Profile picture for user3697839

Wondering about Auction.com?

Wondering about Auction.com and weather or not just to let it happen and hope no one reaches the set acceptable price?
  • April 26 2013 - US
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Answers (14)

Profile picture for zuser20140518130910297
Auction.com does not own the properties, they are simply "auctioning" the paper that a lien holder is trying to unload.  The lien holder or seller of the lien papers does not have control of the property, and the property is occupied by the prior buyer or perhaps a renter.  Why won't they simply foreclose, and subsequently evict the occupants?    HUD does.  Most REO Bank foreclosures do.    Is there a "second" or "third" lien on the property?   Auction.com does not know, and they do not care.  Was there a HELOC taken out on the home, and if so what is the outstanding balance?   Auction.com cannot give you clear title, nor can you buy title insurance for properties you buy from them.  They want their 5% up-front however.     Are there over-due property taxes or an IRS Tax Lien on the property?  Are there HOA dues that ar past due?    Basically, you are buying a position in the "pecking order".   You cannot enter the property to conduct an inspection, and Auction.com has no legal authority to enter the property.   So, ask yourself: how can they sell a property that they cannot legally enter?    If you do an internet search, you will get thousands of negative hits, with horror stories, all sorts of seedy experinces.   I'm sure the con-man will chime in here, and tell me how wrong I am, but just ask him about title insurance or clear title.     One day in the future, Auction.com will have their own chapter in the Book of Scams.   You don't want to be in that history book.   
  • October 06
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Profile picture for elrmann
Has anyone successfully purchased a house through Auction.com?
  • September 25
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Profile picture for cyndiwhitley6
Omg Total joke. They're holding my earnest money and have no idea who Bank of America transferred servicing rights to. So now we can't close and the title company tells me honestly we don't usually get the green light to close when a servicing bank transfers their rights to sell. So I can't force them to sell it to me. They can do whatever they want because of their one sided contract
  • August 19
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Profile picture for craig855
I was going to bid on a property but I can't even get BASIC disclosure information from the seller like the terms of the lease (if any..) that the current tenant is operating under.  I've purchased a lot of real estate but they certainly make it difficult for the seller to any due diligence.  There are virtually no seller disclosure requirements at all!  And apparently the seller doesn't have to accept any offer...even if it exceeds the reserve price?   I really don't understand their game, but maybe they make $$ even if the transaction doesn't complete?  
  • January 02
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I have had some very good experiences with Auction.com . I have had several listings that the Banks placed in this format. They closed rather quickly.  My advice to any buyer is to know what the process is on Auction.com BEFORE bidding. The starting price is just that, a place to start. Most auctions do have a RESERVE meaning there is a specific price the auction needs to meet for the bank to sell it. If it is too low, just because you are the high bidder, you will most likely not be buying at the low price. Do your research ahead of bidding. try to complete an inspection before bidding. The auction is best for cash buyers as there are strict dates for closing. There are good deals, but you have to do your homework. Having a buyer agent who knows how auction.com works is key. My advice if auction.com if they would listen is the fee they offer to agents is too low to get most interested in working with them. Have a realistic fee that reflects the high amount of work involved. Lastly to do a better disclosure regarding what an opening bid is and there would not be so many upset buyers who think they can really buy a $300,000 home at $10,000. I look forward to getting more listings assigned and spreading my tips how buyers can best use this site.. 
  • December 30 2013
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Profile picture for wrxracer1688
i talked to a local agent about auction.com. Pretty much what she said is just stay away. Just because you win the bid doesn't mean you will get the house. The contracts really do favor the seller and give you no rights as a buyer. They start the bids very low to get people excited like they will get a deal of a lifetime. I'm glad i looked into them further before using them.
  • December 30 2013
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Profile picture for user6304604
I lost thousand of dollars.... Williams and Williams  and Auction Network are crooks. Contract they make you sign protects them and Seller.  I won High Bid at Auction in January still fighting with them 10 months later. 
  • November 18 2013
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I am in the process of doing a shortsale that was added to auction.com,
I understand they are trying to acquire the highest offer but when the buyer has to pay a premium of 5% of the selling price depending on the price, that is a lot of money that is someones closing costs,
specially if you are a first time buyer and your going FHA because you need help with downpayment,
i Have a hard time explaining to my buyers why they should do the Auction.com route.
  • November 10 2013
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Profile picture for user52714637
Armanso - I totally agree.  The contract is lopsided in favor of the seller and asks the buyer to waive all basic protections.
  • November 10 2013
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Dear Barbara, 

Congratulations on your successful closings! We love getting feedback from our users, so thank you for sharing your experience. We strive to make the process of using our platform as streamlined and user-friendly as possible. I'd be happy to help guide you through the process on any other listings on our platform you may be interested in. Please feel free to contact me [removed by Zillow moderator]

Sincerely,

Peter Chevalier
Director of Customer Service 

  • April 30 2013
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Profile picture for bkorabel1
I have successfully closed several properties that were place on auction.com.that would not have been sold through the standard process. These properties were in the Hudson Valley of New York. There was additional paperwork but non the less productive. The process would be less complicated if the agents involved in a short sales were able to have the authority to do this without involving the bank until the time of contract.
  • April 29 2013
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Dear User3697839,

It is unclear in your specific situation, but it sounds like you have a home being considered for auction on our marketplace. In all cases, the seller is not Auction.com, but the actual financial institution that holds the loan. As stated in our policies, all winning bids are subject to the seller's approval, which they have up to 15 business days to review. The seller decides both the opening bid and the reserve amount. I'd like to set up a call with you to answer some of your questions and help guide you through our process. Please feel free to reach out to me by using the contact button on my Zillow profile. You can ask for me or [removed by Zillow moderator]

 Sincerely,

Peter Chevalier
Director of Customer Service

 

 

Dear Armando,

Thank you for expressing your concerns. I apologize your experience with our marketplace as a buyer has been anything less than positive. I'd like the opportunity to further discuss our contracts and policies with you in order to be able to bring your concerns to our legal team. Please contact me using the contact button on my Zillow profile.[removed by Zillow moderator]

 Sincerely,
Peter Chevalier
Director of Customer Service

  • April 29 2013
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The opening bid on Auction.com isn't necessarily the minimum the lender (the owner) will accept. Often there are unadvertised 'reserved' prices that must be met - even if you are the 'winning' bidder.

As you might've noticed on auction sites like auction.com and Williams & Williams, if the reserve isn't met, the property sometimes reappears on the local MLS, but I wouldn't hold my breath that the price will drop.
  • April 26 2013
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Stay away from auction.com.  Nothing about the buying process favors the bidders.  Just take a close look at the contract they make you sign and you will see how one-sided it is. 
  • April 26 2013
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