I've been flipping houses for the past 30 years and this is the first time I'm attempting to purchase a property from Auction.com, and I assure you it will be the last.
I won a bid on a property through Auction.com approximately 5 weeks ago. I was informed that closing was set for the 29th of October. By the 20th of October, I started making numerous calls and emails to Auction.com as well as their recommended title company, which by the way are extremely rude. I was told that the only thing they're waiting for to close is the township inspection for the final CO (smoke cert).
By the 25th I took it upon myself to go to the township to see if the inspection was done. I was informed that the inspection was paid for but never ordered or scheduled.
The township inspector was kind enough to call Rosie from Auction.com at 818-906-9738 to inform her that the buyer here and closing is set for the 29th, and at that point, she scheduled it for the 26th, the following day at 1 pm, and she would have one of the representatives there to let him in.
I made a point to be present during the inspection and all went well and passed. The CO (smoke cert) was emailed to all parties involved to ensure that we could still close on the 29th.
Immediately afterward, I called Auction.com, as well as the recommended title agency, informed them that we're all good and ready to go and we got the proper paperwork, and I took it upon myself to make sure it gets done and we can close on Monday the 29th.
That evening, I got an email from PennyMac requesting for me to sign a 15-day extension. I immediately emailed her back to inform her of the update and her lack of communication and the extension will be denied since I took it upon myself to do their work and I have other prior arrangements and I will not be in town. That fell on deaf ears, and she emailed me two more times with the same request.
It is now Sunday the 28th of October, and we're supposed to close tomorrow the 29th of October.
Bottom Line: No, I would not recommend this to a friend
Company Response from Auction.com
Nov 6, 2018
Dear Mr. Bekete,
Auction.com is an online marketing and auction platform for assets in all stages of the foreclosure lifecycle. These assets are each unique and may be participating in government programs making them eligible to participate in the auction process. Due to the unique nature of these assets, there may be additional tasks and requirements to be fulfilled prior to closing than one may typically see in a standard traditional sale. We have checked our records, and it appears that Rosie is an employee for the third-party property management company and was responsible for coordinating the required smoke detector point of sale inspection. Additionally, we show that the agreed-upon terms in the Purchase and Sale Agreement put the agreed upon closing date as October 25, 2018. Due to the dates, an extension was requested to ensure all required documents would be on file prior to the file funding. We show that the transaction actually closed on October 31, 2018, and the seller is still in need of the executed extension document in order for the file to be complete. We would be happy to discuss this further and address any questions or concerns.