Auction.com

[Troy Brown]

Has anybody had success buying from this website? I've bid on several, and been the high bidder several times but have never had an offer accepted. It seems they auction each property 4-5 times without a sale, then the property disappears and eventually ends up listed on MLS. The reserve prices are unrealistically high. I keep bidding thinking maybe this time I'll get a buy. But, it hasn't happened yet. Anybody else have any experience with this?

[Jenni Moore]

Thank you all so much for the continued discussions on this topic.

I also, have confirmed that the reserve price (which seems unrealistically high, much of the time!) is set based on the value of the government insured mortgage amount. The lender/bank is required by law to offer at auction prior to claiming the insurance amount. The insurance certificate will mature about 6-10 weeks after the bank takes possession. During this time period, the auctions end and then relist repeatedly, never reaching the reserve price. 

Typically speaking, it seems that a lender might consider the high bids and readjust their expectations for the property reserve - but when they have an insurance policy sitting in their back pocket, its not much motivation!

I'm incredibly frustrated by this process, but as I come to understand it more fully, I'm learning that it's really a waiting game....I stalk, I bid, I stalk some more....