scam (real estate)

31 of 31 Auction reviews

Do not waste your time with It is a front for a mortgage company in CA trying to unload foreclosed properties, not an independent entity.

They will:

1. NEVER reach a reserve amount, no matter how high you bid.

2. Use your "bid" as a means to determine value. Bid will end without a "winner" and you will receive a call congratulating you on your "win". If you read their rules, a "winning bid" is when the reserve is met, but they will not acknowledge that fact.

3. They provide you, the "winner" with a 41 page contract and direct you to execute within 20 minutes of receiving it. (that's not sarcasm, it is in their rules). The contract is EXTEREMELY one sided, taking all of the Buyers rights away. READ EXTREMELY THOROUGHLY - I wasted $ 158 for a real estate attorney to review this thing. He laughed at it.

4. They require $5000 min. earnest money upfront before they even take your offer (not "bid") to the lienholder - American Home Mortgage (themselves), knowing full well that the lienholder (themselves) will not accept it. This is on top of the $1000 pending charge they place on your credit card just for the privilege of bidding.

5. The purchase agreement is ALWAYS incomplete - no legal description of the property or preliminary title report is ever provided, but the agreement requires that you sign that you have received and reviewed them. They will NOT provide the missing documentation when you call them.

6. When you finally figure out this is a scam and wihdraw, your $5k is held up for an unscpecified amount of time, less the unspecified "administrative fees" you have given them permission to deduct from your earnest deposit (theoretically it could be 100% of your deposit).

In short...STAY AWAY FROM AUCTION.COM. It is a complete waste of time. Remember, if a deal sounds too good to be true.... I forgot that momentarily.

This review is a subjective opinion of a user.
Report Comment Private message author

More Review Details

Monetary loss:
Product or service
Real Estate Auction
Review category
Auctions and Internet Stores
review #288077
Had an experience with Auction? Submit review ›
Helpful? 422 Yes 422 1033 No 1033
Had the same issue 126 Yes 126
31 of 31 Auction reviews

Feb 17, 2016 #1113204

*Their "Previously appraised at" prices is the highest value the property has EVER been valued at, not the current value. The property I was bidding on had the previously appraised price at 145,000. I stopped bidding at 65,000. The auction went to 75,000 and closed without the reserve being met. The second auction on this property ran up to 95,000 and closed without the reserve being met. The bank finally relisted with a real realtor and sold for 65,000. A far cry from 145,000.
*You are mostly bidding against the auction site. They run the price up during the auction.
*They will wait until the last 60 seconds of the auction to outbid you and add more time to the auction to continue running the price up.
*You will have to fight to get your deposit back from them when you loose on bidding, sometimes up to 4 months.
*No one I know will used these types of services.
*You are wasting your time with this site. *I cant find the "0" star button on this site. *THIS IS A SCAM

0 0 Reply

Nov 08, 2015 #1060264

I agree with all this person said about the sale agreement and the lack of preliminary title report and property description. I had to argue for those. In addition, the title company they use, sends the closing docs to you via email on the day you are supposed to close, without giving you time to read it. Just be smart, read your original agreement, cross out anything you don't agree with, ask for them to pay closing cost. Do all this before committing yourself.

1 4 Reply

Apr 13, 2015 #971264 Irvine, California, United States

I worked audio video for them for two years. The bidder assistant throws out fake bids for the seller. If they win the property the will redo it at the end of the auction.

3 2 Reply

Jan 18, 2015 #932687 Holt, Michigan, United States

All these people should ve filing with the federal trade commission to SHUT THEM DOWN!

2 2 Reply

Dec 04, 2014 #910791 Gonzales, Louisiana, United States

Property owners should not use them because the buyers felt ripped off at the end of the winning bid. They use " Reserved price not met" as a front and railroad you to some price which is more than the appraised value of the property. Plus they have earnest money added to the winning price. It means that the winning bid price is not the final price of the property. The final price of the property is winning bid price plus the earnest money(5%)! The government should look into this fraudulant practice.

3 3 Reply

Nov 17, 2014 #902055 Pompano Beach, Florida, United States

I can't understand why any REALTOR would be associated with this unethical company. They are just looking to unload unsellable properties. You can be paying as much as double for your property as you will never find out about all the moneys owed before you'll purchase and they will give you 2 hours to sign the contract and if you don't they will keep your deposit. Unbelievable!!! I'm looking forward to a class action lawsuit against and any Broker associated with them.

