Auction rip off for repossesed home owners

poppysarah

Have you read all their T&C?

rich-accountant

yes, solicitor has been over everything we have

roses

I don't think people who have their houses repossessed have much choice in where, how or how much it is sold for? It's in the banks best interest too to get as much money as they can.

Wig

roses wrote: »

I don't think people who have their houses repossessed have much choice in where, how or how much it is sold for? It's in the banks best interest too to get as much money as they can.

I believe if the lender has decided to use REDC, a letter from the people's solicitor to the lender, pointing out that using this Auction is likely to result in lower bids than would be achieved at other UK auction houses, would make the lender sit up and take notice. And if you read this thread you will find that the lenders are obviously not exercising a good standard of care.

Pssst

Surely REDC only deal in US properties so whats the point of buying one if you have no valid visa to go live there...or am i missing something?

OOPs sorry,i have now read what all the fuss is about. REDC moving into the UK market.

Well its market forces isnt it and anyway,our own estate agents do really need a bit of competition. They helped to create this situation so let them pay the price.

sdooley

Surely REDC only deal in US properties so whats the point of buying one if you have no valid visa to go live there...or am i missing something?

They've started up over here. And if they succeed in encouraging ordinary people to bid at auction for houses they want to live in, as well as investors, they may obtain higher prices overall. But it's early days and they don't seem to be successful in getting 'ordinary buyers' yet - if this article is anything to go by: http://www.guardian.co.uk/money/2009/apr/02/repossessed-homes-auction

IHS88

I attended the Manchester REDC auction which was interesting to say the least.

Considering the amount of advertising these guys have done of Sky, newspapers etc, I was surprised to see the room wasn't bursting at the seams.

There were only 200 or so people there.

The style of this auction company differs greatly to the likes of Allsops, Savills and Barnard Marcus.

The American auction team were wearing tuxedos, shouting at the crowd to bid and blowing a wistle every time the hammer fell. It was really quite cringy.

I'm pleased to report that only 25% or so of the properties offered sold on the day which seems a little odd as REDC were stating in their advertising that properties were being offered with no reserve.

Prices achieved seemed to be around cautious market value. I didnt witness any absolute steals going under the hammer.

With a 25 % success rate, I doubt and hope they don't return to the UK for another auction.