Auction.com Reviews – Legit or Scam?

Auction.com Reviews – Legit or Scam?  

Auction.com is a real estate auction place, sort of. They do hold auctions on this site but many of the auctions are held in real time in other venues.  It is more of an information portal than it is an auction site. You can participate in auctions online when they are available. While the reviews show there are deals to be had at this site, a more popular choice for finding good real estate deals is using a service like Auctionresource.org.  


Bidding on Items
 

To participate in the online auctions you simply click on the property that you are interested in bidding on and provide the requested information through registration. You will need a credit card. A hold of $2500 will be placed on your card that will be released the business day after the auction closes. Some properties require additional bidding qualifications and will be identified as such. In such a case, an Auction.com staff member will contact you via email and telephone, providing specific instructions on how to gain approval to bid on these special properties. See the transaction details box entitled "Bidder Qualification" for the requirements and specific details. 

Auction.com Reviews - Some Considerations  

When you win an auction on auction.com you will be expected to pay your deposit and either pay the winning bid price in full or produce a letter from your lender stating that you have been approved for X amount of dollars. Keep in mind that these properties are sold as is where is so you really do not know the condition of the property. 

Also keep in mind that many states have a redemption period when a home is foreclosed on. That redemption period varies from state to state but it allows the home owner to recover their home if they can satisfy the debt. There are also other legalities with purchasing a foreclosed property that you should be aware of. Read the terms of service and every word of the auction announcement before you bid.  


Navigating the Site
 

When I visited the site I tried to find out when the next online auction was but all I found were dates and times for auctions being held in real time in different revenues across the country. Navigation was not difficult but it was a bit confusing.  

There is a chat feature but no one was available. There are several articles and other information that is available on the website but it was not substantial enough to really get my questions answered.  


The Inventory
 

There was not a lot of property listed on this site. Considering that they site spans the United States and considering the condition of the current real estate market there seems like there would be many more listings than the 30 or so that were listed.  

 

Many of the properties that were listed had a CANCELED sign put across it, or an On HOLD sign. It was not as easy as it would seem to find properties that were coming up for auction online.  

Before you use this site make sure that you perform some due diligence to protect yourself. Do some research into the real estate laws of the state that the property is located so that you understand your liability should you win an auction on a foreclosed property that may still be in the redemption period. 

Click here for the top rated site for real estate deals 

Overall, the Auction.com reviews show this to be a legit site and not a scam with not too many known complaints. However, most people still like using a service like Auctionresource.org for finding good deals on real estate 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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