REDC Auctions Foreclosed Homes in Florida

Published by julia | Filed under Market Trends, Miscellaneous, Pinellas County Homes, Real Estate

Last May 21, 2010, the nation’s largest real estate auction company launched a 5 day event in Florida that showcased 350 fresh foreclosed homes. Real Estate Disposition LLC (REDC) is a giant auction company that has led 1,650 properties worth $76.3M in Florida alone and 15,500 properties prized at $700 in the whole U.S. for this year, and counting.

Tampa was able to benefit from the auction, as 3 homes were discounted for more than 75 percent. A $120,000 home at 6607 N Elizabeth St Tampa was discounted at 77 percent and was sold for $28,500. Another home at 10113 Lake Oak Cir
Tampa valued at $155,000 was discounted at 75 percent and sold for $40,000. Next is a $160,000 home located at 6907 20th St. Tampa discounted at 85 percent and sold for $25,000.

One of the best deals was bid for the $179,000 8-room house located at 10032 Tranquility Way Tampa, FL 33625. The 1,908 sq. ft. house had a starting bid of $29,000. Another best deal was found in 11201 Cedar Hollow Ln Tampa, FL 33618. The $216,000 townhouse had a starting bid of $19,000 – good enough for a 1,481 sq ft townhouse. All these were great value deals for those who wanted a lower mortgage, wished to invest in real estate (either in buy and sell or rent the property out), and those who wanted to move to a bigger place.

The bleak economy prompted the company to take advantage of foreclosure opportunities, as more homes rally for foreclosure this 2010 compared to the previous year. While the real estate remains grim for the U.S. particularly Florida, people take the chance to own beautiful homes at such a bargain price.

According to Jeff Frieden, CEO of REDC, it is the company’s philosophy to hand over these foreclosed homes rather than keep them in inventory. At this point where the economy needs a jump start, it is but right to distribute these properties so they can be used, and the economy can start rolling again. Foreclosure cases continue to worsen, and it threatens to stagnate the nation if nothing is done. REDC prides in their unique methods of auctioning properties, as such there is no need for tedious, costly and often complicated processes to own a foreclosed unit.

Frieden further pointed out that it’s better to dispose of these properties right away so that owners can pay the bills, take care of the mortgage and taxes, spend for the insurance, as well as hire gardeners, housekeepers – all of which are essential to plow money back to the economy. This is a good opportunity to own a house. If you’re a homeowner, an investor or a wishful buyer, REDC events are worth watching out for.