REDC Repossesion website up and running BUYER BEWARE !

Doozergirl

baileysbattlebus wrote: »

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

In those T&C's if you aren't using one of their finance companies then you have to come with a formal mortgage offer in writing from your lender. This is all a bit wrong

real1314

Some novel "previously valued" figures in there:-

This one:- http://www.auctiontoday.co.uk/property.php?auctionID=U-001&itemID=394&venueId=7&start=0

5 Honeysuckle way Rochdale, struck me as a bit odd.
REDC give it £185k

But strangely Land Reg shows (via ourproperty.co.uk) it sold for £65k in Oct 07.
Hmm More than doubled since then?

baileysbattlebus

Doozergirl wrote: »

In those T&C's if you aren't using one of their finance companies then you have to come with a formal mortgage offer in writing from your lender. This is all a bit wrong

I did say the T&C's were from the US not here - they may not be exactly the same here.

Interestingly the fee in the US is 5% not 10%.

baileysbattlebus

real1314 wrote: »

Some novel "previously valued" figures in there:-

This one:- http://www.auctiontoday.co.uk/property.php?auctionID=U-001&itemID=394&venueId=7&start=0

5 Honeysuckle way Rochdale, struck me as a bit odd.
REDC give it £185k

But strangely Land Reg shows (via ourproperty.co.uk) it sold for £65k in Oct 07.
Hmm More than doubled since then?

that just has to be a mistake - I noticed when I looked at the properties they weren't all where they said they were - I think Belfast was in Scotland.

rosie-lee

What a tremendous victory it would be if the MSE Community in conjunction with Watchdog actually alterted everyone before they potentially cause suffering.

Not good at getting the ball rolling to be honest but I would gladly join in.

poppysarah

watchdog@bbc.co.uk

Just email them your concerns.

MAIA

andyb2009 wrote: »

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 !

I've been looking at buying at auction and saw this company. They do look dodgy for all the reasons mentioned in this forum. Not the usual style of auction company at all! Thought of going to see what they are doing, decided to look online for the auction results instead. Unlike the other auctions again, they don't seem to publish their results. Very interested to know if you did go and what you found?

m_13

Look for a thread on this forum called 'REDC - did you go'. I believe at one auction only 6 properties sold.