Auction Sites for Bank Owned & Foreclosure Properties

[Nicole P.]

I've been looking at sites that auction bank owned & foreclosed homes. I don't have ANY experience with homes like this. I'm wondering what are your experiences with purchasing a home off websites like auction.com, hubzu, etc. What are the fees like? Do you get your bid deposit back if you don't end up purchasing the home? Thanks for sharing!

[Joe Pitrolo]

I've had some luck with Auction.com, purchasing 2 properties at about 40% discount, a  3 and a 4 bedroom.   If you loose the bid, your cc is not charged.  If you win the bid, you have to get your paperwork and funds in quickly or they can withdraw the offer.   I won the last 2 auctions and Wells Fargo didn't accept and returned my EM in both instances.

   It best to buy a property not occupied that you can do a walk through.

It seems like some of it is just timely bidding or banks deciding to just give up and sell. I notice some properties stay on for a long time and automatic bid up to or very close to the reserve.