The company isn't a scam but things are not quite as they seem, and they make very simple tasks very difficult. First, it is not a true auction, they will bid you up to the reserve price behind the scenes, but if you read the fine print they admit to this. The worst part though is the way they handle their business. They are so difficult to communicate with. Calls go to voicemail, emails are like sending them into the black hole. They simply do not respond. They ask for you to do your part, they get right on that, but if there is an issue, they do not respond.
Example: I had my side in order, but the agreement they sent had the buyer (me) written incorrectly. They kept calling and emailing asking me why I wasn't signing or sending my deposit, I kept replying and calling people to rectify the contract, we just kept going around in circles. Once we got past that the seller accepted my offer and I was never notified or given next steps. Then I get a call that says I am supposed to have everything done for closing, but they never told me that or what to do. We had to delay closing. Ultimately the title did not pass with my attorney and the foreclosure would not stand up to case law, so had I not had my own attorney review it, I would have bought nothing. So the transaction was canceled, HOWEVER, 6 weeks after signing the termination agreement, I am still owed almost $6,000 in earnest money.
Every step of the process you have to deal with a different person, and they just don't do their jobs very well. It's a shame that so many foreclosures are now going through this company. Again, I don't think it's a scam, but I do think they will happily steal your deposit money if given the chance.
Bottom Line: No, I would not recommend this to a friend
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