Tuesday, March 03, 2009

More REO auctions

As you've probably seen on TV, Real Estate Disposition Corporation (REDC) is having another auction of bank-owned homes in the Washington, D.C. area. The homes are available for inspection this weekend. They are mostly in the outer suburbs. The auction itself will be held on March 12, 14, & 15. You can request a brochure here.

For readers from places other than the D.C. metro area, the full calendar of auctions throughout the U.S. is here.

Update: It appears that REDC auctions are a scam.


  1. REDC is a scam. Search Google for stories from people who have attended their auctions.

  2. For the "Phantom inventory" theorists out there, its important to keep things like this REDC sale in mind.

    At sales like this, homes are sold w/o a broker. Same thing with a few of these private equity deals where venture capitalists are coming in and buying say 50-200 houses in bulk. In either case, the sales dont show up on MRIS since no broker was involved.

    So while I personally I believe there is a decent amount of "phantom inventory" out there, if I read that alot of it is moving on these channels (which I havent, but may someday), I for one will take notice.

  3. Anonymous said...
    "REDC is a scam. Search Google for stories from people who have attended their auctions."

    Good catch. I still haven't learned to use The Google.

  4. REDC is a "scam" is a little strong. I have a client, buys foreclosure properties for a living (has done so for 25 years), he loves the REDC - he says its one of the easiest foreclosure purchases out there.

    Maybe its just a matter of perspective. If you know what you are doing, and know what you are getting into, you love the REDC. If you go into it thinking you are just going to walk into a "sweet deal" I could see how you think it was a scam...

  5. There’s a reason REDC has sold $6+ billion of foreclosed properties since 2007. Trust.