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
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
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
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
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.
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.
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.
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.
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
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