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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Auction.com Trustee Sales - Legit? Posted by 427 on June 26, 2011 at 5:04 PM In Reply to: Re: Auction.com Trustee Sales - Legit? posted by Nick on June 26, 2011 at 0:37 AM Thx people for your input. I just read that they require you to fill out an IRS form 8300 for each purchase. I also read on the IRS form that it isnt required if they collect the money from a prinicpal and then transfer all the money to another party within 15 days, which I think they are doing. Somehow I think they will still require you to fill out the form each time though. The IRS form would require your SS# and everything else. It says the auction runs from 9AM to 5PM, I was unable to find out if they had specific times. The NTS says 9AM but I wonder if you would have to wait around for a long time. Dont know if they require a deposit before bid, if they do I am sure that is going to p off alot of people to no end. They do require registration. The sites I subscribe too are not showing the sale results yet but I was able to infer the sales by comparing some lists from other sites and yes the sales to seem somewhat high. Too many what if's for me to feel comfortable with them. Thier title report I am not going to use, the photos dont really mean that much as there is a good chance someone photo'd the wrong property. The opening bid of course is meaningless. Putting in an online bid seems much too risky. I can see the banks getting a higher return in the short term until word spreads about more horror stories that pulls the prices back down. The company that bought auction.com I guess got a bad reputation from thier reo auctions and so I have to wonder what kind of slick practices are going to occur at these new trustee sale auctions. I can see buyers getting sucked into the many different auction tactics that could be used. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Thx people for your input. I just read that they require you to fill out an IRS form 8300 for each purchase. I also read on the IRS form that it isnt required if they collect the money from a prinicpal and then transfer all the money to another party within 15 days, which I think they are doing. Somehow I think they will still require you to fill out the form each time though. The IRS form would require your SS# and everything else. It says the auction runs from 9AM to 5PM, I was unable to find out if they had specific times. The NTS says 9AM but I wonder if you would have to wait around for a long time. Dont know if they require a deposit before bid, if they do I am sure that is going to p off alot of people to no end. They do require registration. The sites I subscribe too are not showing the sale results yet but I was able to infer the sales by comparing some lists from other sites and yes the sales to seem somewhat high. Too many what if's for me to feel comfortable with them. Thier title report I am not going to use, the photos dont really mean that much as there is a good chance someone photo'd the wrong property. The opening bid of course is meaningless. Putting in an online bid seems much too risky. I can see the banks getting a higher return in the short term until word spreads about more horror stories that pulls the prices back down. The company that bought auction.com I guess got a bad reputation from thier reo auctions and so I have to wonder what kind of slick practices are going to occur at these new trustee sale auctions. I can see buyers getting sucked into the many different auction tactics that could be used. [ 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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