REDC UK Repossesion auction. SCAM??

m_13

On the website it says:

Q. What does "Previously Valued To" mean?
Ans. "Previously Valued To" represents the most recent loan origination value or RICS Survey (Home Report Single Survey for Scottish properties).

If you look at the HIPs that are available on the site you'll see that the 'previously valued at' prices are the price that they were bought at when Mortgages 1 provided the mortgage so they are using 'most recent loan origination value'. So if a property was bought via a mortgage from Mortgages 1 in 2007 at £200,000 then that's what the previously valued price is.

Some of the HIPS are dated from April 2008 and some properties don't have HIPS at all! However, they are saying they will be available to look at at the viewing days.

Has anybody been able to locate their document 'Important Information for Prospective Buyers' which is mentioned several times on the site but is not a link?

rich-accountant

m_13 wrote: »

Has anybody been able to locate their document 'Important Information for Prospective Buyers' which is mentioned several times on the site but is not a link?

No, however i have ordered the catelogue, so maybe its in there.
The house we were after hasn't sold since mid 1990's, so looks like their valuation is either, as you say, the mortgaged value, or a complete guess...

YellowShark

andyb2009 wrote: »

The hammer goes down and unlike a standard UK auction the bank/seller has 15 days decide wether to accept your offer(so what exactly was the point of going to auction???). If they decline they can ask you to counter offer and increase your bid ! !

This is the biggest sticking point, it totally goes against any advantages of buying at auction in the first place. If someone comes up with a better offer than your winning bid within 15 days the bank/seller may reject your offer or ask you to counter offer.......

This is verging on a scam...It is in their terms and conditions, but it doesn't make it right.

Can anyone point me to the place on their website where is says that the vendor has 15 days to accept or reject the hammer price. I have looked and can't find it anywhere - I have the catalogue as well. I phoned REDC on the 0800 number in the catalogue and they said that contracts were exchanged at the fall of the hammer - which is the same as any other UK property auction as far as I know.

Thanks,

YS.

m_13

YellowShark wrote: »

Can anyone point me to the place on their website where is says that the vendor has 15 days to accept or reject the hammer price. I have looked and can't find it anywhere - I have the catalogue as well. I phoned REDC on the 0800 number in the catalogue and they said that contracts were exchanged at the fall of the hammer - which is the same as any other UK property auction as far as I know.

Thanks,

YS.

If you search for other REDC posts on this forum you'll find more up to date posts about them. They have changed to the RICS standard auction terms which does not allow for this practice. However, they are still doing the 10% plus VAT fees! They were asked on the Today programme why they were so high and they said it was because of the level of TV advertising they do as TV ads are very expensive to run. What a load of

poppysarah

I think TV ads are sooooo cheap right now. Have you seen the tunnocks wafers one. I've seen loads of regional shops too - so tv ad rev is way down so they're virtually giving ads away rather than let there be none.

Wig

Have REDC gone for good?

Wig

Wig wrote: »

Have REDC gone for good?

Not quite!

Just stumbled upon someone who is almost as bad as REDC was
http://www.pattinsonauctions.co.uk/FutureAuctions.aspx

They charge buyer 5.875% on top of bid price. Looks like another USA co. coming over here to corrupt our way of doing auctions.

MeganM

There’s a reason REDC has sold $6+ billion of foreclosed properties since 2007. Trust.

Check out our blog for testimonials.

Bermuda_John

i think pattinson is a local company from the north east, teesside to be precise

maninthestreet

MeganM wrote: »

There’s a reason REDC has sold $6+ billion of foreclosed properties since 2007. Trust.

Check out our blog for testimonials.

Megan, if you are a company representative of REDC, you MUST get permission before posting on these boards. Even when you do have permission, you cannot promote your business on here.