3 2 Reply

Dec 11, 2014 #914373 Wood Dale, Illinois, United States

Mr Basia & Mr Dk
You guys absolutely right .this is open fraud to me & the peoples of united state.i believe we should file a lawsuit against this company.can we file a complain to state attorney to block them immediately.all i can say this is one kind of panzi may be really worst than that.i hope some body stop them.

2 2 Reply

Jan 18, 2015 #932689 Holt, Michigan, United States

when the banks can't get their price through a realtor they turn it over to auction not calm. I believe Realtors believe it's a scam and those that have been scammed should file with the Federal Trade Commission immediately and possibly be entitled to recourse or reimbursement.

0 2 Reply

Nov 16, 2014 #901073 Walla Walla, Washington, United States

Everyone beware of this company!! I have just lost $5512 EMD to Chase bank because of a shoddy business practices. I cant even get a straight answer. I work very hard for my money and dont have alot. This company and people are the reason people goes nuts and shoots the *** outta the employees.
The lesson cost me $5512, but I learned it well. I will spend my every living minute trying to destroy both and Chase bank. We as taxpayers got soooo *** by bailing out these worthless ***. What is America come to?

7 3 Reply

Sep 26, 2014 #875928

Auction.Com are Scam Artists Pure and Simple!!! They take your money and do not reimburse you even if you don't win! They're horrible people!!!

6 2 Reply

Sep 23, 2014 #874394

i have bought several homes from this site and all of them said reserve not met..But went thru the motions and contracts anyway. In all cases i received a call within 3-6 days confirming that the bank indeed did accept my high bid.. Yes the contracts are long winded and one sided. But luckily no problems. Ive used my own attorney on some and used their closing companies for the others..

12 7 Reply

Sep 20, 2014 #873031 Massachusetts, United States

Was watching an listing, saw it close at a reasonable bid and a day later re-listed as fresh auction item. Account Deleted. In the "regular" market also seeing ppl paying top of bubble prices for housing prices that can't be supported by local economy. It's a suckers market in 2014.

3 2 Reply

Sep 16, 2014 #871100 Virginia, United States

Please DO NOT do business with this company!!! They are a company trying to steal hard working americans homes, including mine. They have my home listed as foreclosed and an auction date on the books, My lender tells me a different story completely, IT IS A SCAM PEOPLE PLEASE BEWARE!!!! THEY WILL TRY TO STEAL YOUR HOUSE!! So very sad that america has come to this, Watch your backs

5 3 Reply
CA specialist

Aug 13, 2014 #856094

If is a scam, then why did Google just invest $50 million in their company?

5 4 Reply

Aug 02, 2014 #850094 Tampa, Florida, United States is not honest. The employees, who are not real estate agents act like licensed agents without being properly licensed. Bidders never meet the reserve and if do have to deal with real mean and rude people who doesn't act professionally. Banks must evaluate seriously the partnership with those scam artists.
Authorities must take action and the National Association of Realtors must take action now.

4 1 Reply

Jul 18, 2014 #842658

I also just had a similar negative experience on a commercial property auction with After being congratulated on having the winning bid, waiting for hours for the contract that I had to accept within a half an hour, wiring the 10% deposit, confirming the wire reference, etc., I was informed tonight (30 hours later) that my offer was rejected by the seller. No explanation. I have now wasted legal time, several site visits, title work etc., plus will be embarrassed to tell my friends, co-workers and family that it was all a waste of time and money. Of course, the one-sided documents give them the right to do this, but it certainly does not seem very ethical. I blame, the seller (a large public corporation) and their advisor for their faulty process and poor communication.

12 2 Reply
Paula Home Owner

Jul 12, 2014 #839633

They are incompetent !!!!! I came home from work to find an auction sign posted on my door and in my yard. They had the WRONG address!!!!!! Now I have to post no trespassing signs in my yard, as pictures of my home are on line. I have contacted the local police department to notify them that this company has now put my privacy and my families security in jeopardy of strangers entering my property...which is NOT in foreclosure well as the humiliation of their inept research to post their signs on the correct property. Having contacted no response...I feel legal action will be called for. Caution to buyers to confirm the properties that they list are actually the properties that are available.

5 2 Reply

Jul 11, 2014 #839388 Orlando, Florida, United States

I just bid on a property and was the "winner" and went well past the reserve. I sent in the paperwork and then they called me several hours later and said the asset manager had pulled the property AFTER the auction was completed and would give no further explanation.
Am awaiting an explanation from the listing broker who pretty much claims he doesn't know anything either.

6 2 Reply

1-20 of 241 comments

Great comment! Would you like to convert it into review?

You will be able to edit the text before publishing.

You May Also Like

You were reading a complaint about Auction.
Filing a new complaint about