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Auction Homes REDC Nov. 10th, 11th Boston at Hynes Conv.
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REDC_IS_A_SCAM
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PostPosted: Thu Jan 14, 2010 4:31 am GMT    Post subject: Re: The REDC boston auction was a big joke Reply with quote

A "sucessful" wrote:
I got a single family house at the REDC auction Nov 10th. It was supposed to be closed by Dec 3rd, within 3 weeks as indicated by the terms, which I now firmly believe is exclusively for the buyer. I finished the mortgage about 1 week after auction and waited and prepared for the closing until yesterday my counsultant at Countrywide called me to ask whether I know that my bidding was rejected by the seller. No one else ever notified me of this until this moment. I did checked out with the closing law office a few days ago. They told me all the closing were postponed to Dec 13, agian without any notice if you didn't ask. I had to call around the for the auction manager?, the law office, some assessor office... yesterday and today. After receiving 10-20 "leaving your massage", I finally got someone by repeated calling this afternoon. They were telling me the seller rejected the bidding on Nov 30th (after Countrywide's assessment, which was about 40K higher than the bidding price). I only have 2 options. 1. Paying 31K more than my bidding price; 2. signing a cancellation paper. Both my consultant and myself couldn't believe it!!
I did check out with the purchase agreement. There is one sentense saying that if seller is default, the buyer can only get back their deposit as total remedy! What can I say?
Does anyone else have similar experience with mine?
Is this a joke? Twisted Evil Twisted Evil Twisted Evil Embarassed


Yes I had a horrible experience with them and unfortunately I did not learn of the problem regarding the back taxes on a property purchased through REDC. and I have been trying to purchase a property in AZ for almost 8 mo now, and the Realtor was an incompetent ass, she refuse my attempts to purchase the property for the list price of $39000, I pulled up the property again 2 mo ago and it was listed at an opening on line bid of $500, I tried to view the property unsuccessfully like others complained. The bidding started a few days back at 330am I went to bed at 230 am, at 730am the $39000 property was NOW valued at $216000 and the bid changed from $500 to $9000 !!!!!!!!!!!! SCAM!!!!!!!! I am reporting them to the Attorney Generals Office in California , Texas, Arizona, and ILLINOIS. Would anyone like to join me ????? Evil or Very Mad Evil or Very Mad Question Idea
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REDC_IS_A_SCAM
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PostPosted: Thu Jan 14, 2010 4:40 am GMT    Post subject: Reply with quote

john p wrote:
Call the Attorney General's office.



I am reporting them to the ATTORNEY GENERALS OFFICE IN CALIFORNIA, TEXAS, ARIZONA, AND ILLINOIS.

TO ME REDC MEANS:

ROBBING
EVERY
DECEIVED
CUSTOMER

IF ANYONE WANTS TO CONTACT ME PLEASE LET ME KNOW , I WILL CHECK BACK. I WILL HELP BACK ANYONES COMPLAINT AGAINST REDC !
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REDC_IS_A_SCAM
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PostPosted: Thu Jan 14, 2010 4:48 am GMT    Post subject: I had the same experience and even worse............ Reply with quote

Shoeshine wrote:

Sunday , Nov 11th, 159 properties where scheduled to be auctioned.

The auction was loud and rapid fire .
The auctioneer was rattling off bids
that simply didnt exist.
If a property was decent, bidding would jump
dramatically with no real bidding from the audience.
The auctioneeer would occasionally shout out bids
that actually existed .
Tuxedo clad assistants running about the room exhorting
on bidders to bid more.
From my take on things , 90% of the people
in the auction could not see thru the charade.
Shills, and fake bids taking out of thin air,
in attempt to drive bidding above a hidden reserve
price the bank was willing to accept.

I was shocked at some of the high bids (if they truly existed)
and also shocked at some of the low prices the auctioneer
would end a particular property with.

I think if a property had no real interest, the auctioneeer
would simply rattle off a fictious number , quickly
followed by a shout of SOLD !!!

I serioulsy question how many of these properties will truly close.
I will start checking in a month the various registry of deeds sites
to see how many of these properties close escrow.
I have the catalog of all listed properties.

