Anyone try auction.com?

[Don Chambers]

Has any investor had success at auction.com?

I usually stay away form auctions because there are several buyers which drive up prices.  A few years ago I tried a few live actions and never bid.  The bids run up over my maximum so I never bothered to bid.  

Recently, I read some blog posts about auction.com and decided to give it a try.  I have bid on 6 properties, I didn't get any and it seems they didn't sell.  They return week after week.  I assume the winning bid did not meet the reserve but I can't find any history.  It is possible the deal fell through for other reasons.

Most of the properties say they are occupied so you can't go in them.  I have to factor this in so my bid is low - but everyone else has to do that also.  The bid increments are usually so high that I can only bid once.  If I am out bid the next bid is way to high.

For example, I look at a house that will rent for $900/month.  I can't spend more than $45k on this after repairs.  I can't go in it and it looks a little run down when I drive by.  I offer $25k, there is eventually a counter at $35k but I can't bid again with the $10k increments so I don't get the house.  A few days later it is back for auction.  This time, I am the one that put in the $35k bid but I get an email that I am outbid.  I am a little worried $35k is too high since I can't go in.  This house is back on the auction today.  Should I even bother?