User beware.....dealing with these folks is a Nightmare! I was the winning bidder in an auction first wk. of January, 2013. Although the reserve had not been met, I was required to wire the 5% earnest money immediately, or forfeit the funds they already put on your credit card when you register to bid. In this case, it was $15k wired. Every few days I called to check on the status, to find out if the Asset Mgr of this bank owned property had made a decision to either accept or reject my bid. Each time I was assured that there was no decision, and that the bank had a FULL 15 business days to decide.
Now at the end of the 15 business days, I'm told there is still no decision, and to call back on Monday, as the bank could take up to the close of business that day (Friday) to respond. Monday I'm told they need to confirm with bank first....blah, blah, blah. Tuesday I get a local real estate alert of this "new" listing in my desired area. It's the house I bid on, put $15 down on, and still can't get an answer on. The Realtor stated he had had the listing for over 10 days, after the bank pulled it from Auction. com.
Back on the phone with Auction.com, they claim they still have the listing, are waiting on a reply, and will get back to me. Now I'm calling daily to them (auction.com) and the local Real Estate Atty/closing office that was listed in the initial auction.com winning bid documents, and I can't get either to refund my money. Just talk and the run around from Auction.com, and no reply whatsoever from the local closing atty. Looks like I'm going to have to get my own attorney involved to get out of this mess. Lesson: don't get into anything it takes an Attorney to get out off, or in this case, Avoid Auction.com at all cost!!