Anybody use Auction.com to buy SFH foreclosures?

[Todd Moriarty]

I'm looking to buy foreclosed SFH and trying to find the BEST way, most economical, and smartest option to eliminate the 3rd party middlemen. Is Auction.com any good? Or are they priced too high? Is that site a good option? Any thoughts, suggestions?

Thanks.

Todd

[Jeff Kehl]

@Todd Moriarty Just to reiterate a bit, there have been many threads here on auction.com or ten-x as they're branding themselves now. But, just wanted to say they have changed a lot over time and they are nationwide and their approach is different in each state so don't write them off based on a read through the forums.

I bought quite a few properties from them back in 2011-2013 and then they seemed to morph and start trying to sell everything for market price or above.

But then late last year I noticed in Georgia they started actually running some of the courthouse foreclosures which made the sales much more convenient for me. They came at a set time so I didn't have to camp out the whole period of legal hours of sale to see what properties sold for. 

I have bought several from them at these auctions over the past few months. These are courthouse auctions though and you HAVE to check title to make sure what you'rebuying.

But at the same time, they are still running many REO auctions that are totally non-sensical. I have bid on many houses that were auctioned several times. Their algorithm bids against me until the property is above where it's profitable, I would drop out and then they start the whole thing over again.

But recently they started one REO out at a low level and I was able to buy it at a decent price for the neighborhood.

So I would not write them off completely, you can get some decent deals. But make sure you know what you can pay for the property and stick to it. And also make sure you understand the terms of the auction and whether they are selling you a clear title or not.