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REDC at www.auction.com

United States,
New York

Consumer complaints and reviews about REDC at www.auction.com

GarLaa Send email
 
Feb 23, 2012

Unfair charges

I Been in the Real Estate business 33 years, my experience with Auction.com was the worst ever!!
I wonder how they stay in business??
My guess is, they wont be in business in a couple years, buyer beware, no deals here, just B S !!
GraceP Send email
 
Feb 23, 2012

Unfair charges

Unfair charges;
I won the property at auction and was ready to close very next day. REDC set the date for July 7th. I called closing company and asked for the closing before July 4th, and was told it will be OK, but REDC did not provide closing company with a contract until cling day, July 7th and we could not close on required date.
Because closing company not having a contract could not set the date for closing, I decide to take a week vacation starting July 4th weekend. On July 7th closing company emailed me that they still don’t have the contract and we can’t close, but the seller is charging me a penalty, $150 per day until closing. I called REDC three times, and each time I was told they will get back to me, but they never did. They also don’t reply to my emails.
I refuse to pay unfair charges, and will not buy property if the charges are not removed and closing done before July 14.
It is unlikely that REDC will refund my deposit of $2500, but it will be to costly to take them to the court. They will screw me up either way.
Grace.
Davidhanna Send email
 
Feb 23, 2012

Unfair charges

In reponse to a couple of people who are in favor of auction.com above. This is not a normal auction. Yes, I agree all auctions have a reserve price. However, in car auctions, ebay, antique auctions, etc. a reserve price may be listed and if it sells great and if it doesn't than the seller gets their item back. The real misleading difference with Auction.com is that you are not bidding against other competent bidders - who also have money on the line! Instead you are bidding against the bank, who can bid at anytime, and has nothing to lose except get the property back. Its like going to a car auction and having a phone bidder - bidding against you in the auction. The only problem is the phone bidder is actually the seller. Make sense right! Think about it?

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