Auction.com : I cant seem to buy in my area of Indiana.

[Jeremy Isaacs]

Hello all and thanks in advance for the help. 

I've been watching and bidding on properties in my area from auction.com. I cant understand what is going on. one property I bid ended with at least 3 bids higher than mine and I received a call saying they could try to get my bid pushed through. I declined and that same property has been auctioned 3-4 more times since.

Other properties get bid too close to value but still get relisted.

What is going on here?

Has anyone purchased from auction.com successfully? 

I'm really just starting out and i'm looking for properties. 

Any help would be appreciated. Thanks again

[Ned Carey]

I was at an auction talking to the person who disposes of inventory for a local bank. He said the bank got an appraisal for much more that the property was worth and they wanted X.  

But the property was only worth half that. I knew it, the auctioneer knew it and the banker knew it. But the powers that make the decisions at the bank wanted to believe their appraisal. Sometimes you are dealing with banks or other sellers that just aren't being realistic. 

At auctions the buyer can set a "Reserve" which if not hit, the seller does not have to sell. Often the property just get re-auctioned. I am sure this is what is happening.

More importantly for you is, why are you even messing with Auction.com. I want to go to an auction where I am the only bidder, not one with national exposure. Furthermore you have no idea who you are bidding against and whether those are Real bids. It could be the bank or owner you are bidding against. You could be thinking others are driving up the price when you are the only bidder.