Auction.com

I won the auction, met the reserve price, paid my deposit and had a signed purchase agreement then sat waiting for the deal to close. After two weeks Auction.com sent me a email asking me to sign to agree to cancel the transaction due to it being conveyed to HUD. I refused to sign for over a week and every day I would get the same email Then all of a sudden I get an email. "Thank you for confirming an unilateral sellers cancellation will be sent to all parties." I sent and email stating that I did not sign anything and this is what I got back."In my email it states unilateral sellers cancellation. This would not require a the buyers to sign the form." As of today I do not have my deposit back and I do not know when I will get it. But from the look of this whole experience, auctions on Auction.com are not final and the seller can pull it back at any time. However the buyer is not able to inspect the inside of the property and you could loose your deposit if the buyer decides to back out. If this is not the case someone can correct me. But this is the way I feel. And yes all of this may very well be in the sellers agreement but I have never been to an auction where the property was sold then pulled back. Seems shady to me.

THEY LIST THE PROPERTIES THAT THEY HAVE NO RIGHT TO LIST / SELL.

I CONTACTED THE LENDER (BANK OWNED PROPERTY) TO GET DETAILS ON THE PROPERTY THEY OWN THAT WAS AUCTIONED.

THEY TOLD ME THEY HAD NO LEGAL CONTRACT WITH AUCTION.COM TO LIST THEIR PROPERTY.

I CALLED AUCTION.COM AND SOME OLD WOMAN REPLIED FROM HOME! NOT EVEN INTRODUCED HERSELF AS AUCTION.COM AFFILIATE.

JUST A JOKE, STAY AWAY FROM THIS CRAP, THEY WILL NOT STAY AFLOAT TOO LONG

This is definitely a scam cause I called their number for a home listing in Frisco, TX asking if I could attend the auction to watch the process without actually bidding on the home, and he said I had to pay a $5000 registration fee just to enter? And that it was refundable after I leave? Yeah right it's refundable! I even told him it sounded like a scam to me on the phone before I went on google to check reviews for auction.com only to see that many other people have also come to the same conclusion... it's too bad sites like Zillow list auction.com home foreclosures which allow it to look trustworthy to actual buyers. Not to mention they hold these auctions inside a county court office room which they probably rent out for very little to make themselves look more legitimate? Talk about no protection for regular citizens! Also their sample Deed form doesn't even say Property Deed at the top of the form, people who don't know what they're doing are gonna get screwed working with them. www.indopakmassage.com

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.

Wish I had seen these reviews before we started the process with auction.com. So far, we have a horrible time getting ANY communication from them but the closing company they are using with us, Professional Escrow Services, has been completely VOID since our first day with them. We got great feedback for one day and then suddenly NOTHING for over two weeks. They are supposed to be putting our title insurance together, but the company says (after we finally called them directly) that our address is no where in their records. Tried to contact our closing agent with Aucition.com and he won't answer his phone or respond to an email. We've given more than adequate time to get answers. We are supposed to close in a week but so far, we don't have title insurance or know where we are in closing. If we have to extend, it's supposed to cost us money EVERY DAY it goes longer, and as it seems, we won't be closing any time soon when we were told it shouldn't be a problem to close early. My attorney is waiting for the word to pounce if necessary. I've already paid my earnest deposit. We've done everything they ask of us in a very timely manor and have called and double checked to make sure we are good but it seems we may still get screwed. I really want this house, however, I'll be satisfied if I get out with my money back- but we'll see. I don't see how a business is run this way and still stays in business. I see that a rep from the company can reply back on here, and I'm begging for one to do so. It would be the first communication they've offered me!

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 for one don't understand how the states attorney general(s) would allow this practice to continue. If you read thru these post you should get an understanding that if you are bidding on a property via their web site, you most likely are bidding against yourself.
Auction con should be the proper name for that site.
If you start bidding on a property that has a reserve, might as well pay full price via a broker, wait until it goes back to the lender. Auction con will counter bid any bid including their own counter bids to jack up the property to the reserve. So you want to be screwed more? If it is owner occupied, add another 10k plus whatever damages which could be considerable, and if that prior owner had outstanding debts
There may be lien rights to follow against that property even thou it was foreclosed.
You are in a no win game with auction con. I have seen them relist a property maybe 9 times, i think part of it may be the lender trying to get the insurance from the loan. Only if HUD knew what games were being played by these lenders to gain more monies from the insurance. Or is it freddymac don't know.
Again as stated by others here, you have no recourse against auction con, take a look at their closing docs. Best advise stay away, report to your local attorney general..

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 bought a property from them back in 2019 and the sale went ok, then I was a the highest bidder on another property last month, we got the title search and we had title issues that their seller refused to sell ( I hired a lawyer to do the closing) and he send them an email to resolve the title issue so we can get a title insurance or cancel the sale, their seller refused to resolve the issue so we told them to cancel and return the deposit about ($12,000) we got an email from them saying that the seller not going to refund the deposit due to damages? What damages god only knows, glad I had a good lawyer which fought with them and threaten them with a lawsuit if they didn't refund the deposit, then they said ok we will return $7000 from the 12,000 the lawyer told them absolutely not and threaten to put a lien on the property and Foreclosure on it, finally they agreed to return it in full, they will try to scam you and they don't even respect their own contract, have a good lawyer if you going to buy from these scammer they work for the seller and they will not play fair.
And please auction.com don't leave a comment to contact you on my review.

I can not believe that such practice even survived so long in the United States. I want to warn anybody who are thinking to buy from auction.com. There are several things you need to pay attention to. First, when you bid online, the auction.com will bid against to raise the price. If your bid does not meet the reserve, they will keep up bidding against you. If nobody win the bid, they will post the property one day later. Second, the auction.com has terrible closing services. You need to be careful what you signed for. Usually, you will have to pay the closing cost for the seller. The closing agency they are using is called service link. Both auction.com and service link has terrible services. They only want money. They do not want to do the work. Most important, you need to ask them whether they have the key to the property. Our experience is that we paid everything for the closing and waiting for the key. Auction.com told us that they do not have key to the property. You have to break the door to gain access.

I posted my experience here to let other people know so that you won't get hurt by auction.com.

But you absolutely CAN buy a $200,000 house for $120,000 cash on Auction.com. Auction.com is great. The site sells REOs online using exactly the same M. O. you see at sheriff's sales on your local courthouse's steps: and, like auctions on your local courthouse steps, (...) for any given property there may be 2 actual, serious bidders and about 20 poor saps who showed up honestly thinking the bank was going to sell a house for which it's $120,000 in the red to some poor JimBob for what was advertised as the $30,000 'minimum bid' (snort) price. It won't happen. Not on Auction.com, not anywhere.

YES, fools, Auction.com WILL bid on behalf of the bank or sellers until the 'reserve' price is met. If you think that spells 'scam,' then you need to step out of the game and go back to buying scratch-offs as a long-term financial investment. Auction.com will NOT automatically sell a property to the highest bidder if the highest bid is at a loss to the seller and under the reserve price; this isn't La-La Land. However, the seller might agree to any REASONABLE bid, even if it's under the reserve. You can get absolutely incredible deals here, just don't be thinking a seller is obligated to respond to your ridiculous low-ball bid. All the negative reviews here seem to be from amateurs who really believed they were going to be handed something for nothing. For anyone who is serious about investing in REOs and is ready to throw out the funds required for such an undertaking, Auction.com is an absolute godsend.

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.