Tallahassee, Florida
14.4K views 241 comments
Not resolved

Do not waste your time with auction.com. 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.

Review about: Real Estate Auction.

Review #288077 is a subjective opinion of a user.

PRODUCT OR SERVICE Auction Bidding
Reason of Review / Monetary Loss Not specified / $158
Preferred solution Not specified

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Anonymous
Laredo, Texas, United States #1279077

thank you for your review, I was ready to get in to this scam

Anonymous
#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

Anonymous
#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.

Worked4them
Irvine, California, United States #971264

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.

honeyw
Holt, Michigan, United States #932687

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

DK
Gonzales, Louisiana, United States #910791

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.

Basia
Pompano Beach, Florida, United States #902055

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 Auction.com and any Broker associated with them.

Dave
to Basia Wood Dale, Illinois, United States #914373

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 scheme.it may be really worst than that.i hope some body stop them.

honeyw
to Basia Holt, Michigan, United States #932689

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.

Anonymous
Walla Walla, Washington, United States #901073

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 auction.com and Chase bank.

We as taxpayers got soooo *** by bailing out these worthless ***.What is America come to?

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