Has anyone had any luck with these REO auctions that are becoming more popular? I understand they have a certain place in the market but it seems that their main marketing strategy is to hold an open house at a time of their choosing. We don't even get to pick when an open house should be done or if one should even be held at a certain property. Many of the homes they have requested open houses for Buyers don't want to walk into because of their condition. When you couple that with the low commission they are offering for Buyer representation (usually 1%) and the difficult and often confusing bidding process there just isn't much interest from Buyers. Anyone else receiving the same results with these auctions?
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I have a "no auction" policy that works quite well. Regardless of any threats that they make, such as denial of short sale, whatever, I do not participate in auctions. I see the auctions being used to generate leads for the auction company by making bidders register...and costing the agent a commission. Just say NO.
If it is bofa loan most likely there is a pending short sale with offer submitted already. Most sites want 5% commission from buyers not give buyer agent 1%.
absolutely, I think they are a lawsuit waiting to happen. What is worse is that many investors are buying these properties and spending way too much money on them, then they get upset when they can't sell them. Auction.com is one of my pet peeves. They have a reputation for not paying agents. I think these are bad deals.