REDC Auctions? Good Deals? Scammers? Whats your experience.?

Yes, l attended an REDC auction a week ago in Florida.. About 5 of the houses l had seen on the auction block l had seen when they were listed with the real estate agent. Every single one of thoses house sold for 5K to 10K more at the auction. l was pissed b/c l wanted to steal a deal. l saw a bunch of suckers there bidding over what the values were. l would strongly suggest u stay away from the auction. Also, know this - they charge a 5% buyers premium on top of the auction won price. And, just b/c u win does not mean u get the house. The offer still has to be approved by the bank. Good Luck

l will say the same thing about these guys that l will say about all REO auctions. amateurs need not apply. do not even bother going if u do not have the credit, the cash, & the resources to buy a home. these auctions attract a lot of people that r scamsters, nonqualified tire kickers, etc. who r trying to get a 500k home for 80k. it does not work that way & the bank will only take the most qualified offers. even if ur offer is good, u will get jumped for someone that is willing to offer cash.