• Report: #1042513

Complaint Review: auction.com

  • Submitted: Thu, April 11, 2013
  • Updated: Thu, April 11, 2013

  • Reported By: Realtor in CA — Long Beach California
auction.com
One Mauchly Irvine, California United States of America

auction.com Scam, they manipulate auctions, get bids after auction ends, or have preferred parties bidding offline without showing bids on website Irvine, California

*UPDATE Employee: Auction.com and Nationstar

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Need other people for class action lawsuit against auction.com. My client had offer in with bank for $375,000 on a short sale. We were close to getting approval, already had approval on the 2nd. Then Nationstar decided to have property go to auction.com for auction to see if they could get better price. It was 4 day auction 4/4/13 - 4/7/13. The final bid was $363,000 (I have screen shot). That meant my client would be able to continue with the short sale with Nationstar because bid was not over $375,000. Then after the fact, after the auction ended, 7 hours later, auction.com sends email to listing agent saying the high offer during the auction was $383,000! I have proof auction closed with final bid at $363,000. Oh but auction.com can't lose their 5% buyers premium, $19,150, which they don't get if bid is under $375,000.  Oh so conveniently. it's amazing, high offer goes from 363 to 383, when screen shot shows sold at $363,000. They either are getting bids after auction ends, or have insider buyers/preferrential buyers bidding offline, bids not showing during live auction on their website. There is real corruption in this company.

This report was posted on Ripoff Report on 04/11/2013 12:44 PM and is a permanent record located here: http://www.ripoffreport.com/r/auctioncom/Irvine-California-92618/auctioncom-Scam-they-manipulate-auctions-get-bids-after-auction-ends-or-have-preferre-1042513. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 UPDATE Employee

Auction.com and Nationstar

AUTHOR: Auction.com - ()

Dear Realtor,

Thank you for reaching out with your concerns regarding this Nationstar asset. In all cases, the seller is not Auction.com, but the actual financial institution that holds the loan. We simply provide the online platform for all sellers, institutional and private, to list their assets for auction. You can view the FAQ page for our Market Validation program here:

http://www.auction.com/marketvalidation.php. With that said, please contact Nationstar to address your concerns at 877-343-6386. If there is anything further I may do to be of assistance, please free to reach out to me or my Customer Service Supervisors Yamir Gonzalez or Vicky Hernandez at 800-793-6107.

Sincerely,

Peter Chevalier

Director of Customer Service

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