REDC foreclosure auction, del mar

REDC foreclosure auction, del mar, 4/12/08

http://wcvarones.blogspot.com/2008/04/at-redc-foreclosure-auction.html

Category:

People & Blogs

Tags:

• foreclosure
• auction
• redc

[REDCAuction]

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. 

[REDCAuction]

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.

[REDCAuction]

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. That explains the delay.

All Earnest Money Deposits are held in a Trust Account which REDC does not have access to unless a closing takes place. The delay in the return of funds is a function of the trust company being used.

[REDCAuction]

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. That explains the delay.

All Earnest Money Deposits are held in a Trust Account which REDC does not have access to unless a closing takes place. The delay in the return of funds is a function of the trust company being used.

[akivjen]

A scam is right...I had the winning bid and a week and a half later was informed I did'nt meet the reserve...A real auction tells you on the SPOT if you met reserve...NOT take your thousands for deposit and waste hours filling out needless paperwork. Not to mention the time/hastle and money lost juggling funds together to make my final payment. REDC is a SCAM!!!

[tatealex]

The so called "auction" is a scam on grand scale. I paid $9843.75 earnest money,the checks promptly cashed. 8 days later I surf the REDC's and notice that the property is up for auction again. Nobody informed me. but the earnest money 10k check was promptly cashed.Also they lie about the previous value of the properties. In my case it was stated previously valued to $690K. ; after checking the records in the same development for the peak period 2005-2007 the highest sale was for 450K.