Nearly a year ago I got a call from a potential client.  He was beside himself with excitement as he talked about the REDC auction of Buena Vista Homes.  I was immediately struck by his circus-like fascination.  It’s new.  It’s exciting.  They have jazzy, high-intensity commercials and newspaper ads.  But I asked him to let me look into it, as it was something new to me as well as new to Oregon.  So I ended up writing an extensive report of my findings on my blog.  

I won’t be shy about the fact that I think REDC is out for their own interest only.  Not the sellers they work for, and definitely not the buyers.  I can’t say they are scamming people, because if you read the fine print they cover their a**es handily.  I was amazed at seeing their commercials again, over this last weekend, advertising homes in other states.  And you can bid online! (Please. Don’t.)

So we can take this one of two ways:

1st: We are the most gullible, trusting, biggest suckers in the U.S.  I say this because they sold a good number of their auctioned properties here in Portland, last year.  I would be remiss, though, if I did not point out that very few buyers actually moved in, and several of the homes were immediately put back on the market for sale.  Few re-sold, and most are either in short sale or foreclosure situations.  I live within walking distance of one of the subdivisions, and last count was about 15 for sale signs.  *sigh*.

2nd:  Ever optimistic, maybe we should take this as a compliment of sorts.  When compared to most other regions, Portland ranks as one of the areas that has the lowest number of “underwater” homes.    Our foreclosure rates are among the lowest in the nation, and only a bit higher than our historic averages.  Meaning, us Oregonians have lots of equity, know how to handle our investments and enjoy more stable employment, myself excluded on two out of three counts (I am from CA afterall).

My message to you is please, please do your homework, and read all the fine print.  If it sounds too good, it probably is.  Read the report I published here, last year.  Be sure if you bid on one of their homes that you have the sales history on the home, understand it’s value and completely understand everything you are signing.

Opinions expressed in this article are the opinions of author, and not to necessarily the opinions of Meadows Group Inc.
All rights reserved on all original content, non-original content is given credit | Michelle Berry | 2009