Auction.comReviews 434

Was outbid, then they called within an hour to offer house at the "Reserve" price. My bid was $2k below that. They did NOT due their due diligence in making any mention to the seller and negotiate... like every real estate deal is done. Then my credit card # was stolen, ironically by someone in the same city as Auction.Com two hours after bidding ended. I'll take my chance and hope it hits the market with a legitimate company!

The purchase agreement says bidding a quit claim. Don't know about where you live but think this is basically worthless where I live. You are basically buying the mortgage company's mortgage claim. Since the owner isn't paying that anyways, then you must be___. They should not be allowed to list on real-estate sites unless they are selling actual real-estate. They are selling encumbrances or such from what I can tell. I am not a lawyer but this is my understanding.

It would be better for them to clearly state what they are doing.

Recently I noticed quite a bit of auction.com homes on realtors.com. As I was searching for an investment or primary home pending on the condition and area of the house. Observing the amount of houses listed by auction.com on realtors.com, I decided to learn more, and give it a try. What I've noticed is that those houses are not seriously on sale or is there any intent to sale at reduced prices. Based on my observation, that would be the last resort and reasonable it would be. If one uses common reasoning, It would be unfavorable for bank owners to sale at reduced value prices as they claim. (That is the main reason why those properties are on sale and then disappear prior to the bid date and time or from listing) What is realy going on is that banks are simply contracting auction.com to punitively terrorize and bring frustrate default mortgaged tenants to the negotiating table. Yet, in the process, auction.com utilizes all their executive legal tools to charge excessive amounts in penalties, and real estate pre and post sales advertisement charges, attorney fees, and restitution fees, etc. Unfortunately, bringing tenant owners to worst economical depravity (once again! Economic fear and insecurity. I've seen this take place to the most innocent of all victims in society, widows. Yet, if auction.com sales, most likely, it would sale at 3 fold on their lien only yet bringing the buyer to an overpriced new purchase as well.

I found a property on auction.com. The pre auction started for $370,000. After several bids I offered ( the first 3 bids, I was told too low), finally my bid was taken and I was told that in 48 hours I would be notified if I had won or not. 48 hours passed, yet nothing happened. So I called the Auction.com. To my surprise, I was told that the bid did not go through and yet my fourth bid met the minimum, and did not meet the "reserved price". Since the auction brought in the term " reserved price", I will have to explain a little bit about this term which I googled on real estate web site. "Reserved Price" is the price that the seller set in case the auction price will not meet the minimum price. In other word, it is lower than the minimum price. So Auction.com use the opposite way. The purpose is obvious to fish for your final price. So if you want to bid for your chance, DO NOT fall into their trap! Hold the card close to your chest. Another way of auction. Com doing business is they will represent the seller to bid in the process of auction which is illegal and unethical! So if you really want to try your luck be prepared for all the troubles ahead of you.

I've bought several homes from auction.com - starting a few years ago. The experience has become worse with every house I buy. I am now totally finished. There is no deal THAT good to make it worth the hassle, problems, and attorney fees that these homes incur. The last experience was the final straw. It was obvious that the site was over bidding me in an attempt to bring the price of the house up. Fine... I have a max that I'm going to bid any way.

When their computer bidding, went over my max price I was willing to pay, I stopped bidding. The next day, they called me asking me if I wanted the house for the price that it had eventually "sold" for... Total sham! I said no thank you. Apparently, I was the highest bidder even though the "actual" price was about $50,000 more than my last bid! What a joke... These kind of unethical practices will stop when everyone just refuses to buy from their site. I'm finished with them. If you like home auctions, go directly to the county or some of the other reputable sites. With this amount of money changing hands, it's just not worth the risk!

I'm a field services person. I am offered jobs from Auction.com through a third party (technically I'm the third party/subcontractor). I have been to 2 properties and will not accept any more Auction.com jobs. Both properties were occupied and it didn't take long to figure out I was a patsy to harassment for either Auction.com, the mortgagee (bank) or both to a homeowner who was possibly on the brink of likely several different issues already. Not to mention the fee they pay is "single digit" and they expect results handed to them on a silver platter. Ridiculous. I have found this company to be untrustworthy and "anything for a buck".

