Ten-X

Thank you [redacted], Here is our response after looking into the complaint, please let me know if anything else is needed as well. Thank you for your help, I really appreciate it.   Mr. [redacted]- I’m very sorry to hear about your experience with auction.com.  I did...

review the last transaction that you had and I understand your frustration, as it is a frustration that we at auction.com are dealing with.  Our goal is to provide you the best experience possible and to ensure that we are working to provide you a service, as well we are in the business of selling properties.  Unfortunately the seller of all the assets will get information in late in the process, which then gets relayed to us.  If we get that information, as it sounds we have in your case, we try to refund your funds on site so that they don’t get tied up with the bank.  Sometimes the banks will take some time to reissue checks and have them mailed out to you.  The seller of these asset has every intention of selling that asset and both they and Auction.com want to make sure that we sell it to you, and that the transaction will go through without any problems. The sellers returning funds is not a usual practice, but last month we did see a large influx with weather situations in [redacted] and a lot of banks pulled back to validate the homes condition.  We hope that this doesn’t preset this month and indications are that it will not.  I hope that we can work together and find and sell properties to you at our auctions.  If you have any further questions please don’t hesitate to give me a call.  I will be at the Houston auction this month as well if you would like to talk in person. Thank you, Customer Service TeamAuction.com[redacted]

Hello [redacted] and [redacted], This file was cancelled per your request, and your EMD has been returned to you.   Again, I sincerely apologize for the experience you had with this purchase, and if there is anything you need in the future please reach out to me directly first to assist with...

your transaction. Thank you

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.Your garbage 3rd party closing attorney does not work on same schedule as I was told via email yesterday from you at [redacted]. My own closing agent is being held up by your lazy agent. Contact me at [redacted] 
Regards,
[redacted]

If you do business with auction.com it will most certainly be at your peril. Read all the reviews on the Internet. Try to find a positive one from a neutral site. It is very hard.
Every negative review I read I found to correspond directly to my experience.

Hello [redacted],The emails that you are receiving are part of an email campaign that is not connected to the alerts the customer service has access to turning off.  I sent your information over to the department that will be able to remove you from those daily emails.  We are currently working...

on a single preference center that will allow customers to contact customer service to deactivate any and all alerts based on the customer's request.  However, at this time it's a little more complicated.  We will remedy this situation as fast as possible for you.  Again, I apologize for the frustration you are feeling.Thank you for you patience while we solve this issue.[redacted]

[redacted], The seller removed the asset from out platform.  Even though we highly encourage them not to do this after the auction has already started, they do so if there is something that will impact the sell of the property.  I have sent you a copy of the void receipt returning your...

$2,500 bid deposit.  Your credit card bank may take a few business to process the release on their end, but the receipt i'm sending you will help expedite that release.I apologize for the frustration you have experienced when an asset is removed during the auction, and I will escalate that issue for you as well.I have also granted your account a 30 day waiver of future bid deposits, so that you may find other assets on our platform you are interested in without the need to place a $2,500 hold.Let me know if there is anything else I can assist you with.Thank you for choosing Auction.com.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.I met the reserve price and was contacted by The Company that I had won the auction.  This does not sound like any of the events that you describe.  The practice it predatory and I have filed a complaint with the California State Attorney General and the Washington State Attorney General.  I intend to seek an injunction against the subject property being sold until this matter is resolved to my satisfaction and name Ten-X in the action.
Regards,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
The HOA is not paid off and you want to close the transaction. The contract states HOA would be paid and the seller has denied. [redacted] is the worst

Dear [redacted],
After looking into our records, it appears the hold you are referring to was
voided on October 1st  at 3:19 PM Pacific Time. Please note that auctions
last for several days and bidders can register once to bid on multiple...

properties
in a particular auction event. So, although the particular bidding session for
the property you were considering ended on Sept 30th, the auction
itself did not end until October 3rd. We therefore would not have removed the
hold until October 4th, however we processed it early, at your
request, on October 1st. We sincerely apologize for the confusion
around when an auction actually ends, and will take this feedback to improve
the way we communicate the difference between individual asset bidding times,
and the auction event itself.
Sincerely,
[redacted]

Dear [redacted], We have escalated this issue to our legal counsel, and they are in communication with the seller regarding this matter.  Unfortunately, at this time I do not have a resolution for you, but someone from our escalation desk will be in communication with you until this...

closes. thank you,

[redacted],
After reviewing your file, I noticed that your assigned closing specialist has received your requests and has submitted them to the seller for approval.  Your file shows daily communication between you, the seller, and your closing specialist.  Unfortunately, we can only submit your requests to the seller, but the seller ultimately has to approve them.  Your file is scheduled tomorrow per the seller's terms, which is under 30 days.  Your original concern was for this file to close quickly, and this file is scheduled to close within our 30 day target for a cash transaction.  
Thank you for your business with [redacted]

[redacted],I spoke with the SVP of Operational Excellence, and he is fully aware of the pain points in the closing process.  He informed me that he personally sent an apology letter to you with a gift of good faith.  We have removed the requirement for a bid deposit on our platform for your account to make it easier for you to register for any future auctions this year.  We look forward to your continued business, and want to thank you for choosing Auction.com as your place to buy distressed real estate properties.Thank you,[redacted]

