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Closing cost enormous!?

I bought a house at auction from Williams and Williams Real Estate Auction. It ended up that I had to use their title company Williams Title Company. The closing costs for a $71,000 home was over $7000!!! Over 10% of the purchase price. I thought I got a deal, but it turned out that the closing costs really sank the deal once I gave my earnest money at time of the auction.

The real kicker is the title insurance which was over 50% more expensive than the closest competitor for title insurance in that area.

Deal or rip off!?

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Anonymous
#701368

I purchase houses through online auctions alot and after reading this I have suggestions for anyone looking at these auctions.First of all don't pay the title insurance, have your own attorney complete a title opinion.

This will allow you to not need the insurance. Title insurance is available in case you can't get a clear title. If your attorney did his job, you will know if its clear or not. I would question the closing cost.

Normally closing cost will be 1 to 2 thousand, alot demands on the amount of taxes due and they will usually split that.Good luck

Anonymous
Ellijay, Georgia, United States #673982

I have had e mails from "previous" Williams Auction employees, and they use the technology to drive the bids up, they have employees at live auctions fake bidding to drive the price up.Then if you do win the bid, they state the bank declined your offer and counter back at "market value" of the property.

Additionally you have to pay their high auction fees as well.

This is a corrupt organization!Protect yourself and steer clear.

Anonymous
Rochester, New York, United States #673968

Yeah me as well. Will not go through them again. I tell everyone I know what happened.

Alb0bo
Los Angeles, California, United States #667240

Rip Off

I won Bid, offer was accepted, got loan, I paid for 3,000 worth in appraisal, Fema insurance, survey. I gave notice to landlord, was packed ready to move and They canceled last minute. They breached the contract and put the house back on the market at a higher price.

Fine print protects seller and screws buyer. In contract - you are not allowed to sue, seller has a right to back out. As a buyer you give up all your rights on there BS contract. No protection at all for the buyer.

Anonymous
Richardson, Texas, United States #646561

I am sorry that you you had a bad experience, however I have lurched through W&W as well and they don't own a title company.Seller assigns title or buyer choice.

Also, I think your post is misleading, there isn't $7,000 in closing costs, that cost also includes your agreed upon 5% buyers premium or $3,500 before you even placed you bid.I have never paid such an expensive fee in all my years.

GILLETTE71
Ellijay, Georgia, United States #630284

AMEN!Raw I appreciate your honesty.

As I suspected, the confirmation is great.Lets hope Karma takes over as in this economy, companies full of crooks like this need to be put out of business!!!

Anonymous
Portland, Oregon, United States #630216

I worked for WW for several years.They are the biggest scam for buying R/E.

They run up bids, have fictitious bidders, negotiate higher bids after auctions, and screw both buyers and sellers. They speak of transparency and free markets, but if that were truly the case, there would be no need for all the antics I mentioned.

Plain and simple they are shady and not trustworthy.

GILLETTE71
#629193

BAIT AND SWITCH!!!

they sell the home, you fill out all this paperwork, you put up a 5% deposit based on the price of the home which they immediately cash.You wait close to 20 days and they tell you THE BANK DECLINED YOUR OFFER.

You have to fight to get your deposit back so your out that money for close to 6 weeks.

Your left with nothing but a huge waste of time and a lot of stress.Please pass this one to everyone you know.

Anonymous
Cleveland, Ohio, United States #612669

Im glad for the 411 on this company. I dislike wasting time for no reason.

Anonymous
#544944

first time online only auction;

first I had looked at the property with a real estate agent and within 3 days (before I could make an offer) found out it had gone to W&W; I called W&W and was given misinformation about making an offer on the property so I waited for the auction and made a low bid just to familiarize myself with the process then when tried to make my high bid and it would not let me place another bid; being my first online RE auction experience I thought maybe I was not allowed another bid until my current bid was passed so I kept watch on the auction for days and had the high bid up until the last minute and forty seconds; I was prepared withhmy high bid set and placed it the second I saw my bid was passed but got an error message 3 times; since the end time is suppose to be dynamic and the new bidder placed 2 bids within the last 2 minutes the auction should have extended 2 minute 2 times which should have been ample time for my bid; I immediately called W&W and got no help; they said they would check into it then tried to tell me it was my internet service; all I asked was for them to check the high bid and if my high bid was higher then the auction should be awarded to me or they should void the whole auction; they said they would get back with me but never did; I found out from the real estate agent that another bidder had similar problems with the same online auction.

At the very least they are incompetent and unprofessional.

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