REDC Repossesion website up and running BUYER BEWARE !

andyb2009

Anyone that viewed my last post on REDC the American auction company for Repossessed houses....

Their website www.auctiontoday.co.uk is now up and running.

Please anyone tempted to go to one of these auctions be very wary and read the FULL terms and conditions if you can find them ! !

I don't agree with their selling methods compared to standard UK Property auctions and neither should anyone really.

Please BEWARE

Davesnave

Inappropriate post deleted and apologies to andy2009.

m_13

No, it says Andy has 8 previous posts (this is his ninth) but he's never been thanked for a post.

Here's his previous topic: http://forums.moneysavingexpert.com/showthread.html?t=1512683&highlight=REDC

I am concerned about REDC. The fact that you can 'win' at their auction but then the vendor has 15 days to accept or decline your 'offer' will make buying these properties even more stressful for buyer and the person who has been repossessed.

Other things that are concerning:

• you have to pre-register and they offer EZ finance from 'mortgage by phone'
• you have to show your deposit cheque on arrival so they know how much your limit is!
• when the hammer falls a 10% plus VAT buyer premium is added to the price, this is way above charges from other auction houses. Harman Healy, who we bought through, charge £325 per sale!
• When the hammer falls and the auctioneer says SOLD it might not be sold. Their website refers to '*See “Important Information For Prospective Buyers” for full details but I can't find that document

They are saying that the public are welcome to attend and view the auction so long as it doesn't get crowded. Other people have talked about the evangelical atmosphere in the hall as they go through the mock auction at the beginning to show people how to bid.

Their first auction is on 31st March and they do have real properties on their website but no guide prices, only 'previous valuations'.

Thanks for alerting us to this Andy.

Davesnave

m_13 wrote: »

No, it says Andy has 8 previous posts (this is his ninth) but he's never been thanked for a post.

About time he was, then! Apologies and earlier post amended.

andyb2009

m_13 Thanks for your reply.

Following on from this I have been in touch with REDC's customer services in America to complain about having to tick a box to say I have read their terms and conditions and 'Important Information for Prospective Buyers' in order to register to attend and bid at the auction, where, in fact I cannot read these terms,conditions and important info because it is not actually anywhere on their website to view ! !

They are holding 3 open viewing days that the houses can be viewed on, that are open for 4 hours per day. These however are about 3-5 days before the actual auction.

Doesn't leave much time for research and surveys etc.

I have already viewed the property I'm interested in 3 times and done hours of research !

However I am refusing to bid at the auction and only going to satisfy my curiosity !

andyb2009

Sorry forgot to say,

The outcome of my emails is a big pass the buck and get nowhere excercise.

No further info has come to light..... Or terms and coditions atc

rich-accountant

Were in exactly the same position - they pulled out after accepting our offer and after we had the survey done.

See my thread Forcing vendors to accept offer on repo?

I have spoken the the EA who was selling ours, and the auction house is having a survey completed, so maybe thats why the viewings are close to the auction date? Our EA doesnt know of the auction dates or viewings yet! We found out on here!

poppysarah

Take your surveyor if you want a survey doing. He should be able to give a verbal report shortly after.

Ring trading standards about this auction place if they're not displaying T&C.

carefullycautious

They are also advertising on TV just saw the advert.

poppysarah

Email watchdog if you have concerns. Stop it before it starts.

baileysbattlebus

Like every one else I looked for their terms and conditions and couldn't find any, however I was able to unearth the US terms and conditions. Obviously they will be different to the UK.

But I would imagine they will probably run along the same lines where they are legally allowed to.

I know absolutely nothing about auctions anyway, only what I've seen on Homes Under the Hammer!!

http://www.sdlookup.com/Portals/0/NTForums_Attach/29-pav-terms.pdf