Mr. [redacted],
I have escalated this issue to the closing department, and they have assured me that a supervisor will reach out to you to go over your file in detail regarding the time lines to close. We will assist in...

every way possible to help you move into this house as soon as we can.
Thank you again for your business, and we appreciate your patience.  
[redacted]
Customer Service Ops Manager

[redacted],
I spoke with the SVP of Operational Excellence, and he is fully aware of the pain points in the closing process.  He informed me that he personally sent an apology letter to you with a gift of good faith.  We have removed the requirement for a bid deposit on our platform for your account to make it easier for you to register for any future auctions this year.  We look forward to your continued business, and want to thank you for choosing Auction.com as your place to buy distressed real estate properties.
Thank you,
[redacted] 
[redacted]

Hi [redacted],
 
0pt;" class="MsoNormal">My name is [redacted] and I manage the Customer Success Department at Auction.com.
 
We’re very sorry you’ve had an unsatisfactory experience,
and would like to respond to the points you’ve made in your note.
 
1.     We follow a standard practice of high value
auctions of bidding on behalf of sellers to bring bids closer to the seller’s
“reserve” – the point at which the seller will likely accept the offer. And to
make it clear to potential bidders, we do note on the applicable property pages
(in the “Transaction Details” area) that we may “…bid on behalf of the seller.”
We also have a further explanation of the process in our help content, here.
2.     Sometimes, depending on how motivated the seller
is, after the auction has closed and the property has not been won, the seller
will accept offers that are below their reserve. In an effort to create
a win-win for both the buyer and the seller, we will approach the highest
bidder to gauge their interest in submitting an offer.
3.     Once you completed the contractual paperwork
(your offer), it still had to be submitted to the seller for their acceptance,
and although they may have provided us with an initial indication of a
potential acceptance, it still must go through a formal “sold subject to”
process, and may not be accepted. We very specifically cover this risk when we
help bidders through the contact and closing process, and apologize if there
was a misunderstanding.
Lastly, we take a lot of pride in helping customers navigate
the real estate auction, contracting and closing process, and although your bid
didn’t result in a successful experience, we hope this note has addressed your
concerns.
 
If you have any additional questions, please feel free to reach out to me direct. I can be reached at ###-###-####.
 
We appreciate your feedback.

Mr [redacted],The property address [redacted] was removed from Auction.com once we received legal notice from the beneficiary that this asset was canceled from sale on 6/11/2014.Thank you,[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.I received an [redacted] gift card in the amount of $100. My expenses incurred in this transaction are as follows: $210 - Title work to find that [redacted] did not have valid title to property which Auction.com should have known since they sold the property before and [redacted] cancelled the sale. $32 -  Report of previous owner's bankruptcy showing that this was filed after the foreclosure so it should not have been an issue in sale so the excuse for cancelling the sale was not accurate. $30 - Wire transfer fee require by Auction.com to get my deposit to them the next day. $392.88 - 3 weeks of interest (6%) on $113,500 that had to be kept in a non interest bearing account for 3 weeks. 
Total: $664.88
Also I have at least 30 hours of time invested in this property. I usually charge $125/hr for my time (which I can prove): $3750.00. 
Regards,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
The auctioned item should have never gone up for action without the correct and needed paperwork to follow through with the needed process in a timely manner. To conduct business in this fashion is not only negligent and fraud but bad business for all parties involved. 
Just because  auction.com finally decided to respond does not clear them of wrongful practices. 
Regards,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
I received an [redacted] gift card in the amount of $100. My expenses incurred in this transaction are as follows: $210 - Title work to find that [redacted] did not have valid title to property which Auction.com should have known since they sold the property before and [redacted] cancelled the sale. $32 -  Report of previous owner's bankruptcy showing that this was filed after the foreclosure so it should not have been an issue in sale so the excuse for cancelling the sale was not accurate. $30 - Wire transfer fee require by Auction.com to get my deposit to them the next day. $392.88 - 3 weeks of interest (6%) on $113,500 that had to be kept in a non interest bearing account for 3 weeks. Total: $664.88Also I have at least 30 hours of time invested in this property. I usually charge $125/hr for my time (which I can prove): $3750.00. 
Regards,
[redacted]

Mr. [redacted]Thank you for the opportunity to respond to the  complaint filed by Ms. [redacted] and Mr. [redacted] regarding Auction.com (the “Company”).  The Company serves as an online auctioneer of residential REO properties.  REO is a term used to classify real estate property owned by a...

financial institution but which is not directly related to its business and is the result of a foreclosure sale.  The Company serves as an online platform for these institutional sellers to market and sell their REO assets.  The bank or lender, or their local listing agent, provides all property-related information for the transaction.  All auctions for the REO program are online auctions in which bidders place bids online.   Due to the fact that each asset on the platform is unique and at different stages of the foreclosure lifecycle, it is strongly recommended that all bidders conduct their due diligence to ensure they are fully informed on the type of asset they are bidding on. As stated in the Auction Participation Terms located at: https://www.ten-x.com/company/legal/participation-terms/, The Company may remove any property from an event or reject any or all offers.  The reason for the removal  could be several reasons, such as but not limited to: the seller removed the property from the auction, legal action was taken to cancel the foreclosure, or the defaulting owner redeemed their property prior to the expiration of the redemption period.  It is at the discretion of the seller, not the Company,  to remove or sell a particular asset.