About 6 months ago I won a bid on auction.com on a 4BR, 2BA manufactured house with a 2 car detached garage. This was a hoarder house with about 2 feet of trash throughout the house. I could get in but couldn't wade thru all the trash to really see the house. Wells Fargo was the bank selling the house. After my bid was accepted I had to print off 32 pages and wet sign and initial the offer and scan and email it back to auction.com. I then had to get a proof of funds letter and wire transfer $2,500 earnest money to their closing agent. After all this was done Wells Fargo decided I didn't offer enough and refused to sell me the house. It took over 2 weeks to get my earnest money back. Auction.com put the house back on their bid site and I have probably bid on this house 20 times. In the meantime Wells Fargo hired someone to clean out the house and garage. The clean out people filled two 30 foot roll off dumpsters with trash out of the house and garage. While the people were cleaning out the house I got in to inspect the house. It needs a roof and in 4 places in the house there was mold on the ceiling where water had leaked in. The kitchen cabinets were in bad shape and may have to be replaced. I decided to lower my bid by $5K from my original bid. Lase week I raised my bid by $3K and once again won the bid. Once again I printed off the 32 page offer (Wells Fargo does not accept electronic signatures) signed and faxed it back to auction.com. Once again I wired transferred $2,500 earnest money and emailed them a proof of funds letter. Yesterday I received an email from auction.com that Wells Fargo had pulled a Lucy and jerked to football back from Charlie Brown and had decided my offer was to low and Wells Fargo would not sell me the house. We will see how long it takes me to get my $2,500 earnest money back. Of course I have to get it in to them within 2 business days.

I called auction.com and told them I was unhappy, that I would continue to bid on the house but if I won the bid again I would not print off the 32 page offer and wire transfer $2,500 earnest money to them until Wells Fargo had signed the offer to sell. I assume auction.com will cancel my offer if I do this and revoke any future offers I would make.

What does your attorney say?

I'm sure there's something in the legalese that says bids are non-binding on the seller, and a winning bid isn't necessarily going to get the house, but there needs to be a solid point where it's an agreed-upon deal. What point is that point?

I bid on a 2 unit, side by side two story duplex. My offer was the first and was at full price. The bank accepted my offer and I gave the listing agent a $5,000 deposit, the he put into his bank. It was cashed. My offer, that I signed, was accepted and signed and sent back to the listing agent, I managed to get a copy the next day from another person in the office.

This offer was made on a Friday and accepted. I got the copy on Saturday. The listing agent didn't know that I came by and someone had give me a copy of the counter signed agreement.

On Monday, the listing/selling agent told me the bank changed their mind and since I hadn't received a written acceptance, they had the right to cancel.

I then went to the County Recorder's Office and Filed a Lien on the property for the full accepted price of $299,995.00. I followed up and contact the bank and broker. They still said they hadn't signed the offer and so they didn't have to accept it. In the mean time the broker re-sold the property to a relative for $310,000.00.

By the time my lawyer filed a law suit, giving the bank and broker 30 days to do right by me, the property sold. So now my lawyer added the Title Insurance Company's name to the suit.

We had a discovery and again everyone said there was no counter signed agreement.

When we produced the counter signed agreement, a binding contract. And to day I hadn't gotten my $5,000 deposit back, they had forgotten about it, we got the judge to tell the defendants that if no settled, he would issue us a summery judgement for my Deposit, lost opportunity and punitive damages.

Many of the homes sold by Auctions.com are not foreclosed. People assume they are but not all.

I have complained to the superior court senior judge about their tactics. One particular is setting up a tent on the courthouse steps to sell real estate. Let them get an office like every other real estate company-- why or how can they sell private property isn't foreclosures using my court steps. Can you do other business on the steps- heck no the sheriff runs you off.

Before auction.com there were only 5 of us buying-- they have set off a frenzy so relly their sales are not the deals I want anyway.

Jennings,

I’m helping a person in foreclosures with WF. One desk does mot know what the other desk is doing. We get letters stated PAID then another letter the next stating OWE.

After many attempts we finally reached someone by phone...who could not help...transferred to another...who could not help...anotjer who said we should talk to the first person not her...an hour and a half phone call. It’s no wonder they were just fined $2 billion by the govt for fraudulent practices.

From what I observe Auction.com just throws properties on their site and hopes people bid thru them.

Stay with this one. The weaker investors may get discouraged and cut out.

Highly suggest folks avoid WF.