Auction.com scam (real estate)
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.
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.
More Review Details
You May Also Like
- "I am trying to order a makeup set but when I input my address, there is no "Benguet" choice on "Select Province" Please fix it immediately. I am trying to..."
- "I must be naive! Ground shipping more exensive than expedited shipping..odd. Return policy..odd but still pressed the purchase button. Receive goods..ivory wedding shoes with rosettes and rhinestones...."
- "I ordered a 75.00 pair of miss me jeans New With tags from DD Danell....... Instead I received an old pair of mossimo jean's that were probably purchased at Target..."
- "I sent two brand new sets of headlights off to get customized and when the shop received my headlights they sent me a picture of my boxes and headlights. one..."
- "Let this video speak for itself. The lowest bidder does the work. The super was a really nice guy but he had no experience with residential building, I..."
- "Here is my fiance's recent horrible experience with David's Bridal: Store: 0188 Tran#03027317 Rep Betty S. 730335 My experience with this company has not only caused me to completely lose faith in..."
- "I am in the process of purchasing the following duplex in Florida. 7542 NW 44th Court Coral Springs, FL 33065 My closing is scheduled for 5/30/2016 and the listing agent,..."
- "My order took one month to receive. I ordered 2 swimsuits both the SAME size XL. I wear a USA size 8. One was way 2 sizes too..."
- "Clearview representatives were 3 times to my house and the three told him I was not interested and very upset third man told me that he was the supervisor who..."