Online real estate auctions are the wave of the future
Irvine, CA (Vocus) July 18, 2010
What will this spectacular 12,800 square foot, 24 room, 10 bedroom Dallas area mansion once valued at $1.4M sell for at auction? Or this wonderful 6,579 square foot, 13 room Houston area mansion previously valued at $1.012M?
Dallas, Houston, Austin and San Antonio area homebuyers and investors will be bidding feverishly on these mansions – and 400+ other new foreclosures – as REDC, the nation’s leading real estate auction company, launches a 4-day, 5-city Texas auction series Sunday at 9:30 a.m. at the Houston Hilton, followed by auctions Monday at 6:30 p.m. at the San Antonio Convention Center and the McAllen Convention Center; Tuesday at the Hyatt Regency Dallas at 6:30 p.m. and Wednesday at the Sheraton Forth Worth Hotel and Spa at 6:30 p.m.
"This is The Year of the Foreclosure," says REDC CEO Jeff Frieden, referring to the three to seven million foreclosures hitting the market this year, double from 2009. "The market is white hot right now. There will be great deals at these auctions."
Media is welcome. All bidders are available to interview before, during and after the auctions, which are “geared to help fuel the local and national economy," Frieden says. Media may shoot video/photos of any property.
REDC auctions are a hot trend in Texas: this will be REDC’s 21st auction this year involving Texas properties, and more than $49 million has been spent on 980 foreclosures at REDC auctions this year alone – online and at live auctions.
Here are some of the mansions and other best deals that will be available:
9843 Fm 1861 Eustace, TX 75124 – 12,800 sq ft, 24 room, 10 BR mansion previously valued at $1.4M that has a starting auction bid of $99K;
3333 Allen Pkwy #2208 Houston, TX 77019 – 3119 sq ft property previously valued at $1.187M that has a starting auction bid of $339K;
28019 E Benders Landing Blvd Spring, TX 77386 – 6579 sq ft, 13 room mansion previously valued at $1.012M that has a starting auction bid of $239K;
25675 Smotherman Frisco, TX 75034 – 2204 sq ft 7 room house previously valued at $648K that has a starting auction bid of $69K;
1019 16th St Galveston, TX 77550 – 8950 sq ft house 15 room mansion previously valued at $585K that has a starting auction bid of $219K;
148 Colovista Dr Bastrop, TX 78602 – 7112 sq ft house mansion previously valued at $675K that has a starting auction bid of $219K;
To see all the properties, go to REDC’s website, Auction.com.
Homebuyers in Texas and nationwide have purchased residences for as much as 90% off the previous high value and as low as 25% off. This year alone, REDC has auctioned a U.S.- leading 20,550 properties for $880 million and is in the midst of a record 125 auctions in 65 days.
Another hot trend is the hundreds of Texas foreclosures that have been purchased online through REDC's web site, Auction.com. REDC’s online auction activity has nearly doubled over the last year.
“Online real estate auctions are the wave of the future,” says REDC Chairman Rob Friedman. “Online auctions make it very simple for the seller and the buyer to do a transaction; it just makes life easier for everybody involved. People have embraced our online auctions because they’re simple to use and simple, fun and exciting and they are getting good deals.”
What to bring to the auction:Last 2 yrs W-2 – $2,500 Cashier’s Check ($5,000 for each subsequent) – Checkbook for balance of 5% Earnest Money Deposit (15% for each subsequent).
Rick Weinberg | Public Relations
Real Estate Disposition LLC | http://www.AUCTION.com
1 Mauchly, Irvine, CA 92618
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