I won my bid Nov. 5th 2015. I was not so cconfident in the beginning. I read some bad reviews. So here is my opinion.
Don't be afraid to not go after what you want as a buyer. Bid with confidence. Yes. There is a price the seller will need met. With my property the reserve was reasonable. Even with the buyers premium I still got a fabulous deal. My closing cost ended up barely over 200. And it took 32 days to close and I have the keys. A small two day extension that cost me no fees.
Looking at my closing fees. It was the seller who ended up with the shaft. Out of the *******. 00 I paid. He ended up with under 4000. 00. He was not happy. And delayed closing by a hour. But I was very happy.
Auction.com did a excellent job throughout this process. Every agent I spoke to or worked with was professional and I never spent a minute hanging. They have this down to a art. And I felt looked after. Even though my property was a small one. I was treated like it was a high end property start to finish. The closing company made sure the title was clear and taxes were paid.
My advice: I paid for the entire property and not just the minimum in the beginning. That made everything move faster. And they saved me a lot of money. It actually made the 2500. 00 worth it.
I wouldn't bat a eyelash at doing this again.

Recently experienced just how shady a process auction.com is operating. Lets be perfectly clear that in their "auction" they hold all the cards, make all the rules, and clearly engage in the practice of shill bidding to artificially inflate the price up to an undisclosed "reserve" that the seller sets. The minimum bid means absolutely nothing, and the bid ending time also means nothing. Please be fully aware that you may be the only bidder, but auction.com will bid against you (on behalf of the seller) to inflate the price. And even after the auction "ends" they can and will add 2 minute increments onto the remaining time to further drive the cost up if they have gotten you engaged in the bidding.
Also worth noting is that the "Special" deed is NOT a "General" deed, and you will not be eligible for a mortgage until you have gone through the process of getting it changed. And although changing a special deed to a general deed should be easy, it could become your worst nightmare if there are outstanding liens etc. on the property or home.
This site may be the banks go-to for getting rid of their property assets, and upon closer inspection/experience it is obvious why. Furthermore its a mystery how they get away with the numerous legally gray practices they participate in. Shill bidding is very much illegal, and clearly what auction.com does regularly (though they may call it something else), in addition to to them reserving the right to extend the "end" time, leaves the buyer very much at a disadvantage and prone to be taken advantage of.
Please be aware of and take these things into consideration when thinking of bidding for a home from auction.com

I purchase about 10 properties a year at the foreclosure auctions. Purchasing or attempting to purchase from auction.com trustees will be by far mine and your worst experience.
What they continuously do is bait you and your competitors in by offering a property with a ridiculously low opening bid. They do this to get more interest and obviously more potential bidders.
The biggest problem with this is... you could be the only bidder or the high bidder and not get the home because the crooks at auction.com have a hidden bid which they will continue to bid the property up to, or not sell at all. In other words, the auction.com opening bid means nothing at all. You CANNOT get it at a $1 over opening bid if you are the only one there. They will continue to bid against you until the number is reached that they really want.
ALL OTHER TRUSTEES that I have purchased from use the real number. If I am the only bidder I can get a home for a dollar over opening bid. Auction.com will make you do to much work to get nothing.
Yes they will Bait you in with a low number and switch to a higher.

I made an offer to the bank who owned a foreclosure when it was still on the MLS. I am very familiar with this home, the past owners, and the condition of the property. The property consists of 1.15 acres and all but 8 ft of the property are in the front of the house. Yes, the property line extends 8 ft from the back of the house. Basically - NO back yard. Not a problem for me as I want to rent it out. The county property records indicate that the house has two buildings. That is not accurate as the owner removed the metal building leaving a large foundation big enough for a basketball court. The property records will not reflect the change until next year. Additionally, some states, like Alabama, have a right of redemption. In Alabama it's one year. The owners of this house have until May of 2016 to "reclaim it" if they have the money. My last counter offer was not accepted by the bank (cash, no inspection, quick closing). Now this home is on Auction.com. The home as listed on auction.com says it has 23.4 acres, and the pictures of the surroundings in the back yard are actually not in the back yard. It's the neighbors acreage. I have sent their supposed "customer service" information about their "errors" of this listing but obviously, nothing has been done. So - this listing is pretty much full of deception. I happen to have done my due diligence and also contacted the county regarding the property lines and the fact that there were NOT two buildings on the property. The records have not yet been updated indicating only one building (the house). My point:
Better check out the property IN PERSON and please check out the information that auction.com has on the listing. Additionally - you better check out the "redemption" period for your state. Of course, no mention of THAT on their listing either. Most people do not want to deal with the uncertainties of the redemption period. So some schlep will be bidding on a property that looks good in the pics, property records say it has two buildings, and just look at that back yard - it has 23.4 acres! Oh - and the house does not have clear title because the owner can reclaim it until May 2016!