Auction.com Reviews – Is Auction.com Legit
The Auction.com reviews show that this site is billed as
the nations leading online real estate marketplace. This is a busy site with a lot going on from the time you
hit the landing page. This is what Auction.com is “about” according to the website;
“Since our founding
in 1990, Auction.com has distinguished itself as the world leader in maximized asset disposition strategies,
asset management and real estate sales. Our expertise lies in selling residential, commercial, luxury homes,
multi-family and hospitality properties, land, as well as performing and non-performing notes and loan
It is a mouthful for
sure! The above is actually a very small excerpt from the never ending description detailed on the website under
“About Us”. This was problem number one for me. I will go ahead and say it “I am lazy” I like to have my
information laid out in easy to understand language and have encapsulated. I do not like to have to read through
paragraph after paragraph to figure out what a website is all about. While I do think this is a good source for
real estate deals, most people seem to prefer using a service like Auctionresource.org for find deals online.
The Fees at Auction.com
Let’s move on to
something that resembles a little more of critique than a marathon about what I personally do not like. The fee
structure at Auction.com looks like this:
To register you will
need a credit card. There will be a hold placed on your credit card that will be relative to the amount of money
you decide you want to be your bid limit. The hold can be anywhere from $2500-$15000.
The“Buyers Premium” is
5% of the total price of the winning bid. An example that is given is if a winning bid is $200,000 than the
buyers premium would be $10,000 so the total sale amount would be $210,000.
The Auction.com reviews
show that the earnest money deposit is required on the day of auction. The earnest money deposit is 5% of the
total winning bid.
I had a lot of questions
that were not answered by the FAQ's so I tried the online chat to see if I could get questions. No one answered
the chat feature I just got a message saying that the service was not available right now. I do not know if it
was a technical issue or if it was that someone was simply not available to answer my
Reviews of Auction.com
I just wanted to take a
look to see if there were any complaints circulating on the web and I found this one at ripoffreport.com “Have
bid for properties on this site several times and have begun to notice a pattern of questionable results. Just
bid on a property just before the close and was the only bid for two days and should have been the high bidder
at the close. When I called to ask to confirm they said someone else was the high bidder and bought the
property! This could only have happened if they allow front running by insiders. This is not the first
time this has happened on this site.”
There were a few others
that were negative. A few of the complaints were rather lengthy!
This site may be a good
way to save money on a property deal. I would suggest that you do your homework before you put out any
Registration requires a credit card hold.
Number of Items: Not
Overall, the Auction.com
reviews show this to be a viable site and not a scam, however a more popular choice for finding real estate
deals online is by using a service like Auctionresource.org.