I'm looking to understand the systems and processes that drive REDC. Has anyone had any success with their auctions? I hear the properties revert to their real estate company if they're not sold at the auction. Is this correct?Also, there was a report at REOMAC last week that bulk REO was set to be auctioned through REDC. Can anyone confirm this?Thanks much ~Joy
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I have worked for REDC twice. Our asset was with USRES and then the cleint sent it to REDC for auction. All you do is change the listing to inform people it is in pre auction status, and you do 3 open houses. Then the property goes to auction, if it sells at auction then you are paid 1%. The first time it did not sell because the bid was to low and it just reverted right back to us about 2.5 weeks, after the property was done with the post auction status, as a listing at their regular commission rate. The second time it sold at auction, then it took about 2 weeks to confirm and then 40 days to close.
They are set up to sell their listings in house, though we still receive a little business from them. As with many auction companies, they have a high fall out rate. This is typically due to the fact that the winning bid does not meet the sellers bottom line. They have become much better to deal with over the past year, however, I would expect most (if not all) of their listings to stay in house.
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