All Forum Posts by: Jesse Vega

Hi John,

I have some experience with Auction.com. Id love to team up and work with you. 

Great site, you just need to know how to use it. I've closed 12 assets, there is def a methodology. My biggest piece of advise would be to focus on your ROI and not acquiring a "house". I see a lot of people that go through home heart break just because they start thinking as if they were buying a home.

Jesse your assumption of what the bots do is incorrect. They are actually your best friend. You may not know this, but the bots only push the bidding up to the reserve point. You would not be able to buy an asset with a 45k reserve for 10k, the banks wouldnt accept that offer. A bot simply acts as the guiding hand to help you land on the number that bank is looking for. 

"Ghost bidding" or bot bids as I like to call them are actually your friend. If you utilize them properly you can guesstimate the reserve on most properties based on the bid rate, bid amount, and time left. Most people see this as the price being driven up, but the reality is that the starting bid was never going to be the sale price.  

NY Triplex for sale. Please contact me for details. All cash buyers only as financing will be hard under a construction loan

Josh,

You are referring to a counter bid. In those cases auction.com will use this tactic to help expedite the sale by guiding the auction participants to the reserve. Auction.com does not set the reserve, and what you thought was overpriced was just a really bad reserve set by a bank trying a better return. And you're right if a property is not sold it will be returned back to the auction block, use this to your advantage, keep track of the properties and build a case. Auction.com will stats to the banks, and you might get lucky. For any questions or assistance please feel free to connect. I assist people with landing auction properties. 

The closing company will ensure you get a clean title. I suggest always getting title insurance, just in case. 

Joseph,

All the auction properties I have purchased have all been turned over with a clean title. There is not difference between REO and Foreclosed in terms of auction.com's selling matters. They all sale and close the same.

Properties are sold with clean titles. Having properties with multiple liens, and or mortgages can stretch your closing period. You should always opt for the title insurance, regardless. 

Most assets are sold sight unseen just like in any other bid. Some assets have lock boxes. I work with local real estate agents hand in hand to determine the value. Blind bidding is not a great strategy.