Los Angeles, CAMember since July 2016

Reviews (1)

    • Jul 19, 2016
    • Verified Reviewer


    Auction.com bidding is rigged

    Overall Experience:

    Went to a live auction run by Auction.com today in Corona, CA. Out of 150 properties on the board, only 14 actually went up for auction, the rest were either canceled or postponed. Of the 14 that went to auction, around 8 to 10 were "won" by creditors and the auctioneer made that clear. I think there are shill bidders in the back of the room that bid against investors to get the price up to some pre-determined reserve.

    There are several helpers roaming the room trying to entice higher bids. I think banks use auction.com to try to sell less desirable foreclosure or REO properties sight unseen to unsuspecting buyers and investors. We had a budget and once the bidding got above our budget we stopped bidding so we didn't win the property.

    When I checked on a real estate sold online website later that day, the property that was supposedly "bought" by the creditor didn't show up on the list as sold. There may be some good deals to be had on auction.com but buyer beware!

    Bottom Line: No, I would not recommend this to a friend

    31 people found it helpful

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