Auction.com Reviews

Auction.com Reviews – Is Auction.com a Scam?

The Auction.com reviews show that this is a real estate auction site that has been in business since 1991. It was at its inception a unique concept that paired buyers and sellers. The online auction platform was started in 2008 to meet an obvious need. Another great place to look for real estate deals is Auctionresource.org so you may want to also check them out once you get done reading this review.

About Auction.com

Auction.com reviews auction.com scamThis one of the largest companies of its kind and according to the “about” page over 25,000 assets were sold via the website in the US and Germany in 2012. This is a global company that offers options to buyers, sellers, investors, financial institutions and homeowners.

Registration

Registering as a buyer is FREE. There are other registration rules for brokers and sellers that are clearly outlined on the website. You should be prepared to be able to put down earnest money of 15% should you win at auction.

The registration process is simple and will only take a few minutes.

The Site

I liked this site because it is very informative. There are tutorials for first time bidders and the information is laid out in an easy to use format. The information presented at the site is easy to understand and provides you all the information that you need to participate in the auctions either in person or online.

There are plenty of properties to choose from that come from a host of sources. Most of the properties are foreclosures on the site but there are properties from other sources as well. The FAQ page is extensive and comprehensive so it is really easy to get the information that you need.

The Buyers Premium

The Auction.com reviews show that registration is free but you do pay to use the site. There is a buyers premium that will be added to the final auction price. The buyers premium is 5% of the winning bid. The example that is used on the site is for a winning bid of $200,000. A property that has a winning bid of $200,000 will have an additional $10,000 tacked on for the 5% premium so the purchase price will than be $210,000.

The question than remains are the deals worth striving for? The answer would be from what I seen on the site yes it is worth the effort. Many of the properties are sold way below market value so that additional buyers fee still keeps things down below market value in most cases.

You have to know your market values to really be able to strike a great deal!

This is a pretty decent site if you are in the real estate game. Just read the fine print so you have a good understanding of what you have to comply with. This site is not for the less than serious investor. If you win, you win, you can not cancel!

Overall, the Auction.com review shows this to be a legit site and not a scam, however most people prefer using a service like Auctionresource.org for finding deals online.