Auction.com
Auction.com is a Debacle

I've never found reason to complain online about anything but my experience with auction.com has been so bad that I feel the need to vent.

I bid on 2 properties both of which I was "the winner", note the term winner is absolutely not true. You go through a process where the seller (the asset manager) decides whether to accept, reject or counter your offer. I understood this since I did a fair amount of due diligence. So once I was considered the high bidder received their extremely one sided contract, everything went downhill. For the first property I signed the contracts, and wired my earnest money per their wire instructions. I get a call from my bank, the counter party bank rejected my wire, because THEIR account was closed. I called auction.com and the wire instructions they gave me was all they had. So, I'm out $30 from my bank and $20 the other bank charged for my wiring funds to a non-existent account. The money was peanuts but the hours spent on wires and discovery was the pain.

So onto property #2. Again I sign the contracts and wire the funds. This time thankfully the wire instructions were correct and the escrow agent received my funds. After over a week or two of hearing nothing I contact auction.com to get a status update. Apparently the asset manager hasn't responded yet but they are expected to do so. The very next day I see the property I sent the contract and funds on re-listed on the site! Apparently my offer was rejected but no one bothered to tell me, interesting timing.

Lesson learned and at least I look for get my nearly 10K or so escrow being returned. I contact auction.com, they know nothing of that status, all the are, are glorified marketers masquerading as an auction. They tell me to contact the escrow company. I have been shuffled back and for multiple times to different offices of the escrow company, no one seems to know which office leads up the auction.com stuff nor can even find my item! Fortunately I have contracts and receipts, but nearly a month after the auction I am still out my escrow and many hours of time.

Bottom line auction.com has done nothing to further my goal of purchasing property but has caused me hours of time, and as of today still awaiting the return of 10K.

Company: Auction.com
Country: USA
Address: 811 7th Ave Manhattan NY 10019
Phone: 2124379205
Site: auction.com

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