One more thing.... if we'd successfully negotiated a deal on the property I mentioned while it was listed with the REO agent in MLS, I'd have earned a 3% commission... with the REDC auction.com procedure, I was still compensated but only half of that. And yes, there was a small extra fee for the buyer as well... I think it totaled maybe another thousand. It's designed for savvy cash buyers to be able to navigate the auction system without representation, but although my client is a contractor and a cash buyer, he feels he needs me. Regardless of my own commission and interests, I visit the property with him, talk it through, run comps on after fixup value, rents, etc. This auction is all REO's and they are often available for much less than they were listed, even REO, and it runs a lot like ebay, so you have to have the time & patience to play the game. And I do recommend representation, if you can find someone willing.