In fact, the real estate auction industry now plays a major role in property sales in the U.S. As a result, REDC has helped make auctions a preferred choice over conventional, time-consuming and expensive real estate sales methods.
Irvine, CA (Vocus) March 29, 2010
By Sunday night, there will be more than 100 new homeowners in New York, New Jersey and Philadelphia when Real Estate Disposition, the nation's leading real estate auction company, conducts a foreclosure auction Sunday March 28 at 9:30 a.m. at Radisson Independence Ballroom in King of Prussia.
One foreclosure is a Brooklyn duplex previously valued to $1.95M. The starting bid on the 1,320 sq ft 8-room foreclosure is $219K. Another foreclosure is a $1.799M mansion in Newtown Square, PA -- a 7,471 sq. ft. 10-room property that has a starting bid is $399K.
"This is a great opportunity for a homebuyer or investor," says REDC CEO Jeff Frieden. “There are some beautiful properties at bargain-basement auction prices.”
Here are some of the other best deals in the auction:
11326 209th St Queens Village, NY 11429 – 1350 sq ft 7 room duplex previously valued to $610K, starting bid $99K;
243 Woodland Dr Lincroft, NJ 07738 – 3292 sq ft 10 room mansion previously valued to $960K, starting auction bid $319K;
111 Cherry Dr Egg Harbor Township, NJ 08234 – 3198 sq ft 10 room with a starting bid of $99K;
7401 Cresheim Rd Philadelphia, PA 19119 – 5275 sq ft 10 room mansion with a starting bid of $219K;
4048 Dayton Rd Drexel Hill, PA 19026 – 1084 sq ft house previously valued to $240K with a starting bid of $69K.
To see all the properties, go to REDC's web site, http://www.Auction.com.
The auctions are part of REDC’s record 125 auctions in 71 days. The company has auctioned a U.S.- leading 7,350 properties for $415 million so far this year.
"2010 is the year of the foreclosure," Frieden says, referring to the three to seven million foreclosures that are hitting the market this year, doubling the number from 2009. "The market is white hot. The demand is there along with the inventory."-
The dismal state of foreclosures in the U.S. is staggering. The State Foreclosure Prevention Working Group, which is made up of state banking regulators and attorneys general, released a report that reports, "Despite efforts of servicers, homeowners, and the government, the foreclosure crisis continues to worsen. These signs point to more foreclosures in 2010 than in 2009."
In response to the millions of foreclosures hitting the market, REDC ramped up operations to auction bank-owned residential homes and condos, commercial buildings and notes in more than 47 states, both in live auctions and online.
Thousands of these foreclosures will change hands through REDC's auctions, which directly impacts the local and national economy by helping to minimize the ramifications of another economic crash. REDC auctions have emerged as a hot new trend in home buying and investing, whether it's residential, commercial real estate or notes.
Since its launch in 1990, REDC has helped tens of thousands of families and individuals purchase homes for affordable prices through its unique auction process, establishing the company as the global leader in real estate auction marketing.
“REDC's real estate auctions have gained tremendous appeal and popularity among buyers and sellers in today’s market,” Frieden says. “In fact, the real estate auction industry now plays a major role in property sales in the U.S. As a result, REDC has helped make auctions a preferred choice over conventional, time-consuming and expensive real estate sales methods.”
REDC also conducts commercial and notes auctions, which can also be reviewed at http://www.Auction.com. REDC's headquarters are in Irvine, California with offices in Dallas, New York and London.
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