my first auction.com online auction won....intense!

[John D.]

a good deal, $42k purchase price on what's likely a $70k+ value (tenant occupied so we will see), but holy cow......

-2 hour required confirmation after winning bid or they cancel the deal

-Stated 24 hours to sign contract that's 106 pages long, needs to be signed by both myself and my realtor, which they shortened to 4 business hours because they were late sending the contract out....or they cancel the deal

-Stated 24 hour turn around on sending earnest money and confirmation, but they won't give me the wire instructions and can't tell me when they will be available......or they cancel the deal....

Trying to keep up with this will travelling, holding down a full-time job, and juggling offers on some other properties.......this one is intense!

[Chris Martin]

Makes my auction.com courthouse winning bid from 3 weeks ago look tame. I guess the process is locally driven. In my area, they seem to be an agent for the trustee (per court documents) and in that capacity can't really dictate the sale process. In my case, the sale followed the deed-of-trust default stipulations (e.g. no different than a trustee sale).

In my case, my bid is still in the upset bid process. Too many buyers chasing too few properties. Sigh. I did get an auction.com pen out of it.