REDC foreclosure auction- Florida

[Rich Weese]

There is a good sized auction of govt backed homes coming up for sale in Fl the 29th. I'v had an asst working on researching these.
Have any of you attended these? Have you ever bought anything at them? I watched online a TX auction currently going on. There is a minimum starting bid. It appears there is also a RESERVE that must be met. Many of these properties have been previously listed.
I'm curious if the reserves just make this a waste of time or not? Where the home has been listed, and unsold, the reserve would be relative to that number, but lower. Then again, this is the govt. so all logic should be tossed.
If any member has been to these auctions, please reply. It is a cool website, if you're interested in your area. auction.com. They have commercial, sfrs, notes etc. Rich

[J Scott]

Originally posted by Rich W:

Then again, this is the govt. so all logic should be tossed.

REDC is not in any way affiliated with the government (other than the government being a client in some cases). They are a private auction company, and they auction both government-backed and privately-backed properties:

http://www.redcgroup.com/about-redc.html

Personally, I've found REDC auctions to be a waste of time. In many cases, they don't have a reserve but high bid still won't win the auction (and you may not find out for several days).

Essentially, I believe they just take the high bid, submit it to the bank, and then the bank decides if they want to accept it or not.

I've had people tell me that they've had their bid countered by the seller days after the event.

Just my personal experience though...