The number one thing I am taking away from this auction is,
if the properties that "SOLD" at some of the low gaveled
down prices truly close,
and get recorded at the Registry of Deeds,
then we havent begun to see the freefall Real Estate prices
are about to take .

I bid on 5 different properties, each time I was beaten
out by $5000 from another bidder I didnt see.
In hindsight , I should have bid $5000 more on every property,
but chances are, someone, real or imagined would have outbid me.

Two guys (investors) I knew from about Town ,
managed to buy two different investment properties .

They bought a two family fixer upper with no parking for $85,000
and a 4 family with plenty of on street parking for $145,000 .

They will fix them up a bit , then fill them with Section 8 Renters.

I know the last price the two family was listed for on Realtor.com
was $125,000 and once sold for and carried a $248,000 mortgage.
Not sure what the 4 family was previoulsly listed for , but
it was previously sold for $301,000.

Multi family Investment properties were being gavled off
for ridiculously low prices in all the poorer Cities.

If this auction was a sign of prices to come,
then the Bubble will not burst , it will explode.

It is not impossible
we will see 1999 real estate prices again.

Exclamation


es I had a horrible experience with them and unfortunately I did not learn of the problem regarding the back taxes on a property purchased through REDC. and I have been trying to purchase a property in AZ for almost 8 mo now, and the Realtor was an incompetent ass, she refuse my attempts to purchase the property for the list price of $39000, I pulled up the property again 2 mo ago and it was listed at an opening on line bid of $500, I tried to view the property unsuccessfully like others complained. The bidding started a few days back at 330am I went to bed at 230 am, at 730am the $39000 property was NOW valued at $216000 and the bid changed from $500 to $9000 !!!!!!!!!!!! SCAM!!!!!!!! I am reporting them to the Attorney Generals Office in California , Texas, Arizona, and ILLINOIS. Would anyone like to join me ????? Evil or Very Mad Evil or Very Mad Question Idea
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sedonablues
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PostPosted: Sun Mar 28, 2010 9:16 am GMT    Post subject: Dealing With REDC now... Reply with quote

Attend an auction in Phoenix 2/6/2010. I had found this local property outside sedona on the market, and had viewed it several times with a real estate agent. When I went to place the offer it was off the market and going to auction. I had done my home work, knew how much the bank paid for the title.(A bank brought it from the foreclosing note holder at a trustees sale) Knew the taxes were behind. I was the high bidder but I still had to raise my price for them to accept it. After winning the bid at the auction the signing of the contract was a joke. The person I was signing with was a temp, and knew nothing about these contracts. And she could not answer any questions I had. I signed my cashiers check over to a company called "stewart title".

Mar 1st I was finally called and told my offer was accepted. And the contract will be mail out to me. When I got an email from them It was wrong. It had the wrong price and did not have anything it I had signed. And this was 2 weeks later. On the 17th I received the right contract from the escrow agent, via email. I was not comfortable with this cal escrow company so I got a local one to watch over things. When we requested that the deed be sent to the local company at closing for recording We were told that we could not do this. At this time I told them I was not proceeding with agreement. Arizona law states a buyer has right to choice their own escrow and title company, and can even change companies it the middle of escrow. Plus I had the right to cancel this agreement per the contract if I was not notified by mail with in 15 days that my offer was accepted.

I called REDC and informed them I was having problems with their escrow company, instead of trying to work things out the closing manager started saying I was going to be in breach if I did not close and I could not change escrow companies because I had signed the contract with their escrow company listed. And when I brought up the point the contract had been canceled due to the non notice by mail, she really started to get harassing. She had to go and check with the escrow company to see what their records show. When she did call back, she started in with the emails were sent out on 2/26, and the escrow company email server shows the time and date it was sent out. And she was going to email this to show me I was wrong and was making this up. Then I got another call from someone else and he starts in with having email proof the notice was sent to you and was going to send me this proof. I never receive these email from them nor did I receive the one on the 26th. Not that an email counts as legal notice. This did not matter to them, they lied and made up false proof to try and force me to close.

