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I am a rookie investor ("flipper") and identified a property and made a bid thru my RE agent. No answer. When my agent pursued this with the listing broker she was advised that the sellor (REO) was going to use REDC and if I wanted to submit thru auction.com I could do that. And so I did. Now these guys have contacted me to let me know that I need to submit a formal per-auction bid using docusign. I am fine with this process but just wonder if anyone has had a successful buying experience with REDC or not on this forum?
Lots of other posts, but having been to one, here's my quick take on it:
DON'T BOTHER!
Folks who don't know any better will bid it up until it's "not worth it at all". We're talking nearly market price, but for a property that's completely as-is, on their timelines, and with your hefty deposit at stake.
The house I was looking at was a 4/2.5, 1600 sq.ft. in a decent neighborhood. Good curb appeal, with replaced windows and very recent exterior repaint courtesy of the HOA. Inside was all dated 1970's (original carpet, even), active water leaks, and rotted sub-floors. Out back was a leaking swimming pool.
Market for the area was $340-360k. The closing bid? $330k.
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