I have been looking for foreclosure property auctions and US Home Auction REDC seems to be at the forefront of this industry.  Can you tell me more about USHomeAuction?

Absolutely, the Real Estate Disposition Corporation, or REDC, was established in 1990 and runs the US Home Auction service which lists and auctions foreclosure property auctions.  The auctions from REDC include real estate properties which have been processed by sheriff’s sales or foreclosure processes.  You can find different types of properties at US Home Auction including single family homes, apartment buildings, condos, townhouses, duplexes, or multi-plexes.  US Home Auction REDC maintains and holds auctions regularly throughout the year across many different locations in the US.  US Home Auction REDC also has relationships with lenders who will work with loan approvals with you before heading to an auction. USHomeAuction REDC also operates online auctions for some of their real estate foreclosure properties.

To date, REDC US Home Auction has conducted over $5 billion in real estate transactions, with a monstrous $3.4 billion in the last year.  USHomeAuction also set new industry records in the number of auctions and auction properties in a single year in 2008.

What types of properties can a person find with US Home Auction REDC?

All different types of foreclosure properties are available at an REDC US Home Auction.  This includes possibilites for first time home buyers, investment homes, rental properties, or vacation homes.  Properties from REDC Home Auctions have included single family homes, apartment units, duplex, multiplexes, and other real estate lots and properties.

What should I do before attending an REDC US Home Auction for foreclosure properties?

You just first look through the foreclosure property listings on the US Home Auction site to see which properties you might be interested in.  When you have decided which, go by the property and check out the conditions of the property and the neighborhood; USHomeAuction REDC can tell you when the open houses are as well, as for many of the properties this is the only time to look extensively around and inside.  You may wish to bring along a contractor or real estate agent with you to better assess the condition of the house or property.

What should I do to prepare for an US Home Auction once I have picked out some properties I want to bid on?

You will have to register with USHomeAuction REDC at least 48 hours prior to the auction date in order to attend.  If you plan on bidding for a property at the auction, you will have to bring along:

• Cashier’s check to cover the $2500 or $5000 required for the property purchase
• Personal check to cover the 5% earnest payment
• Valid form of photo identification

If you want to purchase more than one property at an US Home Auction from REDC, you will have to bring additional cashier’s checks and personal checks (the amounts vary from auction to auction so check with them individually).

US Home Auction REDC also recommends that you bring along two years worth of tax returns and 30 days worth of pay stubs to facilitate the purchasing process.  You may also with to bring along a real estate agent to help with the process or get financing pre approval for a loan ahead of time.

Am I allowed to have a real estate agent or broker familiar with the local real estate market with me at the REDC US Home Auction to help facilitate the buying process?

Absolutely, in fact, US Home Auction will even pay the real estate agent or broker a 1% commission for their help in facilitating the bidding and purchasing process.  They will have to register with REDC ahead of time at least 24 hours prior to the auction as a “Registered Broker.”  They will also have to check in with you at the US Home Auction and be by your side throughout the process to help you with their expertise and advice.

I am worried that since these are foreclosure properties with REDC US Home Auctions that the titles I receive from buying them might have liens on it?

Don’t worry, the sellers of the properties provide insurable title that is free of any liens.  The foreclosure processes on all properties sold with US Home Auction REDC have been concluded and finalized.

Can I choose the title company for the title transfer or even use a title company that I may own or operate?

No you cannot, as the sellers of the properties with REDC US Home Auction will choose the title company to use.

How long will the closing take with the property I purchase from REDC US Home Auction?

The closing will happen within 30 days of the US Home Auction, and you will receive the insurable title once you have made all the payments and signed the agreement papers.