction.com tricked some local realtor into putting on the MLS.
The local realtor told us that the properties were occupied but auction.com lied and said no they're not.
They try to talk you into buying properties where you have to do all the work to try to evict the tenants and just try to get homeowners insurance when you don't have possession of the property.
Then of course they tried to pressure us into using their title company promising free title insurance which was another lie.
As soon as I should this information to our realtor and our attorney they both told me to run.
Do yourself a favor stay away online paper pushers like auction.com these people from California will rip you off
It seems as soon as you bid that this site would have to be automated I placed a bid with 1 minute left and got beat out this was not my first time I personally think it's nothing more then a smoke screen if you watch you will see a lot of the same houses for sale I suggest we all look at other websites this one is to unpredictable to invest time into mustless your hard earned money good luck to everybody. Thx Gary
Hi Gary. Thank you for your review. As disclosed in the Auction.com Participation Terms and property details page, Auction.com is permitted to bid on behalf of the seller up to, but shall not exceed, the reserve price and these bids are disclosed. Counter bidding on behalf of the seller extends the auction increasing the likelihood that the auction will produce an offer that the seller is willing to accept to the benefit the bidders. Please let us know if you have questions or would like assistance finding properties where the reserve price is revealed.
Auction.com asked me a legal question about the contract. (They seem to want to anonymously hide behind the legal word ": work" of documents.) What I responded with was "when was my property conveyed to HUD". What I found out - The property was conveyed to HUD by the seller in the middle of the Auction! So Auction.com was selling a property that the seller they represented DIDN'T OWN. And, even though I won the Auction, I did NOT get the Property. BUT... and I repeat... I did my homework and legwork, and investigation and found the HUD real estate agent - and got this property purchased for $2,000.00 over the Auction price I "won". I spent too much extra time with no consideration from Auction.com or their title company, Linear Title. I Finally got my earnest money back, three weeks from when it was wired to them at a cost to me. They just mailed the check back,... no hurry. Again, stay away from Auction.com.
I won the bid on a house that I had researched, looked at from the outside (Auction.com would not allow a look at the inside, nor would they give any information on status of utilities, etc - but they do disclose "as is"). I followed this house on Auction.com for a month and watched other auctions. Then when I bid, I won. Auction.com demands all documentation and responses very quickly from the buyer (me) to include wiring the earnest money deposit within three days. The purchase agreement was signed, they had my earnest money, and the closing date was set, and out of the BLUE they cancelled the sale with no explanation and the house was turned over to HUD. The house had been on the market for five months with no bidders. I spent time off work to investigate and bid on this house - they treated me with disdain and no regard when the sale was cancelled. May this house and it's no electricity and leaky pipes stay on the market forever. Stay away from Auction.com - they are not here to help.
They are listing property of mine which is NOT up for foreclosure nor for auction. It is owned by my husband and myself. They have the wrong address and refuse to correct it. They have a photograph of my property on their site which has been picked up by Zillow and other home sales sites, so they are now showing my property as if it were for sale. It is not. It's not in foreclosure, it's not up for auction. I have contacted them three times and each time I talk to a different customer service rep who is shocked and dismayed and promises to do something about it. Nothing has happened yet. I would never trust Auction.com with anything, because it's obvious they don't care if they post inaccurate information. The fact that I have contacted them several times to tell they they have inaccurate information has moved from "inaccurate" to "intentionally deceiving the public". I am considering legal action against them. Posting a photo of property which is not up for auction is not only an invasion of my privacy but it will cause a problem for a bidder who thinks they purchased this property, when in fact they haven't. The property is Pole 134 Lakeside Drive, Harvey's Lake Pa. I repeat, this property is NOT for sale, it's NOT in foreclosure, and it is NOT up for auction.
Hi Kathy. Thank you for your review and for making us aware. We have updated the address on our website.
I have seen a few houses now, one I had a bid on, they are currently STILL on the "available" list. With all the negative comments I will NOT bid on a house they list.
These are PMI insurance claims not bank owned properties. Auction.com is in the same town as Fannie Mae. Banks have already signed off dont accept the lies on prices, they are trying to get full value. If you want your head to spin I have other reviews explaining the crap that is going on here. Do not buy anything on here without a disclosure or condition report. This acknowledges that they are aware of problems. Bid your full price well before the auction ends they will always drive the price which benefits you. Expect a phone call they will most likely reject your offer the first time b. S. move rejected mine and I bought it two months later for $1000 less saving me also $400 in taxes. Get your own closing agent will save the B. S. on the money end. The market for cash only buyers is very thin more than likely there is no one else bidding. Watch your market you no if nothing is moving why the hell would you buy. Personally I would be only be looking for a home that you intend on living in. Better days to flip will come. Many homes sold in the last few months by me where deeply discounted from asking price. Do check out my Zillow and Zillow Group reviews also. Be careful its your money too many people watch a tv show and think they can make $$ flipping ten years ago definitely, today definitely not. Watch TOL stock FNMA stock Z stock all getting crushed on rates and rising materials.
Auction.com is killing the housing market industry in small towns. People in small towns do not go around with $150,000 cash in their pockets. So these jerks sit on houses having auctions over and over trying to price gouge people. While the houses sit and rot so when someone does get ahold of them there in far worse shape than they were to begin with. This place is an absolute joke.
At first I thought this wasnt legit, it made me really nervous. I put the $2500 down (they never processed my card). Then after I won my auction for about 1/2 the price it last sold for I sent escrow money. The process started 8/31/17 and we finally closed Monday oct 16th. So heads up it takes awhile. But it really is a legitimate site.
From the business
Auction.com, the nation’s leading online marketplace focused exclusively on the sale of residential bank-owned and foreclosure properties via online auctions and in-person auction events. Auction.com goes beyond the bid to offer buyers a superior technology platform for convenient online and onsite access, an extensive inventory of over 30,000 properties, and supportive services and expertise dedicated to buyer success.
Auction.com is headquartered in Irvine, CA with offices in key markets nationwide. Investors include THL (Thomas H. Lee Partners), CapitalG (formerly Google Capital) and Stone Point Capital.
To learn about Auction.com, LLC, please visit www.auction.com/lp/about-us/
LICENSING INFORMATION:
Licensing Link: https://www.auction.com/lp/legal/licensing-disclosures
Texas Real Estate Commission
Information About Brokerage Services: http://mlhdocs.com/legal/agencydisclosures/ADC/Texas.pdf
Consumer Protection Notice: http://mlhdocs.com/legal/TexasCPN.pdf
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- SmartCustomer has helped over 200M buyers make better purchasing decisions online
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Hi Larry. Thank you for your review. As disclosed in the Auction.com Participation Terms and property details page, Auction.com is permitted to bid on behalf of the seller up to, but shall not exceed, the reserve price and these bids are disclosed. Counter bidding on behalf of the seller extends the auction increasing the likelihood that the auction will produce an offer that the seller is willing to accept to the benefit the bidders.
Would you mind clarifying on the $11k fee? Was this your earnest money deposit? Would you mind sharing the property address so we can look into this for you?