February 12, 2009
ATLANTA NEEDS LESS REDC HOME AUCTIONS AND MORE ABSOLUTE AUCTIONS!!!
ATLANTA NEEDS LESS REDC HOME AUCTIONS AND MORE ABSOLUTE AUCTIONS!!!
I get on average about 3-5 calls a day for a month before the REDC Atlanta Home Auction comes in to town from different people inquiring about my auction knowledge. As an owner of four auction properties, I can say without a doubt that buying auction properties comes with LOTS OF RISKS and several HEARTACHES.
However, most of the heartaches deal with the auction monopolies of the world like the REDC. Most people are not even aware other types of auctions exist because the REDC is so GOOD at marketing their brand (which by the way you end up paying for with their 5% mark up fee). That’s basically what auction houses are…..GOOD MARKETERS, not necessarily the authority on “deals of a lifetime.”
What Atlanta needs are more Absolute Auctions…..
Absolute Auctions are defined as an auction in which the property is sold to the highest bidder regardless of the amount of the winning bid. How unbelievably simple….You bid on a property and the highest bidder wins! No “outs” for anyone, just business done right!
The REDC’s bids are “subject to managements’ approval” and often there never is an approval. Just a lot of “run around” from disorganized closing attorney’s handling too much volume and non-helpful REDC staff who are overloaded with questions they do not necessarily know how to handle once the “show” is over. What people don’t understand is that if the property doesn’t meet the sellers reserves, there is no sale and the buyer just tied up their time and earnest money for up to 30 days. Meanwhile, all the other deals are flying away to other savvy buyers!
If you are planning to attend the upcoming Atlanta REDC auction, please check out my blogs for loads of helpful information you can use to your advantage and learn from the mistakes I already made early on in my investing career.
And, if you need FREE representation to help assist in the process, please feel free to give me a call at 678-463-3173!
THE REDC ATLANTA HOME AUCTION IS BACK….AGAIN!!!!
The INFAMOUS (very different from famous) Real Estate Disposition Corporation’s Lender Owned Auction is Heading Back to ATLANTA….AGAIN!!!
That’s right! The REDC Home Auction is coming back to Atlanta on Feb. 21, 2009. Many will flock to this event in the hopes that they will strike it rich with their “deal of a lifetime”!!!
As an owner of FOUR properties bought at the REDC auction, can I please give you one, tiny, little piece of advice…..go, BUT DON’T EXPECT TO FIND YOUR DEAL OF A LIFETIME!! If you have never been to an auction, click here to see what you can expect to find, as well as first hand testimonials of visitors experiences.
If you haven’t already done so, YOU MUST read my blog about the 10 Biggest Mistakes Buyers Make in Today’s Market, of which Mistake Number 7 is trying to find your bargain at an auction.
Don’t get me wrong, I got a fairly decent price on the four properties I bought at the REDC Home Auction. But, by the time you add the auction fees, lender fees, closing costs, repairs (of which all of my homes needed between $10,000-30,000 worth of work), I realized that if I just would have been better off buying the home down the street directly from Mr. & Mrs. Seller……and FOR LESS.
Just a little mistake I made that I have the privilege of sharing with you. Furthermore, after more and more time spent at the auctions, I have seen more and more hearts broken. See the story of what happened to my last client at the auction.
See too many times we get caught up in the labels of “auctions, foreclosures and short sales” and miss unbelievable buying opportunities that are staring us in the face.
Now you HAVE to read my blog about auctions…….Here are a Few Other Recommendations if you Plan to Buy at an Auction:
- Do Your DUE DILIGENCE-no inspection contingencies here, you get what you get and sometimes that can be substantial. Do your research BEFORE you bid.
- DON’T let your emotions take control-decide your highest and best bid BEFORE you go and don’t go over it under ANY circumstances.
- Practice PATIENCE throughout the entire process-from the winning bid, to the paper work to closing, you
will need patience. Imagine how busy the closing attorney’s are with over 1,400 Atlanta homes being sold. - Despite everything if you still want to buy at an auction, GET A QUALIFIED REALTOR to represent you, just like my clients in this picture to the right did before they went to the REDC Auction. It’s great to have a non-biased, non-emotional third party representative there to help you, as well as walk you through the process and paperwork, as well as be able to coach you through the “after-winning” paperwork and logistics.One thing is certain DEALS OF A LIFETIME are out there…..TONS OF THEM… And, if you REALLY want a good deal, call me and let me show you how to offer in on the property NO ONE’S offering on, instead of putting you in a room with hundreds of other buyers all going after the same one.
If you are looking for a qualified realtor that understands the Atlanta home auction process, then CALL ME at 678-463-3173 immediately. I’ll be happy to represent you FREE. BUT, don’t wait!! I will need to make sure that you are registered properly!
REDC-Real Estate Disposition Corporation
Lender Foreclosure Home Auction in Atlanta, Georgia
- February 21, 2009
- February 22, 2009
- February 23, 2009
- February 28, 2009
P.S. Did you know you can buy properties “auction-style” ONLINE from auction houses that are not as popular and have many less people bidding on them??? I can help you with that as well!
Winter Baserva's Atlanta Real Estate Weblog 