Auction.com Review 2024

With the help of our in-house editorial team, our platform’s members and external subject matter experts, this comprehensive review of Auction.com real estate platform became possible and available for free to those considering this solution!

In this review we evaluated Auction.com’s features, plans, pricing and other important aspects to help our readers make a more educated purchase decision.

All the customer reviews and ratings on this page have been submitted by our platform’s members who either currently use or used to use the reviewed product/service in the past. We never receive any compensation for the inclusion of products and/or services in our product/service reviews. However, by visiting retailer/manufacturer of the reviewed product/service by clicking links within our content may earn us commissions from your purchases. Read our editorial guidelines to learn more about our review and rating process.

— Kimberly Anderson, Senior Creative Editor at Real Estate Bees

Auction.com is an online marketplace where home buyers and investors can find and buy foreclosed properties.

Lenders also use this cloud-based service to list and sell their repossessed real estate.

Auction.com can be accessed on any device by accessing the website via a web browser. The platform also has a corresponding mobile app available for Android and iOS devices.

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• Online bidding — Buying a house on Auction.com happens via an easy and convenient online bidding system.

• Proxy bidding — Auction.com allows buyers to place bids on online foreclosure auctions before the auction begins. When the bidding starts, the platform automatically submits your bid — this is referred to as proxy bidding.

• Direct offers — Besides bidding, Auction.com users can also make direct offers to sellers. In a direct offer, you are required to state your price and provide a justification for it.

• Offer analysis and grading — When you make a direct offer on Auction.com, the platform analyzes the offer by using several built-in metrics and shows you the probability of your offer getting accepted. This allows you to adjust your offer price to an acceptable amount to the seller.

• Contract management — If your bid for a property is successful, Auction.com will provide certain key documents, such as a Purchase Agreement. The platform automatically saves your contracts for future reference.

• Text and email alerts — Auction.com allows users to set alerts for bidding activities. By activating text and email alerts, you will receive updates on bids, such as changes in the increment amount and the success status of your bids, among other updates.

• Access to exclusive property listings — Sellers of bank-seized property can create detailed listings for properties they’re looking to sell. The listings aren’t publicly available to investors (buyers) outside the platform.

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• Real estate investors
• Real estate wholesalers
• Real estate lenders
• Hard money lenders

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Yes. Auction.com is a legitimate company allowing you to easily find foreclosed homes to buy. This online bidding marketplace has been used by real estate investors and lenders since 2007.

Since its launch, Auction.com has grown to become one of the largest real estate investor software brands.

The company has seven offices across the U.S. and over 700 employees. The Auction.com main office is located in Irvine, California.

As one of the best websites for foreclosed homes, the platform has also attracted a massive client base of more than 6.9 million investors, making it one of the most widely used real estate platforms.

In regards to data and user security, Auction.com employs physical, administrative, technical, and electronic security measures to protect your data from unauthorized access and misuse.

The Auction.com company also has an open and transparent public profile. The company’s Instagram and YouTube channels alone have a huge following of 27,000 people combined.

The company’s executives, such as the co-founder and former CEO, Jeffrey Frieden, have been featured in numerous articles, investing and wholesale real estate podcasts, and interviews online.

Altogether, there’s more than enough evidence to indicate that Auction.com is not a scam.

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As an online auction marketplace for buyers and sellers, Auction.com does not have a conventional pricing or subscription model.

For sellers, Auction.com costs nothing — simply sign up and publish your listing to the website for free.

However, there are certain Auction.com fees that buyers may incur when using the platform:

• Buyer’s Premium — If you’re the highest bidder on a property and the seller accepts the offer, you will be required to pay the total purchase price, plus a 5% fee for the service. The 5% fee is called Buyer’s Premium.

• Earnest Money Deposit — The EMD is the amount required to show commitment to purchase once the seller has accepted your bid. The amount is often 5% of the property purchase price, or $2,500, whichever is greater. The EMD can be refunded or included in the closing costs, meaning it is not a service fee.

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Property Details Page

Every property on Auction.com has a Property Details Page where buyers can find comprehensive information about a listing. The page contains the following key details:

• Property photos
• Property type
• Home and lot sizes in square footage
• Number of bedrooms and bathrooms
• Year of build
• Auction dates
• Opening bid amount (option)

The Property Details Page also contains market analysis features. Buyers can view a property’s sales history, estimated rental estimates, and run comps.

 

Online Bidding

Auction.com is a solution created and optimized to facilitate online auctioning of properties. To do this, the platform supports several types of bids, including:

• Proxy Bids — This feature allows you to place a bid on a bank-seized property before the auction starts. Your bid is automatically submitted when the auction begins.

• Remote Bids — This mobile app feature lets investors make bids on select properties when the auction starts and wait till the end of the bidding period to see if they were successful. Live remote bidding is also available, where you can bid and adjust your bid amount in real time.

