Home Buyer-invester

Shi, I would stay away from short sales and look for foreclosure homes if you're trying to buy in the near future. Although there are plenty of homes for sale in the Modesto area, there are also hungry buyers. If you're a novice at looking for real estate, I would recommend working with a realtor. But, do your homework also, and find the exact areas in Modesto you would like to live instead of depending on the realtors views and sale of homes. And, don't get discouraged if your offer doesn't get accepted. Just keep trying, and in no time you'll have a home. (Just like going for a job interview...)

Good Luck! = ) - Tue Oct 13 2009, 01:09

Recently I tried to purchase a property from REDC auction. During the loan process, I discovered the property square footage was incorrect and turned out to be 50% less of what the catalog stated. Lender agreed that my deposit will be returned after research. The title company shot back stating I bought it 'sold as-is' and referred me to the sales contract which states sq footage could be approximate. I'm no expert but the word approximate doesn't mean 50% less. I suggested my full refund but still fighting the title company. Next step will be to go to court and let a judge decide the outcome.

Having said that....I may agree some auctions may be a good idea but take the risk and realize these guys hold all the cards. But why go to these auctions these days when it's a buyers economy everywhere now? Spend the day at the auction and jot down the amount people purchase. You may realize some properties are way cheaper getting it own your own and with realtors who can assist with every step of the way.

Good Luck. - Sat Jan 31 2009, 07:33

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! - Tue Jan 27 2009, 03:06