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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Auction.com Trustee Sales - Legit? Posted by GJ on June 26, 2011 at 9:28 AM In Reply to: Auction.com Trustee Sales - Legit? posted by 427 on June 25, 2011 at 2:59 PM The whole concept of Auction.com trustee sales is new. There is one trustee in California (Recontrust) and a couple of small ones that have started recording their Notice of Defaults with the Auction.com ballroom auction locations. There have been 2 sales so far in various locations in Southern California. The first one was very small and there were not very many bidders, but this last one (last Thursday) was packed. I believe that the trustees feel that Auction.com does better marketing. This is true becuase their website has a lot of information about hte properties including pictures (granted it is just a lame street view), but they also provide a Prelim Title Report for each property. In other Auction.com auctions that are for REO properties there is a 5% buyer premium which means you have to pay 5% more than your winning bid which goes to auction.com for holding the sale. I believe this substitutes the realtor commission the bank would have paid out on the market. I am not sure how Auction.com is making their money for the trustee sales, but so far they do not charge the buyer premium on the trustee sales. They are legit trustee sales because they are being held in a public location and the highest bidder pays in cash and the sale is final. The REO auctions are different because the bank has the right to 'refuse' the winning bid, kind of like a reserve. But they cannot refuse the winning bid at the trustee sale. When paying, you have to make your cashier's checks out to Auction.com, not hte trustee. Evidently they wire the money into the trustee the next day. That makes it interesting because they have essentially accepted your funds and it should be faster to get your trustee deed. We'll see :) Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : The whole concept of Auction.com trustee sales is new. There is one trustee in California (Recontrust) and a couple of small ones that have started recording their Notice of Defaults with the Auction.com ballroom auction locations. There have been 2 sales so far in various locations in Southern California. The first one was very small and there were not very many bidders, but this last one (last Thursday) was packed. : I believe that the trustees feel that Auction.com does better marketing. This is true becuase their website has a lot of information about hte properties including pictures (granted it is just a lame street view), but they also provide a Prelim Title Report for each property. In other Auction.com auctions that are for REO properties there is a 5% buyer premium which means you have to pay 5% more than your winning bid which goes to auction.com for holding the sale. I believe this substitutes the realtor commission the bank would have paid out on the market. I am not sure how Auction.com is making their money for the trustee sales, but so far they do not charge the buyer premium on the trustee sales. : They are legit trustee sales because they are being held in a public location and the highest bidder pays in cash and the sale is final. The REO auctions are different because the bank has the right to 'refuse' the winning bid, kind of like a reserve. But they cannot refuse the winning bid at the trustee sale. When paying, you have to make your cashier's checks out to Auction.com, not hte trustee. Evidently they wire the money into the trustee the next day. That makes it interesting because they have essentially accepted your funds and it should be faster to get your trustee deed. We'll see :) [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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