 

Purchase Profile

The Purchase Profile is an online data collection form that investors fill out once they win a bid. Some of the buyer information collected includes:

• Legal names
• ID
• How the buyer intends to use the property (rental investment or primary residence)

Once you’ve filled out the required information, you can save the Purchase Profile for using it in future deals.

 

Property Status Tracking

Buyers on Auction.com have a central dashboard where they can organize and track their bidding activities.

Here, you can keep an eye on your deal progress through an intuitive percent-based progress bar.

 

Direct Offer

Apart from bidding, Auction.com investors can also make direct offers for properties they’re interested in. Here’s how you can make a direct offer:

1. Log into your account and go to the top-right corner of the homepage.
2. Click on ‘Buy’ and select ‘REO Bank Owned.’
3. Click on ‘Buying Type’ and select ‘Direct Offer.’ This will display all the properties that are available on direct offer.
4. Find a property that suits you, and when you’re ready to make an offer, click on the blue ‘Make an Offer’ button. You will be prompted to enter your price and a justification for the price you have quoted.
5. Click on ‘Submit’ once you’re done to send the offer directly to the seller. The seller may accept, reject, or counter your offer.

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Pros

• Buyers can find distressed properties by getting access to exclusive listings that are not publicly available to investors outside the platform.
• As one of the best home auction sites, Auction.com provides buyers with plenty of search filters to help them find properties that perfectly suit their needs.
• There are a variety of investment options, including distressed, foreclosed, short sale, and bank-owned residential properties.
• Sellers don’t pay to find real estate investors who buy their properties, enjoying a free service.
• Electronic contract signing is available, thanks to DocuSign integration.

 

Cons

• The window of arrangement of funds to close the deal is short.
• Many Auction.com customer reviews online are negative, which may be a red flag. There are complaints about the unresponsive customer service, legal details that aren’t disclosed explicitly, and a complicated bidding process.

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• Follow Up Boss
• DocuSign

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• HouseCashin investment property marketplace
• Real Estate Bees property marketplace
• Foreclosure.com
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• PropStream
• BatchLeads
• iSpeedToLead
• PropertyRadar
• Motivated Leads
• PiN
• Propelio
• FreedomSoft
• MyHouseDeals
• REI/kit
• REIPro
• InvestorLift
• 8020REI
• Propwire
• Fast Home Offer
• Lead Sherpa
• Realeflow
• USLeadList
• ListSource
• RealtyTrac
• Hubzu
• CurrentForeclosures.com
• Bid4Assets.com
• Zillow

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Awards & Recognition

Best Lead Generation Company for Real Estate Investors (Awarded by Real Estate Bees)

Press & Media

2021 and 2022 HousingWire Tech100 Real Estate Award

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Who owns Auction.com?

Auction.com is owned by Ten-X LLC. Ten-X is also one of the leading real estate software platforms for trading commercial properties in the U.S.

Both Auction.com and Ten-X are under F&F Capital Group, a real estate investment organization started in 2018 and consisting of some of the most successful real estate entrepreneurs.

 

How does auction.com work?

Auction.com brings together property buyers and sellers to a central online bidding marketplace.

Owners looking to sell their property can sign up for an Auction.com account and list their properties on the platform for free.

Buyers can go to the website and search through the thousands of properties on the platform. Once you’ve identified a property you want to buy, you can register for the auction to begin bidding.

 

How to buy a house on Auction.com?

To buy a property on Auction.com, you must go through the bidding process first.

If you’re the highest bidder after the online auction ends, you can resume the process of buying property on Auction.com through the following steps:

1. Submit contract information. In this tab, you will be required to submit information that will be included in your contract, such as your legal name and address. Additional documents may be required if you’re purchasing the property as a company (LLC).
2. Provide agent information (if applicable). Here, you will be required to submit agent information and your source of funds. Auction.com allows you to save the contract and agent information for future deals. Once you’ve provided all the required information, click ‘Confirm’ to submit it, and your contract will be generated. Sign the contract and submit it within one business day. A company rep will then reach out to guide you on the next steps.
3. Sign the Purchase Agreement. After submitting your contract info, you will receive an email with purchase documents, which you’ll be required to sign within one business day.
4. Upload post-auction documents. Here, you will need to submit your Proof of Funds and Entity Documents (for LLCs).
5. Pay the Earnest Money Deposit. This is the amount of money you put down to show the seller that you’re serious about buying the property. The amount is usually 5% of the total purchase price, or $2,500, whichever is higher, and is included in the closing costs — it is not an extra charge.
6. Start the closing process. Once your EMD payment is accepted, you can contact the seller directly and begin the closing process, which takes up to 45 days.
7. Gain possession of your new property. After the closing processes are done, the seller or closing company needs to classify the property as ‘Closed’ to allow you to begin the process of gaining access to the property.

 

How is bidding on Auction.com done?

Before you can bid on a property, you should conduct investment property due diligence and prepare your Proof of Funds.

