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YayaBid- Penny Auction Selling Colorado Real Estate

Started by PennyAuctionWatch , Nov 22 2010 08:15 PM
17099 e. atlantic aurora colorado for sale penny auction real estate real estate auction yayabid yayabid.com

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#21

mthoney
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I have been watching this site as it tries to sell this house. It is now on its third attempt. The first time the site couldn't handle the traffic, so they started it back up after addressing that issue. However, now the challenge is meeting the "reserve."

This is where I have really big issues with this site. They have an undisclosed reserve on this house. I don't think people really understand that. The fact there is a reserve is buried in the FAQs.

Where things really go fuzzy is when you investigate what happens when the reserve doesn't get met. They say it will start again in 10 days. If the reserve is never met, can they just keep everyone's money? All bid purchases are final, not transferrable and non refundable.

Furthermore, this statement, again from the FAQ really gets me: " If at any time, yayabid.com makes a decision to remove the reserve, all bids purchased for this auction must be used during the auction, and upon a final winner being determined, all bids will be forfitted if not used." Are they really saying that any bids I haven't placed will be forfitted? I can see this would be one way to get all the money for the reserve. Once enough bids have been purchased by the base of users bidding, the house will be sold. So really, at that point you are entering a raffle and spending a lot of money.

This doesn't seem like a typical penny auction at all and I think it completely misleading.

You can't buy bids online. It appears the vendor they were using deactivated their account. So for the last few days they have been telling people to drive down to the house and buy bids.

This is a big scam. Yes they say there is a reserve if you read the fine print, but they raise more answers with the FAQs than they answer.

I am new to this world, but would love to hear what the experts have to say about this.

#22

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Welcome mthoney, that's an interesting observation. I still find it interesting that they are violating the Realtor code of ethics by not disclosing that the seller/owner is a Realtor on the site. Note that they have a quote by Mary Bogeveit of Absolute Realty (owner) but it's not clear that they are advertising that she is the owner here either, "Never in my 25 years in real estate have I ever seen such a great opportunity."

I see that the auction date has been changed (restarted) many times and when I spoke with them they said the bids would be returned if the property didn't meet the reserve. Did you not get your bids back?

---------- Post added at 11:12 AM ---------- Previous post was at 11:09 AM ----------

Furthermore, this statement, again from the FAQ really gets me: " If at any time, yayabid.com makes a decision to remove the reserve, all bids purchased for this auction must be used during the auction, and upon a final winner being determined, all bids will be forfitted if not used." Are they really saying that any bids I haven't placed will be forfitted? I can see this would be one way to get all the money for the reserve. Once enough bids have been purchased by the base of users bidding, the house will be sold. So really, at that point you are entering a raffle and spending a lot of money.


So this is IF they decide to remove the reserve though..hmm.

---------- Post added at 11:17 AM ---------- Previous post was at 11:12 AM ----------

I see that they updated their FAQs to state this is an undisclosed reserve, previously this was specified. I don't like that they do not disclose this reserve. "Yes, there is an undisclosed reserve on the house auction that must be met before we can declair a winner."

---------- Post added at 11:19 AM ---------- Previous post was at 11:17 AM ----------

This was what the site stated on 11/22/10 when our article on YayaBid (New Penny Auction to Sell Real Estate | Penny Auction Watch) was published, "The auction has a reserve price of $1,800.00. (180,000 bids), and if the reserve is not met the auction will extend for 10 days. If the reserve does not get not met, users will receive a bid refund. "

Edited by PennyAuctionWatch, 20 January 2011 - 05:14 PM.

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#23

Chris @ Penny Purses
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I said it before, BOOOOOO!!!!
PennyPurses.com The ORIGINAL penny auction site for purses.

#24

FueledMedia
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As a testimony to the trust-worthiness of the site, they never paid for the development or hosting of the site. They basically stole it, and the reason for the initial crash was because they moved it to "budget" hosting right before launch during the testing period when the developer gave them code access on their insistence. They were not supposed to move the site, but instead were supposed to pay for hosting and development after testing. In fact, they do not own the site legally, and legal action against them will be forthcoming.

#25

watchdig
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I think everyone should Know that I was charged an International transaction fee by VISA (not my bank) of 1% because VISA staes that the transaction is being handled outside the USA - gives me reason to pause on buying any more bids.

#26

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I think everyone should Know that I was charged an International transaction fee by VISA (not my bank) of 1% because VISA staes that the transaction is being handled outside the USA - gives me reason to pause on buying any more bids.


Wow, thanks for letting us know! :welcome:!

I believe that the more penny auction bidders that come together and post their honest experiences, exposing the shady-scam penny auction sites, the less and less shady-scam sites will stop being the majority in the penny auction industry. Stand with me.

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Follow us on Twitter!
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To the Scam Artists: Enough is Enough


#27

charlent
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I realize that this must be old news, criticizing yayabids.com: The Leading Yaya Bid Site on the Net but I thought, even as a late comer to the discussion but an old hat with the auction business experience, it is necessary to remark, Penny Auction Bidding on Real Estate can work. However, the basic tenant of Penny Auctions is that the item regardless of the type either real or personal property, must be allowed to be auctioned as an Absolute-no reserve auction regardless of the price achieved using Penny Auction practice, which still means no reserve; you just have to understand what you are buying; make sure you do. If not ask. Remember, there are no such things as dumb questions just dumb answers. Most of the site operators getting into the Penny Auction Business haven't got a clue as to auctions in general and how they really work, so as a consumer you would need to look for the required disclosures we use in Florida and they are: Licensing as an Auctioneer, a Realtor, a Brokerage Business and an Auction Business before you register or bid. Yes there are ways to legitimately auction off real estate in a Penny Auction format, but there just aren't any quick fixes to inexperience and improperly planned sites without the proper financial backing, you actually do need more than software to make it happen. "YAYA" just did not understand what they were doing while they did understand what they were trying to do, sometimes the two just cannot be successfully mixed. Your "YAYA" experience either as a participant or spectator is just part of the learning curve for both "YAYA" and the consumers that participated; but please don't blame all of us, we are all not the same. We will be launching our penny auction venue shortly, but it has taken us a year to get to this point of beginning. Hopefully with our experience in place, we will have crossed all the "T's" and dotted all of the "i's". Meanwhile, if you would like to, visit us at www.stamplerauctions.com or visit the penny auction arm of Stampler at www.auctions247365.com and watch us grow. Very shortly we will be installing a practice site where you can test your bidding strategies at no cost, so register soon and bid with the professionals, 35 years in the Auction Business, licensed, bonded and insured. Have a great auction day. For any Q&A contact us at information@stamplerauctions.com or call 800-330-BIDS! Or contact me, at (954) 921-8888, Charles Tessler VP Real Estate at Stampler Auctions.





Also tagged with one or more of these keywords: 17099 e. atlantic, aurora, colorado, for sale, penny auction, real estate, real estate auction, yayabid, yayabid.com

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