Experience with Auction.com

[Jessica M.]

Hi All!

Anyone out there have experience with auction.com? If so, do you feel like you still get a good deal or do most houses end up going for market price since you are competing with other investors?

My husband and I found an awesome deal and were confirmed to view the property, which was listed on MLS. Immediately after seeing the property, we wanted to submit an offer but our agent realized that we can only submit through auction.com, which requires an immediate hold on your credit card.

We don't know why the seller's realtor let us in if the property is on auction, but either way we are very interested, but don't know if it's worth it to go through the auction.com process.

I welcome any tips and advice. We are trying to get our first rehab, but it's like a ratrace out here in central NJ!

[Jessica M.]

@Winston Covington thank you for your response! I do know that the homes are sold as is. I figured buying rehab homes from an auction, puts us in the same boat as other homes that we have seen from MLS and need significant rehab, but are also sold as is. However, I know I'm not comfortable putting in a bid on a property that I haven't seen. We want to be sure that our numbers work.

At this point, my husband and I have been on the hunt but nothing is sticking. I figured we should try another avenue to acquire homes, but I want it to be worth it.

So let me know if I have this right:

-provide credit card to hold $2500, which will go to the deal

- 20% down (does this need to be paid the day of?)

- purchase price

- 5% buyers fee

What else am I missing?

I know later I will have to add in rehab budget.