Auction.com didn't notify me or the closing agent that the seller backed out of a sale 10 days after I won the bid. After 14 days I hired a lawyer and had a title search done on the property. Two weeks before closing I called auction.com to see why the seller hadn't completed their paperwork, and after a half an hour found that the seller backed out and I will get my earnest money back. What about the lawyer fees?!? Is Auction.com the best this country can come up with to move the foreclosures???

very dishonest, they make rule as they go, thare are people in this company called RICHARD NUTT, RICK ROJAS, ELI SMUSHKOUCH, kevin, VICKY HERNANDEZ, THEY all call them self " UPERMANAGEMENT, THEY PUT YOU ON HOLD AND GIGGLE.

Be sure to read the fine print and don't count your chickens before their hatched! I bid on a home at auction.com and won. The reserve had been met. I signed all the papers right away and expected the seller to do the same. I did everything I was supposed to do and was told it should close in 30 days. The auction company told me to start the loan process as soon as I won the bid.

The fine print included the following clause:

7. AUCTION/SALE PROCESS. Neither Seller, Seller’s Broker nor auctioneer is making any representation or
warranty as to the manner in which the sale process will be managed. Seller may select the winning bid in its
sole and absolute discretion. No obligation to sell shall be binding on Seller unless and until a written
contract of sale or purchase agreement is signed and delivered by Seller. Seller may rescind any oral
acceptance of a winning bid prior to the execution and delivery of this Purchase Agreement for any reason,
including, but not limited to the receipt of a subsequent higher bid or offer to purchase whether such higher
bid or offer to purchase was received pursuant to the Auction Terms and Conditions or otherwise.

I was told by the escrow company this is a formality and there shouldn't be any problem. Almost 3 weeks into escrow they rejected my bid. They would not even give me a counter-offer. They said I could make a higher offer and they might consider it. I did, and they didn't. I was told I could increase my bid even higher and they might consider it but it would be a week before they would get back to me.

The house is no longer available so I can only assume they got a higher offer 2 weeks after they sold it to me. Of course, if I changed my mind at any time after the auction, I would have lost my earnest money of over $4, 000. They lose nothing. I cashed out my 401k to get the down payment and the loan docs have all been completed. I'm not even sure how much money I'm going to owe the mortgage company for all they've already done.

I still think online auctions can be a great. I've gotten a vehicle and a trailer on E-bay with no problems. I think auction.com needs to rethink their policies.

BUYER BEWARE!!!

11/10/2010 I bid on a property in Lancaster, OH through Auction.com my $28, 500 bid was outbid according to their e-mail, on 11/12/2010 I receievd a call from auction.com that I was the winning bidder at $28, 500. When I asked how that was possible, they did not have a answer. A few weeks ago I was sent an e-mail that I had won a property and wired them $13, 500 only for them to call my realtor and try to get me to raise my offer (I had signed and initialed over 30 pages of contracts) The top property is listed at $58, 900 currently through fannie mae, I had bid on it last month through realtor.com and was told they had a $52, 000 reserve. Auction.com wants me to fill out all the contracrs and send them $2500 again, even though I was outbid--BUYER BEWARE

This company is a scam.
Supposedly this company auctions off real estate to the highest bidder;however in reality its a glorified short sale. You have the dubious priviledge of paying thousands of dollars in "ernest money" and then have to wait as long as 15 days to find out if you won.

To make matters worse the seller is allowed to bid on his own property up to the reserve price.
If you think you are bidding against bona fide real buyers you are wrong, just the seller bidding up the price.

These are all "problem " properties with sometimes major defects. Since you are bidding against a reserve price you won't save all that much money. In addition you can be really burned because you don't get to do a termite or home inspection. Case in point: a house located in Mill Valley featured as a "premier" property was repeatedly aucioned off and then would reappear again and again. Why?-- a foundation that needed more than 150K in repair work which was known to the seller but not disclosed on the web site. How many deposits were pocketed by REDC on this one transaction alone? To save a few thousand dollars could cost you a 100K. You are way better off buying an REO directly from a bank and making your own inspections.