January 16, 2009

The REDC Comes to Atlanta and Breaks Hearts, Yet Again….

Posted in Uncategorized tagged , , , , , , , , , , , at 5:38 pm by winterbaserva


The REDC Comes to Atlanta and Destroys Dreams, Yet Again….

We’ll the REDC did it again! They destroyed another one of my clients dreams……

Mr. A, my client, decided he wanted to purchase properties from the REDC Atlanta Home Auction, despite my recommendation not to. I diligently explained that good deals come in all forms-not just in Atlanta Foreclosures or Atlanta Short Sales or Atlanta Home Auctions, but all over.

I sent him my report about auctions and encouraged him to read my auction blogs.

Nevertheless, his mind was made up, so I did what any good agent would do, I supported my client. We did our part…I took him to the properties, he inspected them, registered for the auction, went there and bid on them and guess what, he got BOTH of the properties he wanted. CASH ONLY deals of which both of the houses needed $75k-$200k worth of work just to make them livable again.

We left happy and I was pleased Mr. A got what he wanted. Then the REDC did it AGAIN. They started playing the “…we’re still waiting on the seller to respond game…” The REDC started saying “…contact the closing attorney for more info…”, and the closing attorney said “…contact the REDC, we don’t know what’s going on….”

I played the “follow up game” for over a month until FINALLY we find out that the banks did not accept EITHER property. The REDC and closing attorney had in fact found this information out over three weeks ago, but did not redc-broken-dreamsinform us.

In the meantime, my buyer had gotten estimates, did inspections, started organizing the crews to get the homes in order and needless to say, got very emotionally attached to what he was going to turn these homes into.


Since I started blogging about the REDC, I’ve had SEVERAL people reach out to me and tell me their stories of broken dreams, marriages ending and heartache that trying to buy from an auction cost them.

The REDC touts themselves as the “Atlanta Foreclosures and Atlanta Bank Owned” Inventory Specialists. They pay high dollars on marketing (which by the way, you end up paying for on the 5% mark up fee) to promise people the opportunity of owning a home for 50 cents or less on the dollar.

The fact of the matter is that the REDC are BRILLIANT marketers. I encourage ANYONE looking for a good deal to find them elsewhere than in auction houses. I have seen my buyers’ hearts broken one too many times and its a shame that my client got their heart broken by the REDC!!!!