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Auction.com / Fake bidders

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I am an investor in Georgia and some other states for foreclosed properties. My company buys many properties each month and has been doing so for several years. When Auction.com entered the marketplace we were not able to buy as many properties. This company has made it much more difficult for all of the investors like me. There are tons of complaints online about them but it looks like the banks don’t care and they are still using them. I just am hoping they change their practices regarding reserve prices and fix their awful transaction process.

1) They do not list the reserve bid price for the property, nor is there a way for us to get the reserve amount before the auction. What this means is that we want to bid on a property we have no idea what price they will accept. Auction.com start every auction way below what they will take for the property. So if a property is worth $80, 000, they start the bidding at $20, 000 and then only when the bidding gets to the reserve price will they sell it.

When we start to bid on a property at the low price there will quickly be another bidder. This means they have fake bidders and WE BID AGAINST OURSELVES. But we have no idea where the fake bidding stops and where the real bidding starts. I have to stand there and waste my time bidding against myself. With all of the issues the banks have had I am shocked that they would hire a company that does this.

2) Their transaction processes are simply AWFUL. Every month we have to register to bid by filling out the same form we filled out last month and every month for the past two years (no one else makes us register, nor is it he law). Then when we buy a property, we have to fill out a separate form for each and every property we buy, once again using paper. Each month we have deeds that have our name on there slightly wrong because our info is being entered from a handwritten form. I am baffled how a company with .COM in there name could have less technology than a local law firm. And, they take soooo long to fill the stuff out. I usually wait until I am done buying for the day to even get started.

If you don’t believe me about this stuff just search “Auction.com complaints” and you will see literally 100’s of complaints from around the country about them. They have a 1 star review on Yelp and the Same on SiteJabber. I am hoping they see this and change their ways.

Lp
Apr 24, 2014
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Comments

  • Au
      30th of Oct, 2014

    Do a class action lawsuit because it's called auction .Com not reserve aucton.com a auction at the courthouse is how this is supposed to be done not with a reserve price to be met and no oversight of auction .com who has the right to bid you up if there's no other bidders

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