Real Estate Auction Warning

[klatlap]

How hard is it to just have a reserve price like a normal auction and if the reserve is not met then no sale.

This is just a bad practice of the auction company making sure they get there end and don't miss out.

[sha370z]

2009 was the crash 

[areposo]

theres a pornsite called money talks

[trueblueauctions]

Very good article about the auction company REDC. Everyone NEEDS to know that this is the tactic this company uses. We personally do NOT conduct our auctions in this manner. When we say, "Sold" it is just that... I hope that those whom were damaged by REDC for their tactics and practices win their suit and that large punitive damages are awarded to prevent this type of sham from occurring again. There are some of us (Auction Companies) out there who do have honorable business practices.

[tomintroy]

These auctions always have "plants" in the audience trying to led the sheep to slaughter.

[MrStillySteve]

@tomintroy If you say" these auctions" meaning the company that the video featured, then I have no way to accurately comment in one way or another. But if you are referring to the whole auction industry, you are guilty of a generalization that is just untrue. I am going to assume that you are either unfamiliar with auctions or you were a victim of a unprofessional auction company. They do exist as they do in all industries. The key is to know all parties involved through their past experience

[ScalaCharlie]

"absolute auction" is the term used to describe an auction in which the property is sold to the highest bidder regardless of the amount... if it's not an absolute auction, then the seller does not have to sell the property to the highest bidder

[Qrayon]

Why would anyone sign a big document like that without reading it first? I figure if it's important enough for me to have sign it, it's important enough for me to have to read it.

[halimah05]

This video is scary, but honestly you can still make a fair deal of money in the real estate market. I looked at a book found here

howtomakeakillinginrealestate

dot com

[auctionsnow]

@ yourfuturebooks When a winning bidder does not qualify for financing, the property will be auctioned again the same day. That gives other qualified bidders a second chance to buy.

[lenardpoon]

The naysayers...we're professionals workin the Southern Nevada market. We know neighborhoods, builders, condition, lien positions, current market and profit right up to the point of our bids. We never buy junk or fixers. Amatuers don't have much of a chance. We have a ready resale market to off-shore money. We're disciplined and never rely on luck, but once in a while get VERY lucky -- like the 70% in less than two months we closed recently. Let me know how to help me help you.

[yourfuturebooks]

I ve attaended these auctions. 90% of them get kicked back and auctioned again the same day. they either don't meet the lenders minimum, or they were fake bidders that drive price up. It is very common practice. These guys have insiders working for them. My suggestion is to wait out until properties get kicked back out to auction and they always sell for less.

[vdvsoldat]

Read the fine print? Subject to approval? Welcome to the bullshit American dream / nightmare.

You have RIGHTS according to the US constitution, oh wait, Uh no you don't according to the Patriot Act.

You own your home, Uh wait, if you don't pay property tax, then what's yours is no longer yours.

Americans are FREE, Uh wait, you're a brainwahsed government slave who drives thru checkpoints on freeways and are subject to arrest anytime for any fukn thing.

Lets re-appraise freedom!

[Dean0000007]

@vdvsoldat A right wing capitalist would tell you to read the fine print. What a bunch of crap, all these complex lawyering type garbage should be able to be explained in 10 lines and in simple language a 10 year old could understand... but that would be unprofitable to do. Capitalists need to confuse and make as long as possible to slip in the "key" lines that very much benefits them.

[slinkycat321]

Fuck these lenders, why are they wasting everyone's time at auctions? If they don't want to sell the property at what the market is willing to pay then what is the point?

[davidgsr2k]

@slinkycat321 because if they owed 100k for example, want to get atlest sell it for 50k and the winner buys it for 5k...do the math, banks get paid for lending money not buying houses and selling them 99% less...

[federalreservesucks]

Banks and Corporations run our nation and government.

Still don't get it?

[hx256]

Would you sell an asset for 10 cents on a dollar? Then why should a bank?

I auction this stuff for a living; owners (individuals, banks, credit unions, who ever) want a fair market value.

And that's wrong?

[winner502]

the reality is im waiting for it to collapse and them beg me for my money im not greedy otherwise keep it taxes upkeep inflation roofs wiondows oil going up people are stupied buy gold hold 2012 the real deals are coming and all these flipers will get screwed again this is a depression the banks are thieves and do the devils work and yea i truly beleave it i trust goverment will sell you out get you killed and then wrap a wreath around your head charge you welcome to america

[RobertGary1]

Actually, today the gov't owns banks and corporations (GM, etc).

[jandean61]

yup, That's Capitolism

[MRtoker2007]

can you do the same to them... say you bid on it and won.. and say never mind dont want it... what then... they go cry like bitches!

[RobertGary1]

Auctions are just a way to get money out of a worthless house. If the houses we worth more money you can bet they would have sold them on the regular market. No one puts homes on auction sale just to be nice to buyers. If you price a house right (even in today's market) you can sell it within days on the regular market.

[hx256]

Not so. I auction real estate for a living. Auction buyers are WAY more informed than contract buyers (I'm a Realtor too). Just sold a home for a couple that needed a fast sale, got them $27k more than they thought, buyer happy, seller happy and home appraised just fine.

[aquafishsoup]

SOLD FOR 100,000 oh wait... 4,000,000 thank you?

[Cubicleboy04]

What are the outcomes of those lawsuits? Are people just told to read the fine print?