REDC Auction: Scam or the Real Deal?
March 7, 2010 by Kristin LaVanway · 38 Comments
REDC is a real estate auction marketing firm that markets real estate holdings in the US and beyond through public auction. I have been curious about these auctions for quite a while, but honestly had a skeptical attitude after ready so many bad reviews. I had to opportunity to check out the REDC auction today with one of my clients and decide for myself if they are a scam or the read deal.
So what did I find out at the auction? Did my client win the bid? Check out the video to find out…
Be sure to check out the REDC website for yourself for more details or contact me…
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I am a Realtor in Gilbert, AZ, working with clients throughout the Phoenix Metro area. I am lucky to love what I do and appreciate the difference I can make in people's lives.
In a previous life, I was a rocket scientist - really! - but decided to step away from corporate America to be a Mom to my four boys. Found it hard to do bake sales, so I ran a small independent programming business instead.
Flash forward...I am now a single mom and I face many, many challenges everyday. I am living through the hardships that many are facing in this economy. These experiences have motivated me to help other people in my shoes.
I have teamed up with Dean Ouellette to form the East Valley Team - the best darn team in the Valley. Check out our site at http://www.EastValleyTeam.com. I spend way too much time on YouTube - check ou tmy channel at http://www.youtube.com/klavanway
Auctions these days are just meant rip the common house buyer.. the bank is to blame in this, they will never learn to give a decent loan and again the auction victimizes poor people trying to get their first home and don’t want the hassle and stress of buying a home the normal way. Kristin.. this is not the real deal.
Luke that is not the case with the REDC. These houses are ones that sat on the market for a while. If anyone had wanted to purchase that home before it hit the market they could have purchased it for the amount they will spend at the auction. These REDC auctions are legitimate and they are options because you can finance unlike at the court house steps.
Glad to see that you had success with your buyer at a home auction. I wrote about real estate auctions back in 2008 when they started to get attention from the media as the real estate market deteriorated. Of course all experiences are unique, however as you pointed out, it is a very good idea from a consumer perspective to bring a REALTOR® along.
Auction companies have only one thing in mind and that is their bottom line; and fiduciary duty to buyers and sellers is going out the window – at least that was my experience. When things are fast paced, when agreements have to be executed quickly and deals have to “stick” – that is typically the environment where consumers are usually prone to make mistakes. Auctions may be sources for buyers to find great deals. Auctions can also be great conduits to help sellers to market and help sell their listings. But no matter on which side of the transaction you are on, always do your research, be prepared, put all your ducks in a row, know the rules, know the terms and always seek the help from a professional whom you trust and who puts your interest above anything, unless you are an experienced bidder or consigner.
Great post.
Perhaps I can just add to this that the best way to guard against being ripped off by online sales or auctions is to use a bona fide online escrow company. Although it does add some cost, that will take uncertainty out of the transaction.
For my money, the best bona fide online escrow (and there seems to be ten fraudulent escrow sites for every bona fide one) is probably Escrow.com (http://escrow.com). In fact, it’s the only one that eBay recommends.
Take care,
Ulf Wolf
biggest scam i have ever seen, i hope the government can step in and shut this place down. after winning a bid and spending 3hours with signing paperwork while everybody is congratulating you. we give all checks needed and never hear a word from the bank and found out that they listed it on a website while still holding our money. to this day i have never been contacted by the bank saying they have rejected our bid. many wasted hours in this mess. i should have known something was up when 147 houses are for sale and there were hardly any people at the auction.
Our deal closed, but it’s been over a week and neither the listing agent or me has heard about a commission payment. I originally showed the home when it was a regular listing with 3% commission – at the auction, the commission for both if us was reduced to 1%. Still better than nothing!
Very mixed reviews of this outfit.
There’s a reason REDC has sold $6+ billion of foreclosed properties since 2007. Trust.
http://www.auction.com/REDC-Scam.php
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