Tuesday, September 23, 2008

Upcoming REO Auction in DC Area

There is a new auction of bank-owned homes coming up in the Washington, D.C. area in early October. The homes up for auction are open for inspection this weekend. A few months ago when I last saw an auction advertised, they were all P.O.S. homes. This time, there seem to be some nice ones available.

Auctions in other parts of the U.S. are listed here. They include:
  • Georgia
  • Dallas, TX
  • Southern California
Update: It appears that REDC auctions are a scam.


  1. I saw the ad in the WaPo for this outfit, and browsed the site for a bit. I didn't feel inclined to waste my time by going out and looking at the houses however...

    The thing that was a little astounding was the sheer number of houses that were a part of this auction. Is this site relatively new, or have they been doing smaller auctions for some time?

  2. Cant tell you about the size, but I can tell you they have been doing this bulk think for quite some time now (at least since Fall 2006).

    You are right about the number of houses - its big. Everyone wonders why inventories are falling now according to MRIS? Heres your answer - a good percentage of these places (at least 50% - sometimes much more) get sold without a realtor's involvement. Thus, the sales never show up in monthly MRIS reports. Here is alot of that so called "hidden inventory" its getting sold as we speak.

  3. Yuck - this place looks like ALL homes here..

    Can anyone do something that's NOT antique Colonial style

    Another brick McMansion - yawn

  4. I dont know what is the deal with the "mcmansion" issue. I would love to have a big brick house....I just want one at a realistic price. I mean hell I only make 95K a year!

  5. How many people usually attend one of these auctions? I don't see anything that really sticks out there as an amazing buy, but just curious of the turnout. Anyone been to one of these auctions?