Does anyone buy Auction.com in Las Vegas?

[Jim Owens]

Does anyone or has anyone purchased property from Auction.com in Las Vegas, NV? I went to the auction they hosted today and so far 3 properties were sold and it seems like they were bid up way to high especially being site unseen. The site is a little confusing because the opening bid and the estimated debt are very different. One had an opening bid of 115,000 with an estimated debt of 164,000 and it sold for around 140,000 with an estimated resale value of 192,000. I was under the assumption that the bid had to cover the existing debt. Does this cover the mortgage and other existing leins on the property? Is there a way to pull a title report for the properties prior to the auction to see what I'm getting in to?

[Bill B.]

You might find out the debt holder got the property for that bid. Then they can hold the original owner liable for any shortfall unless they end up selling it for a profit.