Added: 4 years ago
From: RealEstateUpdate
Views: 11,160
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  • REDC - Is no better than the old auto sales agencies of the past. Bait 'n switch! Yep, it's legal... NOPE, it's not ethical. Shame on them.

  • Unfortunately, it seems REDC may have dropped the ball in terms of notifying you that your bid was not approved by the seller so we apologize for that. Assets are immediately placed back up for auction as soon as the seller declines the offer.

    All Winning Bids are subject to seller approval and, as it states in the agreement you signed, the seller, if not present at the auction, has up to 15 days to respond.

  • The previously valued to price is based on the higher of A) the appraised value of the property in connection with the most recent mortgage on the property, B) the most recent asking price, C) the assessed value, or D) the most recent broker price opinion. Because of these various methods--not all of which are a part of public record, like the BPOs-- the property in question was probably priced based on a non-public number.

  • I've been exactly in the same situation April 19 2010 in Ft. Myers Florida. I had a wiining bid for $187500; 6 days later I surf REDC website and see the property up for auction again. NOBODY informed me about this, Also they lie about previously value of the properties. In my case they advertised 690K when in realty they highest sale for the similar condo during the peek 2005-2007 was 425k.

    This is a SCAM ON GRAND SCALE

  • Comment removed

  • I had the winning bid and a week and a half later was informed (by a realtor) the property was up for sale again!!! REDC didn't even inform me...After calling around I found I did'nt meet reserve. A real auction tells you on the SPOT if you met reserve...NOT take a 10 thousand deposit (which was cashed promptly), waste hours filling out needless paperwork. Not to mention the time/hastle and money lost juggling funds together to make my full payment. REDC is a SCAM!!!

  • 620, he lost money, that house was going for 740, before it went back to the bank, I would bet that house was never worth 740, he thought it was do to a artificially inflated market, I think he payed more then what the today's REAL market value is

  • With the right finance provider profitable property investments are within the reach of most people. The credit crisis has increased the number of forced sales and therefore the opportunities massively.

  • the only smart person on that room joseph kay "who just came to watch" if i walked in and saw those tuxedo wearing .;... in the room i would walk out or run..

  • Are there any positive comments?

  • Loser

  • they don't tell you if the bank does'nt

    like your bid you don't get the price

    you bid they will counter at price they

    think it's worth I bid one in CHicago

    they want 15,000 more I told them to kept

    it pass this on don't waste your time

  • 620. STILL A HUGE RIP OFF.

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