Since this in my neck of the woods, I'll be attending.
I'm doubt there will truely be any deals though…Checking out the FAQ. It seems like
1) You have no contiengencies, even financing contigency.
2) Auction house adds 5% to final sale price
curious to see what things end up at though. I'll go and post the results.
Ans. Yes, yes, yes! We feel that the only way for you to make an informed purchasing decision is to not only visit, view and inspect the property prior to the auction, but to also view all the related property information and disclosure documents. By registering and bidding at the auction, you are certifying and representing that you have not only viewed the property prior to bidding, but have reviewed and accepted all relevant property information and disclosures. Ans.REDC’s designated lenderwill be offering competitive financing terms "On the Spot". Lender representatives will be available immediately after your winning bid to choose the financing option that's right for you! You can also "Pre-Qualify" here online by checking the pre-qualification box on the Bidder Registration Form. Remember, we offer down payments as low as 4% and there are absolutely no pre-payment penalties on any of our loans.
Ans. You are free to use your own lender…BUT, if you choose to utilize a third-party lender (a lender other than those designated by the sellers) there is no contingency for financing and failure to gain approval within the specified escrow time-frame may result in liquidated damages. We encourage you to utilize the Designated Lenders due to their experience as a large, nationwide company who specializes in helping anyone…from the first-time buyer, to the sophisticated investor.
Ans. The 5% Buyers Premium is used to help the Auction Company promote the auction through multiple mass-media outlets such as Television, Radio and Direct Mail, without having to pass on all those costs to the Seller. It is a standard practice utilized by many major auction companies.
