REDC UK Repossesion auction. SCAM??

bOingball · 28 July 2010 at 7:00PM

Wig wrote: »

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.

Yes Pattinson's sell a lot of houses in the North East (Gateshead / Newcastle) - Not from the USA. -

Bananamana · 28 July 2010 at 7:20PM

bOingball wrote: »

Yes Pattinson's sell a lot of houses in the North East (Gateshead / Newcastle) - Not from the USA. -

typically their "auctions" are not quite that. If you win you pay a reservation fee to Pattinsons (usually 10%) but remain free to walk away at any time (forgoing the 10%).

I have dealt with them on a number of occasions and the above has caused problmes in the past.

They are also my managing agent and have a RIDICULOUS number of annual check ins (every 3 months...)

Bananamana · 28 July 2010 at 7:21PM

MeganM wrote: »

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

Check out our blog for testimonials.

Theres another reason; repossessed = cheap - most do infact sell themselves.

PasturesNew · 28 July 2010 at 7:32PM

Auctions are quite hard to find, track down, get the location of, get the dates for, get the list of properties for sale ... you'd think they'd have found a better way. It's like a secret circle.