Once the research stage is done, you can log into your Auction.com account and begin the bidding process:

1. Go to the property details page and take note of the auction dates.
2. Register for the bid by getting your ID verified on the platform — this is a one-time process to ensure safety for all users on the platform. Here, you can also sign up for text alerts for any bidding activity on that property.
3. When the bid starts, put in the amount you would like to bid and click ‘Bid Now.’ Buyers are required to bid at or above the increments on the property details page. The increments are displayed when the bid begins and may change throughout the bidding period.
4. With your bid submitted, check in often and adjust your bid accordingly. Bids placed within the final minutes trigger an automatic overtime bidding period to allow everyone to place last-minute bids.
5. Once the bid is over, Auction.com will send you an email letting you know whether you are the highest bidder. If you are the highest bidder, Auction.com will let you know if the seller has accepted the bid. The highest bid is sometimes too low for a seller to accept.
6. If the seller accepts your offer, you have officially won the bid.

 

What is an outbid period on Auction.com?

The outbid period (or upset bidding period) is an additional 10-day period where buyers can continue to bid even after the official bidding period ends.

Every time a new (higher) bid is submitted through the county clerk, the ten days start over. The process continues until no new bid is presented and the ten days run out.

Note that the outbid period is only applicable to North Carolina foreclosure sales.

 

What is the total estimated debt on Auction.com?

The total estimated debt is the amount the current homeowner still owes on the property. The estimated debt may be indicated on the property details page.

 

How to bid on Auction.com?

Bidding on Auction.com is a straightforward process. Log into your account and place a bid when the bidding period starts. Adjust your bid accordingly with the indicated increment amounts.

Once the bidding is over, Auction.com will inform you if you were the highest bidder or if you were outbid.

If you are the highest bidder, you can move on to the next steps of contracting and closing.

 

What is a proxy bid on Auction.com?

The Proxy Bid feature on Auction.com allows buyers to place bids on a bank-owned property before the auction begins.

When the bidding period begins, the proxy bid is automatically placed. Once the auction ends, Auction.com will let you know whether you were the highest bidder or not.

 

What happens if the Reserve is not met on Auction.com?

The Reserve Price is the minimum amount a seller is willing to accept. Disclosing the Reserve Price is optional for sellers on Auction.com.

If the Reserve is not met, this means the seller has two options:

• Sell the property to the highest bidder (this offer is subject to seller approval, meaning a seller can decline the offer once another buyer meets the Reserve Price).
• Decline all bids and reauction the property.

 

Does Auction.com have a free trial?

No, the platform doesn’t have a free trial or money-back guarantee.

Instead, the software company offers prospective users in-depth video demos and several written resources to help them learn more about the property before using Auction.com.

 

How many clients does Auction.com serve?

According to the company website, Auction.com has over 6.9 million registered users, indicating the platform’s immense popularity.

 

Who founded Auction.com?

Auction.com was founded in 2007 by Jeffrey Frieden, Robert Friedman, and Monte J.M. Koch.

The three co-founders are all successful investors with tens of millions of dollar-worth assets in their real estate portfolios.

Frieden serves as the Executive Chairman of Auction.com and its sister companies, while Koch is the Vice Chairman.

 

What is Auction.com’s customer service number?

Clients and real estate investors looking to inquire about Auction.com services can reach out to the company via the following customer service line: (800) 793-6107 or through the built-in live chat support on the website.

Users should send written inquiries to the company’s dedicated support email at [email protected] or to Auction.com headquarters office in Irvine, California.

 

What is the Auction.com cancellation and refund policy?

Auction.com users are free to terminate their service use at any time and for any reason. The company also reserves the right to terminate your account if you breach the Terms of Use.

Auction.com does not detail any refund or guarantee policies.

 

What awards and recognitions has Auction.com received?

Being one of the best house and land auctions online, Auction.com has received several awards and recognitions, including the 2021 and 2022 HousingWire Tech100 Real Estate Award, which honors the most impactful real estate systems.

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Tips and Guidance to Bid on Properties on Auction.com

It depends. Auction.com has numerous listings exclusive to the platform, which means there’s less competition for deals.

As a result, you can find properties to wholesale or find houses to fix and flip and close deals faster and sometimes cheaper.

Additionally, the platform is entirely free for sellers, while buyers only pay after closing the deal.

All this means that Auction.com requires no capital to use, making it an excellent choice for new investors looking to complete their first deals.

Still, we must recognize the many negative reviews Auction.com has received online.

Many users have criticized the platform’s non-responsive customer support, hidden legalities not publicly mentioned on the website, and complicated bidding and buying process.

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• Website: Official website
• Phone: (800) 793-6107
• Email: [email protected]
• Address: 1 Mauchly, Irvine, California 92618
• Socials: Instagram, Twitter, YouTube, LinkedIn

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About the Author:

With over 20+ years of experience in real estate investment and renovation, Brian Robbins brings extensive knowledge and innovative solutions to the HouseCashin team. Over the years Brian has been involved in over 300 transactions of income producing properties across the US. Along with his passion for real estate, Brian brings with him a deep understanding of real estate risks and financing.