Does anyone have experience with Auction.com?

[Alexandria Bryan]

Hi, are there folks here who have had experience with or purchased property through Auction.com? Pros/cons? Did you use a real estate agent, lawyer?

[Laurie Isabell]

I have purchased two homes through Auction.com so far and the process has been very smooth.  I wouldn't hesitate to buy from them as long as you have all of your ducks in a row.  They are very strict with their timelines.  One house I met the reserve with, the other didn't, but was the only bidder and received an email from the broker's desk stating that the seller MAY accept an offer of $x, which was only $1500 than my highest bid, so I accepted it.  Please note that this is not always the case and it is my understanding that if you are the highest bidder and "won the auction" it is subject to the seller's approval and you are still required to go through the motions to see if they will accept.  This includes signing the purchase agreement, wiring the earnest deposit and showing proof of funds within 2 days of auction close.  Everything is done electronically and is very smooth. You will work with the seller's title company on everything and in my experience (both properties were owned by M&T Bank) was extremely smooth.  Please note that all over auction.com it states that a 5% deposit or $2,500 is required as earnest money.  The last house I bought was over the holiday period and the contract came back to say a 10% deposit was required.  The agent said that a lot of bidders have buyer's remorse around the holidays and too many deals fall through, so they were upping the ante.  I was a bit surprised by this, but no big deal as I had the money and it just decreased the total due at closing, but it really should have been disclosed up front.  Let me know if I can answer any specific questions for you.