I'm going to the REDC auction in Georgia soon and I read the terms and conditons on their website.

Asked by Sara, Georgia Tue Feb 17, 2009

How is it that the auctioneer/seller reserves the right to deny the sale, for any reason, to the winning bidder within 15 days, whereas the winning bidder has absolutely no right to back out from the deal.

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8
Hank Miller, Agent, Alpharetta, GA
Thu Feb 19, 2009
Sara -

I trust you are properly prepared for this? Many a body has been found in a parking lot after auction buyers discover they screwed up....like car auctions, you better know your product. Doing your due diligence and getting a value on any home of interest is part 1, part 2 is fully understanding the legal side of the auction.

The seller of the property has any option they want as they set the parameters. I would strongly suggest going in with a strong agent that can explain things to you, the contracts are often different and written to best represent the sellers. Don't wind up walking around the parking lot saying "what did I do?"

Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
Prudential GA Realty
678-428-8276
0 votes
Solomon Gree…, Agent, Duluth, GA
Tue Feb 17, 2009
I tell my clients that lately auctions have been available 24 hours a day seven days a week without the frustration of parking fees, crowds, or the requirement of $2500 in certified funds. Further, you can use your own lender and maybe even qualify for down payment assistance, know the comps going in and can pay $300 or so for the inspection AFTER you have won the bid! Often the same properties being auctioned at those places are listed in the local MLS service. Happened upon one by surprise just this past weekend with clients.

How? Just contact your own real estate agent.

Please call if I can help.

Solomon Greene
REALTOR® / Consultant - Keller Williams Realty Atlanta Partners
(678) 775-2677
0 votes
James Dudley, Agent, Suwanee, GA
Tue Feb 17, 2009
Sara,

These auctions are no different than a short sale. The auction generates an offer for the bank. All offers are subject to bank approval. If the bank does not like the offer then they don't sell it.

My wife is a closing attny. for a firm that attends these auctions and works up the contracts and closes the on site cash deals. There are some good deals to be had at the auctions, but it's a buyer beware situation.

Most of the banks have never seen these properties and as you know everything is sold as is and the banks have no responsibility.

This is why you can get the good deal... It's a take it or leave it situation. If protection is what you are looking for then foreclosures and auctions are not what you should be looking for. However if you have the guts to play the game you could get a good deal. Have you considered HUD homes? They are a lower risk foreclosure purchase to consider.

If you need any assisance with a purchase I would be happy to help you find a good deal you can feel confident about.

James Dudley
ERA Sunrise Realty
678-781-7418
0 votes
Mandy Becker, Agent, Cumming, GA
Tue Feb 17, 2009
Sara, I agree with a couple of the other responses that you really have to be careful at these auctions. They only protect themselves and you have no recourse. There are plenty of listed foreclosures and distressed properties out there. With a buyer agent's help (no cost to you) you should have no problem finding a deal and staying protected at the same time. If you would like some assistance I can be reached at 678-525-6626. Thanks!
0 votes
Strom Thurman, Agent, Alpharetta, GA
Tue Feb 17, 2009
Sara,
If you want the best advice, hire an agent or an attorney to look out for your best interest. Agents are license in real estate and have some knowledge about real estate law but, we are not lawyers. If you are unclear about contract issues or language, an attorney may be your best bet.
0 votes
Deryk Harper, Agent, Alpharetta, GA
Tue Feb 17, 2009
Sara,
If you happen to be looking for foreclosures in Alpharetta & Cumming area that is where we live and work so we'd be happy to help with auction or foreclosure properties there. There will be a lot more opportunities coming on the market this year. Give me a call at 770-722-6922 and I'll be happy to discuss your needs with you to see if our team can help.
Deryk
0 votes
Deryk Harper, Agent, Alpharetta, GA
Tue Feb 17, 2009
Hi Sara,
We just bought a couple of properties through this auction last time it was in town. We got a great price but Julie is right, you need a Buyer's agent to represent and protect your interests....and you REALLY need to do your due diligence in checking out these properties before you buy. Some are located in areas where massive fraud has occured so you cannot depend solely on tax records to guide you as far as opinion of value and recent sales prices. Julie would do a good job representing your interests.
Regards,
Deryk
Web Reference:  http://www.keyhomefinder.com
0 votes
Julie Britta…, Agent, Dunwoody, GA
Tue Feb 17, 2009
Sara - these auctions stink. Have you ever been? The contracts they use protect the Seller and the Seller only. I suggest you use an Accreditted Buyer's Agent, like myself, to find you a foreclosure and to represent you. If you'd like representation, please feel free to contact me.

Julie Brittain
404-966-3328

http://www.TeamBrittain.com
0 votes
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