And congrats on getting your first social networking lead! From the many other professionals across the country I met last week, they all said it’s like a snowball effect. It may take a little bit to get the ball rolling, but then it just gets (almost) out of control. Hang on for the ride!

Thank you for your comments. I live within walking distance of one of the auctioned developments. Many of the auctioned homes are back on the market, being flipped by whomever bought them at the auction, and a handful are being sold by Buena Vista, Roger Pollock, and a such and such “properties” company, that was renting out some of the homes. They are all sitting, with few selling, and some are short sales. I did not hear many horror stories about the auction and people losing their earnest money or anything of the like, but I feel that the last chapter has yet to be written. We will hear more as these homes re-sell and the auction buyers turned sellers will have to start dealing with issues that should have been dealt with in their purchase.

One of my officemates did some research, and overall there was a 10-20% savings; but for the “flippers” that margin is quickly being eaten up by mortgage payments, insurance, and utility cost while on the market, not to mention eventually paying a realtor.

Oh, and they hire temps, not professionals to man their sales offices….

Thank you for your information on the REDC auction! I live in Sacramento, CA where REDC is having an auction of condominiums. After visiting two complexes and talking with the representatives at each office, I was left thinking something wasn’t right.

At one condo complex the sales people did not know information such as when the condos were built, percent of owner-occupied units, number of units in the complex, property tax rates, etc. At one point, I was asked “Why are you asking these question, anyway?”

Also one condo complex was remodeled recently, yet had furnaces from 1982 and the appliances were new but the cheapest price/highest energy use.

The two complexes I visited did not have copies of the HOA CC&Rs and budget, yet the REDC marketing materials said “for details about the HOA and assessments visit the on-site information office”

These experiences led me to do more research which is where I found your information. Your suspicions/findings seem to support my experience - auctions by REDC (and possibly others) are probably are too good to be true. Thanks for the information and saving me from what could have been a stressful disaster.