Auction.com???

[Kizzy Brooks]

Hello,

I'm new to BP and was just wanting to get some opinions.... Have any of you ever used auction.com to purchase foreclosures? I see postings from them it seems like everywhere and I just want to know if this is a good resource for investment properties.

Any advice will be helpful!

[Jean Norton]

I've purchased most of my deals from Auction.com and here is my assessment:

• Beware of the shills. I don't know if it's true, but I've heard from the other side that the practice is used. Again, I don't know if it's true or not, but just don't get caught up in a bidding war. There are plenty of other deals.
• Yes it's a pain in the butt to tie up all your money on EMD's while you wait for 21 days for the bank to decide if they will accept your offer or not. It doesn't seem fair, but those are the rules of the game.
• Yes, sometimes your EMD gets lost. I've always received my EMD back, even though it may take a month or 2.
• Always list an agent that represents you, even if they didn't represent you. This agent will be on your side and shield you against the transaction company's and the BS "attitude". It doesn't cost you any more, and your agent will be most appreciative.
• Always check to see what the property wouldn't sell for when it was listed. If the auction price is getting close to that price, then go back and start looking at the MLS. Sometimes I've seen too much competition and utilize other strategies to get my deals.

I've found that the approval rate for auction properties are much higher than prior going to auction, much like there is a different set of asset managers looking at the deal. Good luck!