ANY success story from purchasing an auctioned home from REDC?? ?

Question

I am in so-cal and I have heard about these public auctions and was thinking about going to one in a few weeks, are they a scam or are they for real. Can you really get a home for 40% under market value?? any experiences out there?

Answer 1

Yes.  I have lived in one for 8yrs.  You do not get a chance to see if everything works before purchasing.  Once we turned the water on we had 8 broken pipes!!  Outside of that the place has been great.  By the way the amount we saved was greatly more than the price to repair.

Answer 2

It is not a scam.  You really buy a house that is owned by a bank.  The bank has been unable to sell the house thru the normal channels.  THe properties sell at a higher price than i think they are worth.  THey all sold for apx 60% of the previous loan amount.  That sounds good but the old loans were so inflated that i was offering 30% and i was thanked for my offers but rejected. /

Answer 3

You can really get a good deal on a house.  Just make sure you do the work before hand (meaning actually going to the open houses that they normally schedule the weekend before the auction).  REDC tend to get a higher price than other auction houses but you can still get a great deal.

Answer 4

Well lets start with a little history,Usually the foreclosed home that go to auction are the one that did not sell on the market and the bidding their is pretty fierce and they want cash.

Like any investment do your home work, know the market where the house you want to bid on is. Find out what the auction fee's are, I think REDC are 5%.

Go to a Realtor and have them represent you. If you need a Realtor to represent you that deals with foreclosed homes in Southern California

send me an E-mail [e-mail] I work for the Charles Stewart Group that deal's in REO propeties