3 comments

(1) Registered and bid

(2) Did not think that I will win the auction, without reaching reserve so kept bidding up.

(3) When asked the customer service, they said, sometimes the seller may agree to sell without reaching reserve.

(4) Auction got extended by few minutes when I was the highest bidder, I had to bid even higher.

(5) Won the bid.

(6) When signing the auction contract, it required wire or cashier's check within 24 hours on a Saturday auction. Most banks are closed on Saturday so neither was a good possibility. Fortunately there were errors on auction contract that postponed remittence of money until Monday, which I was able to do.

(7) The ernest deposit required within 24 hours is to the title/escrow company, so I did not feel too bad about sending the cashier's check.

(8) The purchase contract is seperate than auction contract. The puchase contract was on standard real estate form. The selling agent made lot of errors on purchase contract so I prepared one myself and sent.

(9) The selling agent and auction.com required proof of funds within 24 hours after purchase contract was signed. This proof of fund was for the non-financed portion of the price.

(10) Auction.com told me that I could not be buyer's agent if I am buying the property for myself (If I am the bidder). In order to earn buyer's agent commission, you must have a buyer's agent, the buyer's agent must first register with auction.com prior to you starting bidding and somewhere in the rule it says that the buyer's agent must be present with you when you are bidding.

(11) If you have a buyer's agent all correspondence will go to your buyer's agent, you must have buyer's agent respond promptly, usually within 24 hours.

(12) The seller has approved the transaction and the bank is in the process of approving the sales transaction.

(13) There is a closing date, if the bank takes too long to approve, I may not be able to get loan approved in time and am expecting some issues in getting closing date extended.

(14) You must have previewed the property prior to bidding, which will introduce you to selling agent, where you can ask a lot of questions about title etc. Auction.com does not know anything about the property, it is an auction company putting a property for auction.

(15) The transaction is uncomfortable because the customer service keeps reminding you that your credit card deposit will be lost and you will be liable for liquidated damages and you are required to comply usually within 24 hours, regardless of the weekend or holiday, however, if you are prepared to purchase the property, have the funds readily available and have the time to respond within 24 hours, I believe the transaction can be executed.

(16) The property is occupied, auction.com disclaims to provide you with a vacant property, in the event the seller is a fraud, it is your responsibility to evict seller. You are required to close the property regardless of the occupancy status. In my case seller does not appear to be a fraud and intends to vacate the property.

(17) Lot more unknowns until the transaction completes. So far the credit card reserve has not shown as if charged to the credit card and the earnest money deposit is with the title/escrow company, therefore so far auction.com does not seem to have any of my money.

(18) If only auction.com customer service is a little more polite and 24 hour rule is relaxed especially on weekends and holidays the comfort level on transaction will increase.

(19) Will update all as things progress

Review about: Auction Bidding.

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Anonymous
#773324

I wish I could give zero stars.

google auction.com reviews

pissedconsumer.com

ripoffreport.com

I won a property above reserve(reserve MET) provided funds and within a few days my funds were returned cause they changed their mind.(back door better offer?)

it sold for 2x my bid later and then flipped for 2x again...

tried to bid on local properties. they went higher than my bid but reserve MET... next auction around-they were up for sale again. customer service a JOKE!!!

chat ended by agent before my questions were answered. WOW... same experience as with phone support. I guess if you have monopoly on foreclosure auctions-you can treat customers like trash.

too bad.how many of these positive reviews are by employees getting a free lunch for every positive comment or review?

Auction_com
San Jose, California, United States #590581

Dear Anonymous,

Thank you for voicing your thoughts about our auction process. You are correct in that the seller may agree to sell without reaching reserve, and also that to earn buyer’s agent commission, you must have a buyer’s agent that is first registered with Auction.com. We sincerely apologize if our Customer Service team made you feel uncomfortable. They simply want to ensure all our customers understand our Earnest Money Deposit policies.

If you have any other questions about our process and policies, please contact our Director of Customer Service, Peter Chevalier at 800-793-6107.

Sincerely,

Auction.com

Anonymous
to Auction_com #653003

******Let the People Know, GET JUSTICE.

The Court of Appeals just released a decision that shows that getting greedy will get ya’ in the end. Despite precedents that show that contracts substantially favoring the party with the greater power often are deemed unconscionable (so unfair as to not be enforceable), lawyers stiff draft them and companies still like them.

First year law students learn that such contracts are problematic at best and yet Companies still pay some lawyer big money to come up with the rag.

The trial court dismissed "BIG COMPANIES" counterclaim because it found that the indemnification clause was not clear and understandable enough for an ordinary person to understand what he or she was contracting away. "BIG COMPANY" appealed and argued that rule only applied to pre-injury releases and, instead, this was an indemnity provisions. They cited case law that found such a provision valid. If you have a greater interest in the process and reasoning of the court, please read the decision. For our purposes here, we are going to cut to the heart of the matter.

The Court decided that it did not matter which case law was applied to this particular contract because the guiding principal fit both pre-injury releases and indemnification clauses. The holding of the Court is that when a contract that is used to defend against the indemnifee’s own negligence is “agreed to by a party in a clearly inferior bargaining position”...

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