I've found a property in foreclosure that I'm thinking about bidding on via this website. Anyone here ever do this? If yes, what was your experience like.

Also, I've never purchased a home in foreclosure. Interested in any anecdotes from investors here who have.

I bought a flip property off auction.com once near Lake Bryan. No financing. Fine and easy experience.

It's a legitimate site. I bought a flip house there about 8 years ago and the house I currently live in (High Meadow Ranch, BTW). I only bid on houses that were unoccupied (not dealing with legacy renters or evictions). And I only did ones that were online biding.

The flip house I was able to walk thru by climbing in through the dog door in the back (yeah, probably trespassing, but WGAF). The other house was also listed with a realtor, so I was able to tour it that way.

Make sure you understand the buyer's fee and agree with that. Also, Auction.com says they might (and usually do, IMO) bid against you to bid the price up. You can tell it's getting close to the reserve when the bid increment gets low (about $5000 or $2500). Don't be afraid to get outbid slightly. In both cases for me it was Auction.com bidding against me (no one else) and they emailed me after the close and we worked something out that way.

All the paperwork after the fact went smoothly. No surprises there.

eeinoilandgas said:

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Auction.com says they might (and usually do, IMO) bid against you to bid the price up.

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Sketchy, but I understand why they would do this and yes it is a legitimate site.

Quote:

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Auction.com bidding against me (no one else) and they emailed me after the close and we worked something out that way.

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If I found out Auction.com was the second highest bidder, I would negotiate for a price no more than my second highest bid.

If there was another bidder in between then so be it, but I'm too stubborn to let shenanigans like the host bidding against buyers work out in their favor when they are caught.