Well this isn’t exactly a full review about Auction.com but I have learned enough about them to avoid them. I have read what Reddit users and other forum users on the internet had to say about them and none of them recommended Auction.com for buying a house. The biggest reason I wouldn’t go with them is the 5% fee and also the fact that a bank can say “No” when you win an auction and the auction is presented to the bank by auction.com.
I was thinking of buying a house in the twin cities Minneapolis area and I liked the fact that bids started at $10,000 for almost all house listings I came across but I think I will just stick with good old rent.
Here is a great resources if you are thinking about renting or subsidized/section 9 housing. Housinglink.org really does live up to their name and they do indeed simplify finding affordable housing for people.
Also keep in mind that States and cities and even Federal Housing Authority all have first time home buyer programs that can help you with closing and other costs.
You can read about other peoples experiences with Auction.com at these sites. From what I read so far, it appears lot’s of people are reporting fake bidders.