HomeSearch.com is a website that describes themselves as an "online marketplace committed to helping home buyers, sellers, and investors achieve their real estate goals through utilizing an advanced auction platform."
How Does It Work?
In order to get access to their listings and their auction events, customers - whether they are prospective homeowners or real estate investors - must take the time to register a free account with HomeSearch.com. Unfortunately you cannot get access to their events until you have an account and have agreed to their Terms and Conditions.
There are no fees required to bid during an auction event but you must register for an event before you can bid. This registration may required a $2,500 hold placed on your credit card before you can begin to bid in an event.
If you do not purchase a property, this hold will be released within 24 hours. If a property is purchased, this hold will be maintained until your earnest money is received. If you purchase a property and fail to complete a transaction, your credit card will be charged the full $2,500.
Since HomeSearch.com does not charge customers fees for holding accounts or even fees for registering for auction events beyond the credit card hold that is refunded if you do not end up purchasing property, they do not offer a Refund or Guarantee Policy to their users.
Customer Service Contact Info
Customers who wish to contact their Customer Service with their questions, concerns, or complaints can do so by phone, at (800) 758-8052, by submitting them directly to their website, or by traditional mail at 750 Highway 121 BYP, Suite 100, Lewisville, TX 75067.
Unfortunately there are not many user reviews of this site available at this time, so it is difficult to determine what type of user experience to expect.
Competitors and Alternatives?
There are many different websites out there that offer real estate investors and property buyers the chance to find foreclosed or short sale properties, like UltraForeclosures.com, and many more.
If you have any experience with this company or their products, please leave your HomeSearch.com reviews below.
5 ‘HomeSearch.com’ Reviews
I normally don't do reviews as I think some company's get caught up on a bad day and don't represent their true worth and capacities. I am an investor and have used another big auction site and tho not always a smooth process, you always knew or had inclinations as to where you are in their system, with "Homesearch" your clueless. My first winning bid with this company shows me winning a bid and while the bid was being "finalized", it un-finalized with continued biddings. I removed myself.. So maybe a couple months later I gave them another shot. My bid finalized with me having the highest bid..but although excited I checked the bid on a different device and with my surprise the property was still being bidded on. Finalized on my computer but still being bidding-on on my tablet? I called customer service and was told I probably didn't refresh my page..?? Auctions should be real-time no? I went on to keep bidding and won a second time, thousands later.. After calling in without any updates for 4 days, I get a email from Xome that the bid wasn't accepted because it's too low, and requested I re-submit a higher bid if I wanted the property. Reluctantly I did and I have gotten no word. No word they received it.. No word it's being considered.. No word as to the next step.. That's a poor system and one to be cautious with when you dropping thousands of your capital. Disappointed.
I am an investor, and I have purchased properties through various ways including online auction. My experience through HomeSearch.com was awful. I had to call multiple times in order to find the status of my bid. I was the highest bidder on two properties and for more than 2.5 weeks nobody could tell me where I was standing. They gave me the name of a manager (Ms. Jessica Lane/Nusser), who presumably was the only person to tell me the status of my "highest bid". Despite multiple phone calls and emails, I am still waiting for her response.
Attention Agents & buyers Stay let's away from homesearch.com
Here is the reason.
1. It's a trick to make you think this is good deal, in fact all auctions have reserved.
2. buyers will have today 5% premium on top of winning bid. This ridiculous high & ripe off!
3. Agent earn only 1% not worth to involve after all hard work & responsibility.
4. This just beginning, will find more once into it.
Stop dealing with this one or hubzu.com Let talk to your local agents
I've been in the Real Estate and Mortgage industry for 20+ years and have never seen anything this one sided and shady. I have a friend that had a house under contract with the seller. However, in order to approve the sale, the seller needed bank approval because it was a short sale. Rather than accept the offer the bank required it sold through homesearch.com auction. Here's where the fun starts. The auction price started coincidentally at the price of my friends offer. The first initial bids came in immediately for $1000 and then $2000 above his offer. Then without notice the minimum increase in bids jumped from $1000 to $10,000. This forced my friend to bid an additional $10,000 if he wanted to stay in the game. He did. He was the high offer until 3 hours prior to the auction ending the minimum bid increase was decreased from $10k to $5k. Magically a bid came in for $5,000 more.
To top this off they charge a 5% "buyer premium" and then there is this which is taken directly from the listing agents comments. "Inform your interested clients that Homesearch specifically states that they practice "false bids" to increase the activity." Personally, to me this is deception at it's finest. My personal opinion is I would never make a bid on this sight... but that's just me. Caveat Emptor.
We purchased a home at auction on the Homesearch.com website. Signed their very one sided contract that said they would provide a "Special Warranty Deed". Paid the purchase price and then they give us a Quit Claim Deed with no Warranty. We contacted them and requested they provide the correct deed. First they tell us that the agreement said we would only get a Quit Claim Deed. When we pointed to the documents that stated Special Warranty Deed they stopped responding to calls and emails.
If it was an honest mistake they should have and could have easily corrected the mistake by filing a corrected Special Warranty Deed. They have not. What impression does that give you? You can reach your own conclusion but I would NOT buy on their website.