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US Home Auction, Irvine, California Complaints & Reviews - Fraud

Review all US Home Auction, Irvine, California complaints

US Home Auction

Posted: 2009-01-10 by

MrLew1

Fraud

Complaint Rating:

Company information:
USHomeAuction.com
Irvine, California
United States
Phone: 800-793-6107
ushomeauction.com

Their auctions are a complete farce! They blatantly lie. 90% of the auctioned properties are not sold. There is a secret 'reserve price', so the opening bid they advertise does not matter at all. The seller has the auctioneer bid on the sellers own property. The auctioneer is on it too. So if you are bidding, you are bidding against the seller. It's a no win situation. They advertise "every property must be sold". Complete lies.
Throw in the 5% fee and this is a complete ripoff.

The property I was bidding on had a $29k opening bid advertised, but the seller's secret Reserve Price was $200, 000. What a scam! I bid $55k, the aauctioneer immediately bid $65k, representing the seller. He even points out to the crowd like the bid is coming from the crowd, but it's not. A ccomplete scam. Watch out.

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United States

Real Estate

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22nd of Feb, 2009 by

Robert Luoma

+1 Votes

I also have attended one of these US Home Auction's
This sure sounds just like I felt was going on
How can you jump from 5, 000 opening bid to 60, 000 in 10 Seconds
I could not see anyone bidding to walk the price up.

23rd of Mar, 2009 by

PR Visitor

+1 Votes

I completely agree with your comments. In Puerto Rico happend the same to me this past weekend. Housese were at stake. After the bid, at the time to close the deal, the bank came out with the RESERVED pirce.. Suprise!!! The reserved price was higher then the price achieved by the bid. Those are scams and a complete waste of time and energies.

19th of May, 2009 by

debbie in colorado

0 Votes

I have to agree and disagree with some of the comments. I have been to three auctions so far and not purchased any properties from them, however I do have some idea of what they're doing and how things work. If you're looking for a quick, cheap deal this is probably not the venue for you although that is not easily discernable from the advertising. Yes there are reserve prices which will keep you from getting that deal of a lifetime, but if you are in the market for a reasonably priced property you may get just that. I have viewed and gotten 'fair market value' prices for several properties and then seen them sold at auction for about 2/3 of the price. That is not the previously valued price, but the current market price. Gathering this information on properties has not been easy. I have had to do extensive research and go visit the properties in person. And sometimes they are not viewable at the times stated, so you have to look on your own and make an evaluation without actually going inside.

I'd advise anyone who is interested in pursuing one of these properties to do their due dilligence as the site stresses if you read through all the sample contracts and documents which are available on the site. And remember UShomeauction is in business to make profits for themselves and their customers who are the sellers of the properties. Prospective buyers just need to be aware, don't expect to be given something for nothing (or almost nothing), do your research, settle on a fair price for the property and go for it!

One thing I can't speak on though is the level of clear title which the buyer gets. At one auction I attended the auctioneer said at the beginning, "All properties are sold with CLEAR TITLE". But if you read the documents on the site one of the things you will see repeatedly is that US home auction will not be held responsible for anything you hear any of their employees or representatives say! So I guess I should completely disregard that clear title assurance from the auctioneer!!Once again if you read through the online documents the company seems to be absolving themselves of any ability for the buyer to hold them responsible in the future if any title or other problem issues which might come up. Even in their sample title company documents there are so many disclaimers I wondered how the title documents could call themselves 'insurance'. I'm not a lawyer, but they looked shady to me, on that point I'd say buyer beware!!

20th of Jun, 2010 by

kantha

0 Votes

Thank you very much debbie in colorado
This was help ful
I have a question If you bid and do not win Do we still have to give the money
or is it only the winning bidder have to pay the money $5000