If any one else is having problem please contact me to see what we can do, if enough people come forward maybe we can put a light on these unethical companies
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mitch
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PostPosted: Tue Apr 20, 2010 10:51 pm GMT    Post subject: REDC sucks Reply with quote

To start with the conclusion , REDC sucks, and they should be shut down. After winning a property at an auction, they referred me to an escrow company. No one was to be reached at REDC anymore . By the end of the escrow the seller still didnt sign all documents therefore we could not close. REDC is legally representing the seller and makes a hefty 5% of the price paid by me, the buyer.
However they simply wont mediate and compel the seller to close on time. So now the transaction is in limbo, the escrow holds 126K of my money interest free and REDC is calling me everyday with a recorded message threatening to take my initial deposit if I dont close escrow in time.
When I called them, I got to a "Closing specialist" answering machine, 2 days later she still didnt call back...

I will have to contact an attorney, file a complaint with the dept of real estate , etc...
I thought the buyer was well protected in CA during these litigious times, but despite the 33 page contract , buyer still can be ripped off by unscrupulous corporations with armies of attorneys on payroll, so beware.
To conclude, REDC are a bunch of incompetent morons that simply wont do their job. Take your hard earned money somewhere else.

PS
To make matters worse , there is no final inspection of the premises before closing, so if a fire, flood, or vandalism happened in the meantime , you, the buyer must deal with it at your own expense.
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Deb:)
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PostPosted: Tue May 03, 2011 4:55 pm GMT    Post subject: REDC SCAM Reply with quote

I restore old properties and REDC had a solid brick beuty for sale in Alabny Ga...Si I bid on it and got it....for a price that I could afford to restore it at this summer.
Then I get a notice as I am trying to get in touch with the closing company that the property is targeted for demolishion. So I contact Albany and the property was condemned and destroyed several months ago.
They even sent me the notice where they informed the Bank.
REDC and the bank deny and knowledge of it REDC is refusing to return my money unless I sign documents.
Real Estate law cancels a contract if it is demolished. And..this is pretty clear to me Real Estate Fraud but they claim since it never reach closing that it isn't.
These people are scam artist and you need to not do any business with them. I will get m,y money back no court of law will ever rule in their favor even if they paid off the judge and jury.
I am appuad that no one is closing these criminals down.
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deb:)
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PostPosted: Tue May 17, 2011 4:21 pm GMT    Post subject: HOW DO I CHARGE REDC WITH REAL ESTATE FRAUD Reply with quote

I am still at odds with REDC about the property they sold me that already been destroyed. Their lawyer answers none of my e-mails and they have yet to return one penny to me. Since it has taken so long.. I also gave them the request of giving me another 19 century property that fits the description by the end of this month and have sent them several properties that I would accept of course if they have a free title by the end of May. So on June 1st I want to charge them with real estate fraud. Dioes anyone know how to go about this? Idea
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admin
Site Admin


Joined: 14 Jul 2005
Posts: 1826
Location: Greater Boston

PostPosted: Tue May 17, 2011 4:31 pm GMT    Post subject: Re: HOW DO I CHARGE REDC WITH REAL ESTATE FRAUD Reply with quote

deb:) wrote:
I am still at odds with REDC about the property they sold me that already been destroyed. Their lawyer answers none of my e-mails and they have yet to return one penny to me. Since it has taken so long.. I also gave them the request of giving me another 19 century property that fits the description by the end of this month and have sent them several properties that I would accept of course if they have a free title by the end of May. So on June 1st I want to charge them with real estate fraud. Dioes anyone know how to go about this? Idea


You should probably talk with a lawyer to find out what options you have.

- admin
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REDisgusting
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PostPosted: Wed Jul 20, 2011 9:47 pm GMT    Post subject: 12 rejections Reply with quote

I am so sick of this whole glorified short sale "auction"! After two successful purchases about a year ago, I have now been the winning bidder on about 10 more properties... all have been rejected. Each time I incur costs for wiring the deposit, not to mention lost interest and mentally thinking my investment money is tied up and having to pass on other opportunities.
Shame on me for falling for it all of those time, hoping for a good deal.
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Kaidran



Joined: 17 Mar 2010
Posts: 289

PostPosted: Thu Jul 28, 2011 12:42 pm GMT    Post subject: Reply with quote

I think the moral of the story is that there are no great deals. You either pay what people are expecting or you dont buy a house. The trend in the market will be fixed by the number of people on each side of the transaction.
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