Foreclosure in Stockton>Question Details

Laurie Caswe…, Home Buyer in stocvkton calif

I am planning to go to a REDC home auction in stockton ca soon what are the chances of being able to get a

Asked by Laurie Caswell, stocvkton calif Mon Jan 19, 2009

home for under 40,000 cash at one of these auctions

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I've had a good experience with REDC until recently when I tried to purchase a property. They stated incorrect size of the property and took them weeks to get the right information. I refused because I had bid according to the information on the booklet and what the auctioneer informed during the bid. Although everything is REDC's fault, the title company worked out a deal with REDC that I won't get my full deposit back. That's incredible knowing they couldn't confirm until they did an apraisal. I'm still trying to work it out with them, hoping we won't have to take it to court. I'm hoping for a positive outcome knowing REDC is a large corp. My suggestion would be to go check it out a few times and pay attention to how much each bidder is buying the property. Then do your homework. You'll be surprised that a realtor these days may get a competitive or lower price then REDC. Also, although their booklet may state open homes for viewing couple of wks in advance, I've yet to find an open house. I've seen car parked in front of the homes, but no realtor. Just last weekend I tried to check out 4 nice homes with friends. We finally gave up, and they decided not to go for coming auction but play it safe by dealing with a realtor. I'm certain others may have good or bad experiences. Am I still attempted to go back? Not sure...have to wait for the outcome. Also, be extra careful about cash deals where it'll be a good idea to check out the property in advance.

Good Luck!
1 vote Thank Flag Link Tue Jan 27, 2009
Hi Laurie,

I have represented clients at two recent REDC home auctions. One in Stockton and another up in Sacramento and suggest you have representation. The seller pays 1% commission to the representing agent to assist the buyer in the paper work and the transaction after the purchase relating to inspections. Also, if you win, the auctioneer will tack on a 5% commission of the sales price. Other restrictions apply also.

Homes will sell. They have a booklet out that will tell you the homes they are selling and when the Open Houses are for those listings. Make time to visit the homes you're interested in.

Odds are tough to predict however, in that price range, depending on where they are located and the condition they are in they can be rough and would most likely need a cash offer and some repair. Some properties are also available with a 203 loan that will finance the repair cost needed. Sometimes it's a condo.

Rocky was right in that it depends on the homes offered and the persons attending. As for attending, the odds are 100% you will not get a home if you don't go. You should go just for the experience...it can be quite exciting.

Best of Luck!

George Kininmonth
2529 W. March Lane, Suite 103
Stockton, CA
209-952-4574
0 votes Thank Flag Link Mon Jan 19, 2009
Hi Laurie,

It really depends on who attends and the homes that are offered for auction.

Good luck and let us all know how it goes.

Best regards,

Rocky G.H. Hawrysz
Broker Associate, Realtor, e-PRO
Prudential California Realty
0 votes Thank Flag Link Mon Jan 19, 2009
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